Doo Financial新股观察｜83亿深圳独角兽赴港IPO 高通小米入股

Core Viewpoint - Despite financial difficulties, the global display panel industry is shifting its focus towards mainland China, with Yunyinggu Technology Co., Ltd. applying for an IPO on the Hong Kong Stock Exchange [1][15]. Company Overview - Yunyinggu, established in 2012 and headquartered in Shenzhen, operates as a fabless design company specializing in AMOLED smartphone driver chips and Micro-OLED VR/AR device backplane chips [3][23]. - The company has developed a comprehensive technology system covering chip design, compensation algorithms, and circuit layout, holding 76 global patents, including 49 overseas [3][23]. - In 2024, Yunyinggu is projected to achieve a 40.7% market share in the Micro-OLED backplane sector, ranking second globally, while its AMOLED driver chip sales are expected to exceed 51.4 million units, capturing 4.0% of the global market [3][23]. Financial Performance - Yunyinggu's revenue is forecasted to grow from 551 million RMB in 2022 to 891 million RMB in 2024, reflecting a CAGR of 28.7% [10][11]. - However, the gross margin for AMOLED chips has plummeted from 32.6% to 0.3% due to price pressures, with average selling prices dropping by 38% over three years [10][13]. - The company reported a net loss increasing from 123.5 million RMB in 2022 to 308.9 million RMB in 2024, with a loss margin worsening from -22.4% to -34.7% [13][14]. Market Dynamics - The display panel industry is experiencing a structural shift, with mainland China's production capacity expected to rise from 50% in 2020 to 70% by 2024, and potentially exceeding 80% by 2029 [15]. - The demand for display driver chips in mainland China is projected to grow significantly, with sales expected to increase from 3.75 billion units in 2020 to 4.456 billion units by 2024 [15][22]. - AMOLED technology is rapidly replacing traditional TFT-LCD screens, with the penetration rate for smartphone AMOLED panels expected to reach 60.1% in 2024 [18][20]. Strategic Challenges - Yunyinggu's IPO is seen as a reflection of the broader challenges faced by China's hard-tech unicorns, with its valuation of 8.33 billion RMB contingent on several factors, including the commercialization of AMOLED TDDI chips and the development of the automotive display market [24][26]. - The company faces significant financial pressure, with cash reserves of only 105 million RMB against short-term borrowings of 151 million RMB, indicating a liquidity gap [14][13]. Future Outlook - The demand for AMOLED display driver chips is expected to grow from 1.3 billion units in 2024 to 2.1 billion units by 2029, with a CAGR of 10.3% [22]. - The Hong Kong IPO market is anticipated to be more favorable in 2025, potentially aiding Yunyinggu in establishing a stable presence in the capital market [26].