三年累计亏损近六亿，泽景电子赴港IPO求“输血”

Group 1 - The core viewpoint of the articles highlights that Zejing Electronics is preparing to submit an IPO application to the Hong Kong Stock Exchange in early 2025, aiming to transition from rapid growth to profitable scale amidst the accelerating adoption of HUD technology in vehicles [1] - The company, founded in 2016 and based in Suzhou, has achieved significant milestones, including the mass production of the first DLP AR-HUD model in China in 2022, with cumulative shipments exceeding 1.5 million units by the end of 2024 [1] - Revenue growth has been robust, with figures of 219 million yuan, 389 million yuan, and 578 million yuan for 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate of 64.3% over three years [1] Group 2 - Despite revenue growth, the company is still in a loss-making position, recording net losses of 256 million yuan, 175 million yuan, and 138 million yuan over the past three years, totaling nearly 600 million yuan [1] - The company's capital structure is concerning, with total assets of 790 million yuan and total liabilities of 1.7 billion yuan, leading to a debt-to-asset ratio of 215.6% as of the end of 2024 [2] - The company has a high reliance on major customers, with the top five clients accounting for 80.9% of total revenue in 2024, raising systemic risk if any core customer changes strategies or reduces HUD integration [3] Group 3 - The company plans to use the funds raised from the IPO for next-generation product development, capacity expansion, and overseas market exploration, although current overseas projects are still in the early stages [3] - Financial leverage and the structure of preferred shares present challenges for market acceptance, as the company must balance fundraising, product delivery, and structural optimization to maintain valuation post-IPO [3] - The company has established a certain technological and shipment advantage in the DLP AR-HUD product segment, but faces significant challenges due to its financial obligations and high customer concentration [3]