新股前瞻｜云英谷赴港IPO：国产AMOLED显示驱动芯片龙头能否乘势而上？

Core Viewpoint - The semiconductor industry is entering a new growth cycle driven by the explosion of AIGC applications and the recovery of consumer electronics demand, with a notable emphasis on domestic substitution in China's semiconductor sector due to escalating U.S. technology restrictions [1] Company Overview - Yunyinggu Technology Co., Ltd. is a leading designer of AMOLED display driver chips, having started its focus on this area in 2017 and becoming the first supplier to major consumer electronics brands in mainland China by 2021 [3][4] - The company has shown steady revenue growth, with total revenues of approximately 551 million RMB in 2022, 720 million RMB in 2023, and projected 891 million RMB in 2024, although losses have also increased [3][4] Product Performance - Revenue from AMOLED display driver chips has increased significantly, rising from 361,017 RMB in 2022 to 601,437 RMB in 2023, with its revenue share growing from 65.5% to 91.6% during the same period [4][6] - Conversely, revenue from Micro-OLED display backplane/driver products has declined, with revenues of 189,113 RMB in 2022 dropping to 118,833 RMB in 2023 [4][6] Business Model - The company operates under a Fabless model, focusing on chip design and relying on third-party foundries for manufacturing, which allows for reduced capital expenditure and flexibility in adapting to market changes [8] Market Position - The company has a high customer retention rate, with revenues from its top five clients accounting for 72.9% to 90.2% of total revenue over the reporting period, and sales to its largest customer representing 20.5% to 54.1% of annual revenue [10] - As of December 31, 2024, the company is recognized as the first and only AMOLED display driver chip enterprise in mainland China to have certified sales exceeding ten million units to brand companies [10] Industry Outlook - The global display driver chip market is expected to grow significantly, with the sales volume of AMOLED display driver chips projected to increase from 1.3 billion units in 2024 to 2.1 billion units by 2029, reflecting a compound annual growth rate (CAGR) of 10.3% [12] - China's share of global display panel production capacity is expected to rise from 70% in 2024 to 80% by 2029, indicating a strong growth trajectory for the domestic display driver chip market [15]