新股前瞻|欲加速掘金中大尺寸AMOLED蓝海，和辉光电-U赴港上市“备粮”

Core Viewpoint - The trend of A-share companies listing in Hong Kong has accelerated significantly since 2025, driven by globalization strategies and optimized approval processes, with 83 companies applying for listings and 11 successfully listed by October 13, 2023 [1] Company Overview - Shanghai Hehui Optoelectronics Co., Ltd. is a leading manufacturer of large and medium-sized AMOLED semiconductor display panels in China, having submitted its listing application to the Hong Kong Stock Exchange on October 24, 2023, after a previous attempt in April 2023 [1] - The company has faced substantial losses, with net losses of 1.602 billion, 3.244 billion, and 2.518 billion RMB from 2022 to 2024, totaling 8.2 billion RMB over three and a half years [1][9] Market Position - Hehui Optoelectronics ranks first in China and third globally in the sales volume of large and medium-sized AMOLED panels, capturing 14.5% of the global market share with a sales volume of 3.2 million units in 2024 [2][4] - The company has established a strong market presence across various sectors, including tablets, smartphones, and automotive displays, with significant sales in these areas [6] Revenue and Financial Performance - Revenue for Hehui Optoelectronics has fluctuated, with figures of 4.191 billion, 3.038 billion, and 4.958 billion RMB from 2022 to 2024, impacted by global economic conditions and increased competition [7] - In the first half of 2025, revenue increased by 12.64% to 2.597 billion RMB, driven by a 59.6% increase in tablet and notebook panel sales [8] Challenges and Opportunities - The company faces high depreciation and amortization costs, which were 1.469 billion, 1.713 billion, and 1.917 billion RMB from 2022 to 2025, alongside significant financial costs exceeding 600 million RMB annually [8][10] - Hehui Optoelectronics has a high customer concentration, with over 80% of revenue coming from its top five clients, primarily in the consumer electronics market [11] - The global market for large and medium-sized AMOLED panels is projected to grow from 34.4 billion RMB in 2024 to 212.3 billion RMB by 2030, presenting significant growth opportunities for the company [14]