雲英谷科技拟H股上市：2024年营收8.91亿主力AMOLED显示驱动芯片占比91.6%

Core Viewpoint - Yunyinggu Technology Co., Ltd. plans to list on the Hong Kong Stock Exchange, focusing on AMOLED display driver chip design and providing high-performance solutions for consumer electronics brands [1] Group 1: Company Overview - Yunyinggu is the largest AMOLED display driver chip manufacturer in mainland China and the fifth largest globally, according to Frost & Sullivan [1] - The company operates on a Fabless business model, collaborating strategically with wafer foundries, OSAT companies, and display panel manufacturers [1] Group 2: Financial Performance - Total revenue for Yunyinggu from 2022 to 2024 is projected to grow from RMB 551 million to RMB 891 million, with AMOLED display driver chips contributing RMB 816 million in 2024, accounting for 91.6% of total revenue [2] - The company has been operating at a loss, with net losses of RMB 124 million, RMB 232 million, and RMB 309 million for 2022, 2023, and 2024 respectively [2] - Gross margin has significantly decreased from 31.9% in 2022 to 2.5% in 2024 [2] Group 3: Customer and Supplier Concentration - The top five customers account for 90.2% of total sales in 2024, with the largest customer contributing 54.1% [3] - The company relies heavily on five major suppliers, which account for 97.2% of total procurement, with the largest supplier contributing 74.5% [3] Group 4: Technological Advantages - Yunyinggu is the first company in mainland China to master the advanced technology required for developing and designing AMOLED display driver chips and Micro-OLED display backplanes [4] - The company has developed a comprehensive self-research display driver technology, covering key areas such as chip design and compensation algorithms [4] - By the end of 2024, Yunyinggu has shipped over 50 million AMOLED display driver chips, serving major smartphone brands that collectively hold over 25% of the global market share [4] Group 5: Future Development Strategy - The company plans to increase R&D investment, expand product variety, deepen collaboration within the industry chain, and attract top global talent [5] - The CEO emphasizes the transformative market opportunities arising from the expanding application of AMOLED displays and the ongoing development of artificial intelligence technology [5]