三年半亏82亿，显示面板龙头和辉光电冲刺“A+H”

Core Viewpoint - Hehui Optoelectronics is pursuing a dual listing in Hong Kong after receiving approval from the China Securities Regulatory Commission, aiming to leverage growth opportunities in the AMOLED semiconductor display panel market [1][15]. Company Overview - Established in 2012, Hehui Optoelectronics is the first company in China to achieve mass production of AMOLED semiconductor display panels. The chairman, Fu Wenbiao, previously led Huahong Group [2]. - The company's AMOLED panels are known for their self-emissive technology, high refresh rates, brightness, and low power consumption, catering to various sectors including smartphones and automotive displays [2]. Revenue Structure - The company heavily relies on the tablet/laptop and smartphone sectors, which accounted for 82.8% of its revenue in the first half of 2025. It ranks second globally and first in China for tablet/laptop AMOLED panel sales in 2024 [4]. - Revenue from automotive displays and emerging applications remains limited, contributing minimally to overall income [5]. Financial Performance - Hehui Optoelectronics has faced significant financial challenges, with revenues of RMB 41.91 billion, RMB 30.38 billion, and RMB 49.58 billion from 2022 to 2024, respectively. In the first half of 2025, revenue was RMB 26.7 billion, up from RMB 23.95 billion year-on-year [7][8]. - The company has reported substantial losses, totaling approximately RMB 8.4 billion in the first half of 2025, with cumulative losses reaching around RMB 82 billion over three and a half years [9]. Debt and Financial Strain - As of September 2025, the company's interest-bearing bank loans and other borrowings rose to RMB 17.2 billion, with a debt-to-asset ratio of 66.9%, indicating a significant financial burden [10]. - Interest expenses for 2024 and the first half of 2025 were RMB 6.95 billion and RMB 2.37 billion, respectively, surpassing total sales and marketing, administrative, and R&D expenses [10]. Market Opportunities - The global market for medium and large-sized AMOLED panels is projected to grow significantly, with a compound annual growth rate of 32.9% expected from 2024 to 2030 [11]. - Hehui Optoelectronics has seen substantial growth in sales of medium and large-sized AMOLED panels, with increases of over 180% and 80% in respective periods [13]. Strategic Direction - The company aims to enhance its production capabilities for medium and large-sized AMOLED panels, which are expected to provide higher margins and added value [14]. - The funds raised from the Hong Kong listing will be directed towards upgrading production technology and developing new AMOLED products, particularly focusing on large-sized panels [14][15].