泽景电子冲刺港股IPO 主要产品均价持续下跌

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. is pursuing an IPO in Hong Kong, facing challenges such as losses, high asset-liability ratio, and pressure from downstream clients for price reductions [1][5]. Group 1: Financial Performance - The main product, HUD solutions, has seen a continuous decline in average price from 974.31 RMB in 2022 to 865.47 RMB in 2024, while the gross margin has improved from 22.6% in 2022 to 27.3% in 2024 [2][3]. - The sales volume of HUD solutions increased significantly from approximately 17.57 thousand units in 2022 to 62.46 thousand units in 2024, representing a growth of 2.55 times [2][3]. - Despite the increase in sales volume, the company's labor costs decreased by 12.82% in 2024, amounting to 25.33 million RMB [3]. Group 2: Market Position - Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers as of 2024 [3]. - The revenue growth rate slowed significantly from 156.6% in 2023 to 5.1% in 2024, indicating potential market challenges [3][5]. Group 3: Client Dependency and Revenue Sources - The top five clients contributed a substantial portion of the company's revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024 [4]. - Revenue from the top five clients decreased by 9.13% in 2024, amounting to 468 million RMB compared to 515 million RMB in 2023 [5]. Group 4: Challenges Ahead - The company has not achieved profitability during the reporting period, with an asset-liability ratio of 215.6% and a current ratio of only 41.2% as of 2024 [6]. - 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 [6]. - The company may face ongoing pricing pressure from automotive manufacturers, which could adversely affect its business and financial performance [7].