Novosense(688052) 招商证券·2025-05-11 12:33Investment Rating - The report maintains an "Accumulate" investment rating for the company [1]. Core Views - The company focuses on the pan-energy, automotive electronics, and consumer electronics markets, with a rich product layout in sensors, signal chains, power management, and MCUs. The acquisition of Maiguan enhances its magnetic sensor business, promising broad product applications in growth areas like automotive and humanoid robots [1]. - The company is expected to achieve significant revenue growth in 2024, with a projected revenue of 1.96 billion yuan, a year-on-year increase of 49.53%. The gross margin is expected to be 32.7%, with a net loss of 403 million yuan [1][5]. - The automotive electronics sector is anticipated to grow significantly, with the company deepening cooperation with major clients and increasing its market share in automotive chip sectors [1][5]. Summary by Sections Financial Performance - In Q1 2025, the company reported revenue of 717 million yuan, a year-on-year increase of 97.8% and a quarter-on-quarter increase of 20.7%. The gross margin for this quarter was 34.37%, showing a recovery compared to previous periods [1][5]. - The company’s total revenue for 2024 is projected to be 1.96 billion yuan, with a year-on-year growth of 49.53%. The net loss for the same year is expected to be 403 million yuan [5][1]. Product and Market Development - The company has over 3,300 product models, with the acquisition of Maiguan adding more than 1,000 models to its portfolio. The revenue distribution for 2024 is expected to be 49.14% from signal chains, 35.87% from sensors, and 13.98% from power management [1][5]. - The automotive electronics segment is projected to account for 36.88% of revenue in 2024, with a total shipment of 362 million units, reflecting a year-on-year increase of 5.93 percentage points [1][5]. Strategic Initiatives - The acquisition of Maiguan is expected to enhance the company’s capabilities in magnetic sensors, providing a broader product range and improving market competitiveness [1][5]. - The company plans to list on the Hong Kong Stock Exchange to raise additional funds and expand its global market presence [9][1]. Future Outlook - The company forecasts revenues of 2.86 billion yuan in 2025, 3.54 billion yuan in 2026, and 4.23 billion yuan in 2027, with corresponding net profits of -147 million yuan, 13 million yuan, and 206 million yuan respectively [5][1]. - The expected earnings per share (EPS) for 2026 and 2027 are projected to be 0.09 yuan and 1.45 yuan respectively [1][5].