Core Viewpoint - Huike Co., Ltd. is facing increased uncertainty in its second attempt to go public (IPO) due to being selected for a site inspection, despite its leading position in the global semiconductor display industry [2][3]. Group 1: Company Performance and Financials - Huike's revenue from 2019 to mid-2022 showed significant fluctuations, with revenues of 105.77 billion, 184.64 billion, 357.09 billion, and 133.14 billion respectively, while net profits were -12.77 billion, 4.15 billion, 54.06 billion, and 2.5 billion [5]. - For the period from 2022 to 2024, Huike's projected revenues are 271.34 billion, 357.97 billion, and 403.1 billion, with net profits of -14.28 billion, 25.66 billion, and 33.39 billion [5]. - The company has a high asset-liability ratio, with a debt ratio of 68.78% as of the end of 2024, and total assets amounting to 1,007.28 billion [9]. Group 2: R&D Investment - Huike's R&D expenses from 2022 to 2024 were 14.31 billion, 13.21 billion, and 14.11 billion, with a compound annual growth rate of -0.69%, indicating stagnant investment in R&D [6]. - The R&D expense ratio decreased from 5.27% to 3.5% over the same period, falling below the industry average of 5.31% and 5.5% [6]. Group 3: Market Position and Valuation - Huike ranks third in global TV panel shipments, fourth in monitor panel shipments, and third in smartphone panel shipments, with market shares exceeding 10% [7]. - The company's valuation has significantly increased, reaching 610.69 billion by December 2024, up approximately 2.37 times from 181.26 billion in February 2020 [8]. Group 4: IPO Plans and Funding - Huike plans to raise 85 billion through its IPO, with up to 10 billion allocated for debt repayment [2][3]. - The company has received multiple rounds of capital injections from state-owned enterprises, contributing to its rising valuation [8].
惠科股份被抽检二次冲A添变数 长短期借款331亿负债率69%拟募85亿
Chang Jiang Shang Bao·2025-07-13 23:08