Investment Rating - The investment rating for the company is "Buy" [30]. Core Viewpoints - The company, Hongjing Optoelectronics, specializes in optical lenses and camera modules, with significant applications in various sectors including automotive, smart home, and action cameras. The company has established itself as a leading supplier in the global panoramic and action camera lens market, with a market share exceeding 25% [19][20]. - The company has shown impressive revenue growth, with projected revenues of CNY 4.46 billion, CNY 7.73 billion, and CNY 10.92 billion for the years 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 77.38%, 73.13%, and 41.25% [7][19]. - The company has a strong partnership with industry leader Yingshi Innovation, becoming the exclusive supplier for their next-generation panoramic camera, which is expected to launch in 2025 [19][20]. Summary by Sections 1. Basic Financial Status - The company achieved revenues of CNY 4.46 billion, CNY 7.73 billion, and CNY 10.92 billion for 2022, 2023, and 2024, with corresponding net profits of CNY 0.56 billion, CNY 1.16 billion, and CNY 1.65 billion, indicating substantial growth in profitability [7][19]. - The company’s revenue from emerging consumer optical lenses and modules has increased significantly, accounting for 81.05% of total revenue by 2024H1 [7]. 2. Industry Situation - The optical lens market is projected to grow significantly, driven by advancements in digital technologies such as 5G, AI, and IoT. The global optical lens market size is expected to increase from CNY 181.60 billion in 2015 to CNY 682.80 billion in 2023, with a compound annual growth rate (CAGR) of approximately 18% [14][15]. 3. Company Highlights - The company has established a deep partnership with Yingshi Innovation, which has positioned it as a key supplier in the panoramic and action camera market. The collaboration has resulted in a significant revenue contribution from Yingshi Innovation, accounting for 46.94% of total revenue in 2024H1 [19][20]. - The company has a robust customer base in the smart automotive sector, having secured numerous contracts with major automotive brands, which is expected to drive future growth [20]. - The core team, led by founder Zhao Zhiping, possesses extensive industry experience and is actively pursuing new research directions in AR/VR, medical lenses, and machine vision, enhancing the company's competitive edge [21][22]. 4. Comparison with Peers - Compared to its peers, the company’s revenue for 2023 was CNY 7.73 billion, with a net profit of CNY 1.16 billion, while the average revenue of comparable companies was CNY 22.38 billion. The company’s sales gross margin stands at 30.52%, which is above the industry average [25][26].

Investment Rating - The report assigns a rating of "Increase" for the stock of Hongjing Optoelectronics, indicating a potential upside of over 15% relative to the CSI 300 index [45]. Core Viewpoints - Hongjing Optoelectronics (301479.SZ) is a leading global supplier of optical lenses and camera modules, with a strong market position in automotive cameras and emerging consumer sectors [3][7]. - The company achieved revenues and net profits of 773 million and 116 million RMB respectively in 2023, with a compound annual growth rate (CAGR) of 75.24% and 176.24% from 2021 to 2023 [9][13]. - The global optical lens market reached 68.28 billion RMB in 2023, with significant growth driven by advancements in smart vehicles and smart home applications [24][25]. Summary by Sections Company Overview - Hongjing Optoelectronics specializes in the research, design, manufacturing, and sales of optical lenses and camera modules, with a focus on automotive and emerging consumer markets [3][7]. - The company has established strong partnerships with major automotive brands and has a notable market share in the global automotive optical lens market, ranking sixth with a 3.70% share [7][30]. Financial Performance - The company reported revenues of 251.72 million RMB in 2021, 446.50 million RMB in 2022, and 773.02 million RMB in 2023, with a projected revenue of 450.25 million RMB for the first half of 2024 [9][13]. - The net profit figures for the same years were 15.26 million RMB, 56.45 million RMB, and 116.43 million RMB, with a forecast of 68.52 million RMB for 2024H1 [9][13]. Market Dynamics - The global optical lens market is expected to grow significantly, driven by the integration of digital technologies such as 5G, AI, and IoT, with a projected CAGR of approximately 18% from 2015 to 2023 [24][25]. - The automotive sector is anticipated to see a surge in demand for optical lenses, with the penetration rate of smart connected systems in vehicles expected to reach 83% by 2025 [25][27]. Competitive Landscape - The report identifies key competitors in the optical lens market, including Sunny Optical Technology, Yutong Optical, and others, highlighting the competitive nature of the industry [31]. - Hongjing Optoelectronics has a competitive edge due to its established relationships with Tier 1 automotive suppliers and its innovative product offerings in the smart home sector [30][31]. IPO and Fundraising - The company plans to issue 15.89 million shares, raising approximately 488 million RMB to enhance production capabilities and R&D efforts [32][33]. - The funds will be allocated to capacity expansion projects, the establishment of a research center, and working capital [33][34].

