长光辰芯IPO①：长光所“扶马冲A股”未果，关联收入腰斩

Core Viewpoint - Changchun Changguang Chuangxin Microelectronics Co., Ltd. (referred to as "Changguang Chuangxin") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange after unsuccessful attempts to list on the STAR Market in China [2][7]. Group 1: Company Overview - Changguang Chuangxin specializes in the research, design, testing, and sales of high-performance CMOS image sensors (CIS), with applications in machine vision, scientific instruments, and professional imaging [3][5]. - The company was initially controlled by the Changchun Institute of Optics, Fine Mechanics and Physics (referred to as "Changguang Institute") and later became controlled by Wang Xinyang through capital increase [2][8]. Group 2: Financial Performance - The company reported significant revenue growth from 198 million yuan in 2020 to 604 million yuan in 2022, with adjusted net profits increasing from 43 million yuan to 270 million yuan during the same period [5][7]. - For 2023 and 2024, the projected revenues are 604 million yuan and 673 million yuan, respectively, with adjusted net profits of 222 million yuan and 249 million yuan [7]. Group 3: Market Position - According to Frost & Sullivan data, Changguang Chuangxin ranks third globally and first in China in the industrial imaging sector, holding a 15.2% market share, and similarly ranks third globally and first in China in the scientific imaging sector with a 16.3% market share [6]. Group 4: Management and Talent - The actual controllers of Changguang Chuangxin are Wang Xinyang and Zhang Yanxia, who have strong ties to the Changguang Institute, with many core executives and technical members being former colleagues or alumni of the institute [8][12]. - The company has a total of 49 registered patents, with about half developed during the tenure of its core technical personnel at the Changguang Institute [14]. Group 5: Financial Contributions and Challenges - The Changguang Institute and its affiliates contributed revenues of 35 million yuan, 87 million yuan, 136 million yuan, 110 million yuan, and 39 million yuan to Changguang Chuangxin from 2020 to 2024 [15]. - Despite being labeled as "China's number one," the company has faced challenges such as declining gross margins and increasing accounts receivable, indicating potential operational difficulties [15].