泽景电子再度递表港交所 公司致力于HUD解决方案的研发

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) has submitted an application to list on the Hong Kong Stock Exchange, focusing on the development of HUD (Head-Up Display) solutions [1][3]. Company Overview - Zejing Electronics specializes in HUD solutions, offering products such as W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD) [3][5]. - The company collaborates closely with OEMs during the solution definition phase to enhance user interaction and intelligent driving experiences in new vehicle models [3]. Technology and Solutions - Zejing Electronics employs an integrated self-research technology architecture that combines optical design, mechanical engineering, electronic design, software algorithms, and human-machine interface (HMI) [3][4]. - The company has developed a comprehensive optical design capability, achieving precise analysis and optimization of optical systems through proprietary algorithms [4]. - In mechanical engineering, Zejing Electronics has improved component integration and shared parts across its products, with over 60% part sharing for CyberLens and 65% for CyberVision, enhancing development efficiency and cost-effectiveness [4]. - The electronic design platform is adaptable to various HUD solutions, ensuring compatibility with key components [4]. - Zejing Electronics is the first domestic HUD solution provider to implement the Automotive SPICE framework for software development, establishing a self-developed software algorithm platform [4]. Financial Performance - Revenue increased from RMB 214.09 million in 2022 to RMB 549.36 million in 2023, with a projected rise to RMB 577.62 million in 2024, reflecting a compound annual growth rate (CAGR) of 64.3% from 2022 to 2024 [9]. - The company recorded losses of RMB 256.14 million in 2022, RMB 175.63 million in 2023, and RMB 138.56 million in 2024 [10]. - Gross profit improved from RMB 48.38 million in 2022 to RMB 140.43 million in 2023, with gross profit margins increasing from 22.6% to 25.6% during the same period [11]. Industry Overview - The market for automotive HUD solutions in China is expected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [14]. - The global market for W-HUD is projected to increase from 10.7 million units in 2024 to 20.9 million units by 2029, while AR-HUD is anticipated to grow from 200,000 units to 760,000 units in the same timeframe [17].