惠科股份冲击深主板，聚焦半导体显示领域，面临一定偿债压力

Core Viewpoint - Huike Co., Ltd. is seeking to go public on the A-share market, having previously attempted an IPO on the ChiNext board in 2022 but withdrew in 2023. The company is now aiming for a listing on the Shenzhen main board with a fundraising target of 8.5 billion yuan [1][2]. Company Overview - Huike Co., Ltd. was established in 2001 and focuses on the semiconductor display sector, with products used in consumer electronics, commercial displays, automotive electronics, industrial control, and smart IoT applications. As of the end of 2024, the company has approximately 17,000 employees [3]. - The company's major subsidiaries include Chongqing Jinyu, Chuzhou Huike, Changsha Huike, Mianyang Huike, Guangxi Zhixian, Hefei Jinyang, Chongqing Jinyang, and Shenzhen Optoelectronics [3]. Shareholding Structure - Prior to the IPO, Wang Zhiyong, through Huike Investment Holdings and Shenzhen Huitong, controls 52.31% of the voting rights, making him the actual controller of the company. Other shareholders include Lei Jian, Lu Jihui, Mian Investment Group, Chongqing Ping An Fund, and Huiyuan Industrial [3]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 is approximately 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan, respectively. The net profit attributable to the parent company for the same years is approximately -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan, indicating a loss in 2022 [11]. - The gross profit margins for the main business during the reporting period were -1.57%, 16.75%, and 17.74%, reflecting fluctuations due to changes in product mix and cost structures [12]. IPO Fund Utilization - The IPO aims to raise 8.5 billion yuan, which will be allocated to projects including the Changsha new OLED R&D upgrade project, Changsha Oxide R&D and industrialization project, Mianyang Mini-LED smart manufacturing project, and to supplement working capital and repay bank loans [6][7]. Industry Context - The global semiconductor display panel industry is projected to reach a value of 109.2 billion USD in 2024, with expectations to grow to 120.2 billion USD by 2027, driven by diversified downstream product demands [14]. - Huike Co., Ltd. ranks third globally in TV panel shipment area, fourth in monitor panel shipment area, and third in smartphone panel shipment area, with its 85-inch LCD TV panel shipment area ranking first globally [20]. Risks and Challenges - The company faces operational performance volatility risks due to fluctuations in demand for consumer electronics, pricing changes, and technological advancements. The high asset-liability ratio of 69.10%, 69.47%, and 68.78% over the reporting periods indicates significant debt pressure [21].