泽景电子IPO：主要产品持续面临降价压力 收入增长与毛利率提升陷取舍困境

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (hereinafter referred to as Zejing Electronics) is pursuing an IPO in Hong Kong, facing challenges such as continuous price declines in its main product, HUD solutions, while managing to improve its gross margin during the same period [1][3]. Group 1: Financial Performance - From 2022 to 2024, the sales revenue from HUD solutions is the primary income source for Zejing Electronics, with gross margins increasing from 22.6% in 2022 to 27.3% in 2024 [3][4]. - The average price of HUD solutions decreased from 974.31 RMB per unit in 2022 to 865.47 RMB in 2024, despite an increase in sales volume [6][7]. - The company achieved a significant increase in HUD solution sales volume, growing from approximately 175,700 units in 2022 to 624,600 units in 2024, representing a growth of 2.55 times [6][7]. Group 2: Cost Management - Despite the decline in average selling prices, Zejing Electronics managed to improve its gross margin through effective cost control and economies of scale, with raw material costs increasing at a slower rate than sales volume [7][8]. - In 2024, the company's labor costs decreased by 12.82% year-on-year, amounting to 25.33 million RMB, while sales volume of HUD solutions increased by 16.84% [8][9]. Group 3: Market Position and Challenges - As of 2024, Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers [9]. - The company's revenue growth rate significantly slowed from 156.6% in 2023 to 5.1% in 2024, attributed to a more cautious approach in securing long-term contracts and adjustments in client production plans [9][10]. - The top five customers contributed a substantial portion of Zejing Electronics' revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024, with a decline in sales revenue from these customers in 2024 [9][10]. Group 4: Financial Health - Zejing Electronics has not achieved profitability during the reporting period, with a debt-to-asset ratio of 215.6% and a current ratio of only 41.2% as of the end of 2024 [13][14]. - The company's trade receivables reached 296 million RMB by the end of 2024, with an increase in the average collection period from 102.2 days in 2022 to 140.5 days in 2024 [13][15].