“面板三哥”惠科股份二度冲刺深交所，百亿豪赌LED进阶版

Core Viewpoint - Huike Co., Ltd. has been accepted for IPO on the Shenzhen Stock Exchange and is undergoing on-site inspection, indicating a significant step in its growth strategy [1] Industry Overview - Huike ranks third in the global panel industry, following BOE Technology Group and TCL Huaxing, with mainland manufacturers' market share approaching 70% in 2024 due to the exit of Japanese and Korean competitors from the LCD market [2][3] - The increasing market concentration is expected to stabilize LCD market volatility and reduce price competition [4] Financial Performance - In 2024, Huike's revenue and net profit attributable to shareholders are projected to reach 40.3 billion yuan and 3.3 billion yuan, respectively [5] - Despite recovering from significant losses in 2022, Huike's net profit has not returned to 2021 levels, with 2024's profit only at 60% of 2021's figures [13][14] - Manufacturing costs have surged to 9.444 billion yuan in 2024, more than doubling since 2021, primarily due to fixed asset depreciation from expanded production capacity [16] Production Capacity and Technology Investment - Huike's production capacity is expected to reach 7.69 million large panels in 2024, a 30% increase from 2021, although its production line count is less than competitors like BOE and TCL [17][18] - The company is investing over 10 billion yuan in new technology directions, particularly MLED, with plans to raise 8.5 billion yuan through its IPO for projects including OLED R&D and Mini-LED manufacturing [6][20] - Huike's significant investment in MLED technology, totaling over 19 billion yuan, reflects its confidence in future growth, although the impact on profitability remains uncertain [21] Debt and Financial Strategy - As of the end of 2024, Huike's debt-to-asset ratio is 68.78%, which is 16 percentage points higher than the median of its peers, indicating a high level of financial leverage [22] - The company has formed partnerships with local state-owned enterprises to alleviate financial pressure, resulting in over 10 billion yuan in debt related to equity acquisitions [23][24]