长光辰芯拟发行H股并在联交所上市 工业成像收入位居全球第三

Core Viewpoint - Lingyun Optics (688400) announced that its associate company, Changguang Chuangxin, submitted an application for an initial public offering (IPO) on the Hong Kong Stock Exchange on June 19, 2023 [1] Company Overview - Lingyun Optics holds a 10.22% stake in Changguang Chuangxin, a leading provider of high-performance CMOS image sensors (CIS) [2] - Since its establishment in 2012, Changguang Chuangxin has focused on the R&D of high-performance CMOS image sensors, offering nine product series applicable in various advanced technology fields such as industrial imaging, scientific imaging, professional imaging, and medical imaging [2] - The company has developed 11 proprietary core technologies, establishing strong technical barriers in pixel design, circuit design, and process development for high-performance CMOS image sensors [2] Market Potential - According to Frost & Sullivan, the global CIS market is expected to accelerate growth from 139.1 billion yuan in 2024 to 210.3 billion yuan in 2029, with a compound annual growth rate (CAGR) of approximately 8.6% [3] - In terms of industrial imaging revenue for 2024, Changguang Chuangxin ranks third globally and first among Chinese CIS companies, holding a market share of 15.2% [3] - For scientific imaging revenue in 2024, the company also ranks third globally and first in China, with a market share of 16.3% [3] Financial Performance - Changguang Chuangxin's revenue increased from 604.4 million yuan in 2022 to 673.0 million yuan in 2024, reflecting an 11.4% growth [3] - The company's gross profit margins were 76.2%, 63.5%, and 59% for the years 2022, 2023, and 2024, respectively [3] - The company recorded a net loss of 84.1 million yuan in 2022, followed by net profits of 169.8 million yuan in 2023 and 197 million yuan in 2024 [3] IPO Fund Utilization - The funds raised from the IPO are intended to support ongoing R&D and product iteration in key application scenarios, including industrial imaging, scientific imaging, professional imaging, and medical imaging solutions [4] - The company plans to establish an advanced CMOS image sensor R&D center, including the purchase and maintenance of an office building as its R&D innovation center and regional headquarters [4] - Previously, Changguang Chuangxin sought an IPO on the Sci-Tech Innovation Board but withdrew its application in January 2023 [4] Shareholding Structure - The actual controllers of Changguang Chuangxin are Wang Xinyang and Zhang Yanxia, who collectively control 49.53% of the shares [4] - Other major shareholders with more than 5% voting rights include Aopu Optoelectronics (25.56%), Zhuhai Yuncheng, Lingyun Optics, and Zhuhai Xuchen [4]