3年亏8亿 视涯科技拟科创板IPO背后

Core Viewpoint - Hefei Shiya Technology Co., Ltd. has officially received approval for its IPO application on the Sci-Tech Innovation Board, aiming to raise 2.015 billion yuan, with a potential post-listing valuation exceeding 20 billion yuan, despite projected cumulative losses of nearly 800 million yuan from 2022 to 2024 [1][5] Group 1: Company Overview - Shiya Technology is recognized as a global leader in silicon-based OLED micro-displays, being the first company to achieve mass production based on 12-inch wafer backplanes [2] - The company holds a 35.2% market share in the global silicon-based OLED market for XR devices, second only to Sony [2] - Shiya Technology has developed proprietary technologies such as strong micro-cavity technology and high-efficiency stacked OLED technology, achieving pixel densities over 3000 PPI and microsecond response times [2][3] Group 2: Financial Performance - From 2022 to 2024, the company's revenue is projected to grow from 190 million yuan to 280 million yuan, with a compound annual growth rate of 21.5%, while net losses are expected to total 798 million yuan [3] - The gross margin is expected to decline from 19.14% in 2022 to 21.52% in 2024, significantly lower than competitors like BOE [3][4] - The company faces challenges related to production capacity, high asset investment, and customer concentration, with over 75% of revenue coming from the top five clients [4] Group 3: IPO and Future Prospects - The IPO plans to allocate 1.61 billion yuan for expanding high-resolution silicon-based OLED production lines and 406 million yuan for R&D [5] - The expansion faces technical risks related to production yield and market risks due to a slowdown in XR device shipments, with a projected 12% decline in global AR/VR headset shipments in 2024 [5][6] - The company’s valuation is under scrutiny, with a price-to-sales ratio exceeding 70 times based on 2024 revenue, and negative cash flow from operating activities for three consecutive years [6]