科创板IPO未果，长光辰芯转战港股：产品聚焦CIS小众市场，晶圆代工依赖海外厂商

Core Viewpoint - Changguang Chenshin is seeking to go public in Hong Kong after terminating its IPO on the Sci-Tech Innovation Board earlier this year, focusing on the niche market of industrial and scientific imaging CIS (Camera Image Sensors) [1] Group 1: Company Overview - Changguang Chenshin specializes in CIS, primarily targeting the industrial and scientific imaging sectors, which differ from competitors like OmniVision and STMicroelectronics that focus on consumer-grade CIS [1][2] - In 2024, 66.3% of the company's revenue is projected to come from industrial imaging, while 28.6% will come from scientific imaging [2] Group 2: Market Position - According to Frost & Sullivan, Changguang Chenshin ranks third globally and first in China for industrial imaging CIS revenue in 2024, capturing 15.2% of the global market share [3] - For scientific imaging, the company also ranks third globally and first in China, with a market share of 16.3% [3] Group 3: Market Size - The global CIS market is expected to reach 139.1 billion RMB in 2024, with industrial imaging CIS accounting for only 2% and scientific imaging CIS less than 1% of the total market [4][5] Group 4: Manufacturing Model - Changguang Chenshin operates on a fabless model, relying on third-party foundries like Tower Semiconductor and DB HiTek for wafer production, which allows the company to avoid significant capital expenditures and operational complexities [6][7] - The company has been exploring domestic alternatives to enhance supply chain security and mitigate geopolitical risks, having collaborated with domestic foundries on some projects [8]