Group 1 - The core viewpoint of the news is that Hongjing Optoelectronics has officially listed on the Shenzhen Stock Exchange, marking a significant milestone for the company [1] - Hongjing Optoelectronics specializes in the research, design, production, and sales of optical lenses and camera module products, focusing on providing professional optical imaging and video imaging solutions globally [2] - The company's main products include optical lenses and camera modules for smart vehicles and emerging consumer electronics, with applications in smart cockpits, intelligent driving, smart homes, and panoramic/sport cameras [2] Group 2 - The controlling shareholder and actual controller of the company is Zhao Zhiping, who directly holds 13.39 million shares, accounting for 28.1% of the total share capital, making him the largest shareholder [3] - Zhao Zhiping, through various investment platforms, controls a total of 20.37 million shares' voting rights, representing 42.7% of the total share capital, thereby consolidating his control over the company [3] - The total amount raised from this issuance is approximately 665.65 million yuan, with a net amount of about 593.73 million yuan after deducting issuance costs, which will be used for capacity expansion projects, research and development center construction, and to supplement working capital [3]

Core Viewpoint - Hongjing Optoelectronics is initiating its subscription today, with a total issuance of 15.8867 million shares at a price of 41.90 yuan per share, reflecting a price-to-earnings ratio of 23.30 times [1][2]. Company Information - Hongjing Optoelectronics specializes in the research, design, production, and sales of optical lenses and camera module products, classified as a high-tech enterprise [1]. - The subscription code for the company is 301479, with an online issuance of 4.051 million shares [2]. Financial Data - The company’s total assets are projected to reach 10.68 billion yuan in 2024, up from 7.53 billion yuan in 2023 and 5.93 billion yuan in 2022 [2]. - Net assets are expected to increase to 5.90 billion yuan in 2024, compared to 4.24 billion yuan in 2023 and 3.07 billion yuan in 2022 [2]. - Operating revenue is forecasted at 10.92 billion yuan for 2024, significantly higher than 7.73 billion yuan in 2023 and 4.46 billion yuan in 2022 [2]. - Net profit is anticipated to be 1.65 billion yuan in 2024, an increase from 1.16 billion yuan in 2023 and 0.56 billion yuan in 2022 [2]. - The basic earnings per share are projected to be 3.47 yuan in 2024, up from 2.44 yuan in 2023 and 1.26 yuan in 2022 [2]. Fundraising Purpose - The funds raised will be allocated as follows: 289.23 million yuan for the expansion of optical lens and module production capacity, 125 million yuan for working capital, and 73.42 million yuan for the construction of a research and development center [2].

