显示芯片龙头，再闯科创板

Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd. (referred to as "Jichuang Beifang") has initiated the IPO counseling registration for the Sci-Tech Innovation Board on August 5, 2023, with CITIC Securities as the counseling institution. The company previously withdrew its IPO application in March 2023 after being accepted in June 2022, aiming to raise 60.10 billion yuan for various projects, including the development and industrialization of display touch integrated chips [1][3]. Company Overview - Jichuang Beifang was established on September 3, 2008, with a registered capital of 431.065156 million yuan. The company is primarily controlled by Zhang Jinfang, who holds a 39.97% stake through direct and indirect holdings [2][9]. - The company specializes in the research, design, and sales of display chips, having achieved leading market shares in various segments, including display driver chips and power management chips [5][6]. Market Position - Jichuang Beifang ranks first among Chinese manufacturers in the global smartphone LCD display driver chip and LCD/TDDI chip markets. It is also the second-largest in the large-size LCD panel display driver chip market in China [6]. - The company has been recognized as a national-level manufacturing champion and has participated in significant events such as the 70th anniversary of the victory in the War of Resistance, the 100th anniversary of the Communist Party, and the Beijing Winter Olympics [5][6]. Financial Performance - In 2021, Jichuang Beifang reported nearly 5.643 billion yuan in revenue and a net profit of 930 million yuan. The company's revenue has shown significant growth from 1.447 billion yuan in 2019 to 5.674 billion yuan in 2021 [8][7]. - The company's asset-liability ratio decreased from 39.40% in 2019 to 30.93% in 2021, indicating improved financial stability [8]. Investment and Shareholding - Jichuang Beifang has attracted investments from various notable institutions, including state-owned capital and private equity funds. Major shareholders include Beijing Yizhuang Strategic Emerging Industry Fund and other private equity firms [12][14]. - The company completed its E-round financing in 2021, raising 6.5 billion yuan, which significantly increased its valuation to 314.35 billion yuan [14]. Industry Comparison - Jichuang Beifang's peers in the A-share market, such as OmniVision Technologies and Geke Microelectronics, are also experiencing revenue and profit growth, indicating a positive trend in the display chip industry [16][17].