三年累亏5.7亿元 HUD龙头泽景汽车电子试水港股IPO

Core Viewpoint - Zejing Automotive Electronics has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for production line upgrades, technology research and development, and global expansion [1] Industry Overview - The HUD (Head-Up Display) market in China has seen a rapid increase in penetration, surpassing 10% in 2023 and approaching 15% in the first half of 2024 [2] - The transition from W-HUD to AR-HUD is driven by advancements in smart cockpits and smart driving, with AR-HUD offering higher display precision and brightness [2] - The current penetration of HUDs in mid-to-high-end models is significantly lower than that of new energy vehicles, which exceed 50% [2] Company Position - Zejing Automotive Electronics is one of the largest HUD suppliers in China and the first to achieve mass production and delivery for international OEMs [2] - The company serves over 20 OEM clients and has a cumulative model designation count of 90, holding the highest number of authorized HUD patents among domestic suppliers [2] Sales and Financial Performance - In 2024, Zejing ranks second in the Chinese car-mounted HUD solutions market with a market share of 16.2%, selling 600,000 W-HUD units (17.8% market share) and 53,700 AR-HUD units (13.7% market share) [3] - Despite its leading position, the company has faced financial losses, with cumulative losses of approximately 570 million yuan over three years, although losses have been narrowing [3][4] Customer Concentration Risk - The company's revenue is highly concentrated, with the top five customers accounting for 93.0%, 93.8%, and 80.9% of total revenue from 2022 to 2024, respectively [4] - The largest customer in 2022 was likely NIO, while in 2023 and 2024, it is expected to be Li Auto, with both companies together accounting for 45.1% of Zejing's sales in 2024 [4][5] Competitive Landscape - Compared to competitors like Huayang Group, Zejing's revenue and profit scale are smaller, with Huayang achieving revenues of 5.638 billion, 7.137 billion, and 10.158 billion yuan from 2022 to 2024, alongside consistent profit growth [6] - The automotive industry's price pressures have led OEMs to pass costs upstream, impacting Zejing's profit margins [6] Supply Chain Concerns - The company's focus on AR-HUD may face supply chain challenges, particularly due to reliance on Texas Instruments for DLP technology, which dominates the market for high-performance components [7] - While Zejing is a pioneer in developing DLP HUD modules in China, its LCoS technology is still in the R&D phase, posing risks if DLP supply chains are disrupted [7]