视涯科技冲击IPO，专注于硅基OLED微型显示屏，三年亏损近8亿

Group 1 - The AI industry chain is experiencing significant profitability, particularly in computing power-related stocks, with many companies seeing over 100% growth since April [1] - Vision Technology Co., Ltd. has submitted its prospectus to the Sci-Tech Innovation Board and received its first round of inquiries, with Guotai Junan Securities as the sponsor [2] - The company was founded in October 2016, focusing on the micro-display industry, and has completed a share reform in May 2022 [4] Group 2 - The actual controller of the company is Gu Tie, who holds 61.79% of the voting rights [5] - Gu Tie, born in June 1968, has a background in physics and engineering, previously worked for several companies, and founded Yirui Technology, which went public in 2020 [6][12] - Vision Technology's headquarters is located in Hefei, Anhui Province, with significant investments from Xiaomi, DJI, and other notable firms [6] Group 3 - The company's main product is silicon-based OLED micro-displays, which are crucial for XR devices, and it has achieved mass production of the world's first 12-inch silicon-based OLED production line [8] - The revenue from silicon-based OLED micro-displays is projected to account for 79.70% of the company's main business revenue in 2024 [15] - The company has seen revenue growth in recent years, with projected revenues of 1.9 billion, 2.15 billion, and 2.8 billion yuan for 2022, 2023, and 2024 respectively [12] Group 4 - The company has incurred losses of nearly 800 million yuan over three years, with net profits of -247 million, -304 million, and -247 million yuan for 2022, 2023, and 2024 respectively [12][13] - The average selling price of silicon-based OLED micro-displays has decreased by 4.56% in 2023 compared to 2022, impacting profit margins [17] - The company’s gross profit margin for silicon-based OLED micro-displays was 21.52% in 2024, higher than that of its competitor BOE [19] Group 5 - Vision Technology's main customers include ByteDance, Lenovo, and others, while its suppliers include major firms like SMIC and Shenzhen Huiniu Technology [20] - The company holds a 35.2% market share in the global silicon-based OLED micro-display market, ranking second globally behind Sony [21][31] - The global market for silicon-based OLED displays is expected to grow significantly, with a projected compound annual growth rate of 34.3% from 2020 to 2024 [27]