Core Viewpoint - Hongjing Optoelectronics is set to be listed on the Shenzhen Stock Exchange's Growth Enterprise Market, showcasing its strong market competitiveness and growth potential in the optical lens and camera module sector [1] Financial Performance - The company has demonstrated impressive financial growth, with revenues of 252 million, 446 million, and 773 million yuan from 2021 to 2023, resulting in a compound annual growth rate (CAGR) of 75.24%. The gross profit margin increased from 26.40% in 2021 to 30.52% in 2023. Net profit surged from 15.26 million yuan in 2021 to 116 million yuan in 2023, achieving a CAGR of 176.24%. For 2024, the company anticipates revenues of 1.078 billion yuan, a year-on-year increase of 39.46%, and a net profit of 165 million yuan, up 41.88% [2] Multi-Track Strategy - The company's growth is attributed to its multi-track strategy, with products used in smart cars, smart homes, and panoramic/sports cameras. It has established solid partnerships with renowned brands like Daimler-Benz, Nissan, Honda, Xiaomi, and Anker. In the panoramic/sports camera sector, a strategic partnership with industry leader Yingshi Innovation has significantly supported its growth. The company holds a 3.70% market share in the global automotive optical lens market, ranking sixth in shipment volume, and a 9.95% share in the global home camera optical lens market. In the panoramic camera lens module market, its share exceeds 25% [3] R&D Innovation - Continuous investment in R&D has been a key driver of the company's rapid growth. R&D expenditures accounted for 6.29%, 6.47%, and 6.65% of revenues from 2022 to the first half of 2024. As of June 30, 2024, the company holds 270 domestic patents, including 116 invention patents and 154 utility model patents, along with 3 PCT patents. The company has developed differentiated core technologies in key product areas, including automotive lens automatic heating technology and ultra-thin lens design, which support its future growth [4] Future Outlook - The optical lens and camera module industry is poised for new growth opportunities driven by emerging markets such as artificial intelligence, robotics, and smart healthcare. With its strong foundation and technological innovation, Hongjing Optoelectronics is expected to maintain a leading position in future market competition. The funds raised from the IPO will be allocated to capacity expansion, R&D center construction, and working capital, enhancing production capabilities and R&D strength for sustainable high-quality development [5]

股票简称：弘景光电 股票代码：301479 广东弘景光电科技股份有限公司 二〇二五年三月 广东弘景光电科技股份有限公司 上市公告书 特别提示 广东弘景光电科技股份有限公司（以下简称"发行人"、"公司"、"本公 司"或"弘景光电"）股票将于 2025 年 3 月 18 日在深圳证券交易所（以下简称 "深交所"）创业板上市。 Guangdong Hongjing Optoelectronic Technology Inc. （中山市火炬开发区勤业路 27 号） 首次公开发行股票并在创业板上市 之 上市公告书 保荐人（主承销商） 新疆乌鲁木齐市高新区（新市区）北京南路 358 号大成国际大厦 20 楼 2004 室 创业板公司具有业绩不稳定、经营风险高、退市风险大等特点，投资者面临 较大的市场风险。投资者应充分了解创业板市场的投资风险及本公司所披露的风 险因素，审慎做出投资决定。 本公司提醒投资者应充分了解股票市场风险以及本公司披露的风险因素，在 新股上市初期切忌盲目跟风"炒新"，应当审慎决策、理性投资。 如无特别说明，本上市公告书中的简称或名词的释义与《广东弘景光电科技 股份有限公司首次公开发行股票并在创业板上市 ...

广东弘景光电科技股份有限公司 首次公开发行股票并在创业板上市之 上市公告书提示性公告 保荐人（主承销商）：申万宏源证券承销保荐有限责任公司 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 经深圳证券交易所审核同意，广东弘景光电科技股份有限公司（以下简称"公 司"、"本公司"、"发行人"或"弘景光电"）发行的人民币普通股股票将于 2025 年 3 月 18 日在深圳证券交易所创业板上市，上市公告书全文和首次公开发行股 票并在创业板上市招股说明书全文披露于中国证券监督管理委员会指定信息披 露网站（巨潮资讯网，网址 www.cninfo.com.cn；中证网，网址 www.cs.com.cn； 中国证券网，网址 www.cnstock.com；证券时报网，网址 www.stcn.com；证券日 报网，网址 www.zqrb.cn；经济参考网，网址 www.jjckb.cn）。 所属网页二维码：巨潮资讯网 一、上市概况 （一）股票简称：弘景光电 （二）股票代码：301479 （三）首次公开发行后的总股本：6,354.6667 万股 （四）首次公开发行的股票数量：1,5 ...

