“面板三哥”再闯IPO

Core Viewpoint - Huike Co., Ltd. is attempting to relaunch its IPO after previous setbacks, leveraging new product launches and strategic partnerships to enhance its market position in the competitive LCD panel industry [2][4][9]. Group 1: Company Developments - Huike has launched the world's first a-Si car-mounted TRD+TDDI screen and reported a 310% year-on-year increase in its automotive display business shipments for 2024 [2]. - The company has signed a memorandum of understanding with Dixon Technologies to invest approximately 4 billion rupees in a joint factory in India [2]. - Following its IPO advisory completion on May 23, 2023, Huike is making another attempt to go public after failing in 2021 [2][4]. Group 2: Financial Performance - Huike's financial performance has been volatile, with a profit of 5.406 billion yuan in 2021, followed by an expected loss of over 1 billion yuan in 2022 [3][6]. - The company's revenue surged from 10.577 billion yuan in 2019 to 35.709 billion yuan in 2021, but it faced significant losses in 2022 due to declining panel prices [6][7]. - The gross margin for Huike's TV panel business plummeted from 52.51% in Q2 2021 to -12.57% in Q2 2022, highlighting the industry's cyclical challenges [7]. Group 3: Industry Context - The LCD panel industry is characterized by significant cyclical volatility, with prices for mainstream TV panels dropping dramatically since Q3 2021 due to macroeconomic factors [4][6]. - The industry is gradually recovering, with LCD TV panel prices rising in Q1 2025 and production line utilization rates reaching 80% [8]. - Huike's competitive advantage lies in its strong market share in large-size panels, holding 34% and 37% of the 85-inch and 100-inch markets, respectively, as of Q1 2025 [10]. Group 4: Strategic Initiatives - Huike is investing over 40 billion yuan in new display technologies, including Mini/Micro LED and electronic paper, to diversify its product offerings [11]. - The acquisition of assets from Royole Technology is seen as a critical step for Huike to enter the OLED market, despite the challenges posed by existing technology gaps [12]. - The company aims to balance its traditional LCD strengths while transitioning into new technology sectors to remain competitive [10][12].