估值增42倍!吉利、一汽、北汽参股!

Core Viewpoint - Zhejing Electronics has submitted a second IPO application to the Hong Kong Stock Exchange, aiming for a main board listing, despite ongoing losses and a previous application that lapsed in May 2025 [1][2]. Company Overview - Founded in 2015, Zhejing Electronics specializes in the research and development of Head-Up Display (HUD) solutions, being the first in the Chinese market to launch self-developed HUD solutions [2]. - The company has achieved a compound annual growth rate (CAGR) of 64.3% over the past three years, with significant backing from notable investors such as Geely Holding, Shunwei Capital, and FAW Group [1][2]. Financial Performance - Zhejing Electronics reported revenues of 214 million yuan, 549 million yuan, 578 million yuan, and 262 million yuan for the years 2022 to 2024 and the first five months of 2025, respectively [2]. - The net losses for the same periods were 256 million yuan, 175 million yuan, 138 million yuan, and 240 million yuan, totaling cumulative losses of 809 million yuan [2]. - Adjusted losses (excluding certain financial impacts) showed a narrowing trend, with figures of 79.1 million yuan, 13.3 million yuan, 7.1 million yuan, and 1.6 million yuan over the same periods [3]. Market Position - Zhejing Electronics ranks second in the Chinese HUD solutions market with a market share of 16.2%, while Huayang Group leads with a 23.3% share [2]. - The overall market for vehicle-mounted HUD solutions in China is projected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a CAGR of 41.2% [4]. Product and Revenue Sources - The majority of Zhejing Electronics' revenue comes from HUD solutions, which accounted for 90% of total revenue in 2023, up from 80% in 2022 [3]. - The company has served 18 automotive OEM clients and secured 94 model designations, with cumulative sales reaching 1.6 million units [2]. Future Prospects - The company plans to use the proceeds from the IPO for production line expansion, automation upgrades, and enhancing R&D capabilities [4]. - Zhejing Electronics aims to leverage its technological advantages in optical design and system integration to capture overseas market opportunities [4]. Shareholder Composition - The controlling shareholders of Zhejing Electronics hold a combined 44.66% stake, with significant investments from various industry and financial investors [5]. - The company's valuation has increased from 60 million yuan in 2017 to 2.585 billion yuan in 2024, marking a 42-fold growth over seven years [5].