泽景电子冲刺IPO，张波张涛兄弟曾获雷军投资，3年累亏超5亿元

Core Viewpoint - The rapid development of smart vehicles has made in-car Head-Up Display (HUD) technology a key feature for enhancing driving experience and safety. Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) is a leading player in this field and has submitted its IPO application to the Hong Kong Stock Exchange, despite facing significant financial challenges. Group 1: Company Overview - Zejing Electronics was founded in May 2015 by Zhang Bo, who has over 20 years of experience in technology and management [1][4] - The company initially had limited resources, with only 1.5 million RMB in startup capital and 6 R&D employees, but quickly secured a contract with NIO for its first mass-produced vehicle, the ES8 [4][6] - The main products include Windshield HUD (W-HUD) solution CyberLens and Augmented Reality HUD (AR-HUD) solution CyberVision, serving over 20 OEM clients [4][10] Group 2: Financial Performance - The company reported revenues of approximately 214 million RMB, 549 million RMB, and 578 million RMB for 2022, 2023, and 2024 respectively, showing continuous growth but a significant drop in growth rate from 156% in 2023 to 5.3% in 2024 [8][9] - Cumulative losses over the past three years exceeded 569 million RMB, with annual losses of approximately 256 million RMB, 175 million RMB, and 138 million RMB [8][9] - R&D expenditures were 83.4 million RMB, 54.5 million RMB, and 62.1 million RMB for the same period, indicating a reduction in R&D investment post-2023 [10] Group 3: Market Position and Risks - In 2024, Zejing Electronics ranked second among Chinese HUD suppliers with a market share of 16.2%, while the leading competitor held 23.3% [15] - The HUD market is projected to grow from 1 million units in 2020 to 3.9 million units in 2024, with a market size increase from 1.7 billion RMB to 3.8 billion RMB [12][15] - The company faces significant customer concentration risk, with revenues from the top five clients accounting for over 80% of total revenue in recent years, primarily dependent on NIO and Li Auto [18] Group 4: Debt and Financial Challenges - Zejing Electronics has a high debt-to-asset ratio, exceeding 200%, with a significant portion attributed to redeemable preferred shares [19][21] - The total liabilities increased from 820 million RMB in 2022 to 1.674 billion RMB in 2024, with redeemable preferred shares constituting 81.3% of total liabilities in 2024 [21] - The company has faced negative operating cash flows in 2022 and 2023, with a slight positive cash flow in 2024, which is insufficient to cover its debt obligations [21][22]