广东华商律师事务所 关于广东弘景光电科技股份有限公司 首次公开发行股票并在深圳证券交易所创业板上市 之 法律意见书 广东华商律师事务所 深圳市福田区深南大道 4011 号港中旅大厦 21-25 楼层 21-25/F,CTSTowers,No.4011,ShenNanRoad,ShenZhen,PRC. 电话 Tel：（0755）83025555 传真 Fax：（0755）83025068 83025058 法律意见书 广东华商律师事务所 关于广东弘景光电科技股份有限公司 首次公开发行股票并在深圳证券交易所创业板上市之 法律意见书 致：广东弘景光电科技股份有限公司 广东华商律师事务所受广东弘景光电科技股份有限公司的委托，担任公司 IPO 之专项法律顾问。本所律师现根据《公司法》《证券法》《注册办法》等 相关法律、法规、规范性文件，按照《律师事务所从事证券法律业务管理办法》 《律师事务所证券法律业务执业规则（试行）》《公开发行证券公司信息披露的 编报规则第 12 号——公开发行证券的法律意见书和律师工作报告》《监管规则 适用指引——法律类第 2 号：律师事务所从事首次公开发行股票并上市法律业 务执业细则》的要求， ...

申万宏源证券承销保荐有限责任公司 关于 广东弘景光电科技股份有限公司 首次公开发行股票并在创业板上市 之 上市保荐书 保荐人 二〇二五年三月 申万宏源证券承销保荐有限责任公司（以下简称"申万宏源承销保荐"、"保 荐人"）及其保荐代表人已根据《中华人民共和国公司法》（以下简称"《公司法》"） 《中华人民共和国证券法》（以下简称"《证券法》"）《首次公开发行股票注册管 理办法》（以下简称"《注册办法》"）《深圳证券交易所股票发行上市审核规则》 《深圳证券交易所创业板股票上市规则》《深圳证券交易所股票发行上市审核业 务指引第 2 号——上市保荐书内容与格式》等法律法规和中国证监会及深圳证券 交易所的有关规定，诚实守信，勤勉尽责，严格按照依法制定的业务规则和行业 自律规范出具上市保荐书，并保证所出具文件真实、准确、完整。 现将有关情况报告如下： 一、发行人基本情况 （一）基本资料 1、主营业务情况 公司是一家专业从事光学镜头及摄像模组产品的研发、设计、生产和销售的 高新技术企业，致力于面向全球光电领域提供专业的光学成像与视频影像解决方 1 1、公司名称：广东弘景光电科技股份有限公司 2、英文名称：Guangdong ...

Summary of Conference Call Records Company and Industry Overview - The conference call primarily discusses **Guangdong Hongjing Optoelectronics Technology Co., Ltd.**, a company specializing in the design, research, production, and sales of optical lenses and camera modules, particularly in the fields of **smart homes**, **smart cars**, and **360-degree action cameras** [16][8][5]. Key Points and Arguments - **Market Positioning**: Hongjing Optoelectronics has established itself as a leader in the optical lens and camera module industry, focusing on innovation and high-quality standards. The company has achieved significant growth and recognition in both domestic and international markets [16][7][14]. - **Innovation and R&D**: The company has set up multiple R&D centers and high-level image testing laboratories, forming a robust technological barrier and innovation system. It emphasizes continuous innovation as a driving force for its development [5][6][16]. - **Production Capabilities**: Hongjing Optoelectronics has modernized its production processes, establishing two major production bases and mastering the entire manufacturing process from glass lens production to camera module assembly. This has enhanced product stability and reliability [6][7]. - **Strategic Partnerships**: The company has formed long-term partnerships with well-known EMS, ODM manufacturers, and Tier 1 clients, which has helped it gain trust and recognition in the market [7][16]. - **Market Growth**: The company has experienced rapid growth over the past three years, attributed to its innovative products and strong customer base. It aims to continue expanding its market presence and enhancing its technological capabilities [16][14]. Additional Important Content - **Listing Ceremony**: The conference marks the listing of Hongjing Optoelectronics on the Shenzhen Stock Exchange, which is seen as a significant milestone in the company's development and a new starting point for future growth [11][14]. - **Government Support**: Local government representatives expressed their congratulations and support for the company's growth, highlighting its role in the high-tech development of the Zhongshan Torch High-tech Zone [12][11]. - **Future Outlook**: The company plans to continue its focus on innovation and market expansion, aiming to provide high-quality products and services while creating greater value for stakeholders [16][14]. This summary encapsulates the essential aspects of the conference call, focusing on the company's strategic direction, market positioning, and future growth potential.