长光辰芯再闯港股IPO，工业成像传感器龙头前景几何？

Core Viewpoint - The Chinese company Changguang Chuangxin, ranked third globally in the industrial imaging sector, has re-applied for an IPO on the Hong Kong Stock Exchange after an unsuccessful attempt on the Sci-Tech Innovation Board in June 2025 [1] Group 1: Company Overview - Changguang Chuangxin was established in 2012 and focuses on the research and design of high-performance CMOS image sensors, with over 50 standard products across nine product series [1] - The company holds a significant position in the industrial imaging field, ranking first among Chinese CIS companies and third globally, with a market share of 15.2% in 2024 [1] Group 2: Financial Performance - Revenue figures for Changguang Chuangxin from 2022 to 2024 are as follows: RMB 604 million, RMB 605 million, and RMB 673 million respectively, with R&D expenditures of RMB 84.2 million, RMB 132 million, and RMB 130 million during the same period [4] - The revenue concentration from the top five customers showed fluctuations, with percentages of approximately 47.3%, 45.8%, 33.5%, and 41.3% [4] Group 3: Sales Strategy and Market Position - The company's sales strategy is primarily direct sales, with the proportion of direct sales revenue increasing from 93.9% to 97.1% [5] - Despite leading positions in industrial and scientific imaging, Changguang Chuangxin operates in a relatively niche market, with combined market shares in these sectors accounting for only about 3% of the overall CMOS image sensor industry in 2024 [5] Group 4: Supply Chain and Challenges - The company faces supply chain constraints, relying heavily on external foundries, with approximately 47.5% of procurement in 2024 coming from Israeli Tower Semiconductor and South Korean Dongbu HiTek [5] - Changguang Chuangxin has been exploring domestic alternatives since 2020, establishing a subsidiary to tackle packaging technology and starting limited in-house chip packaging from 2022 [6] Group 5: Market Outlook - The global CIS market is projected to grow from RMB 139.1 billion in 2024 to RMB 210.3 billion by 2029, with a compound annual growth rate of approximately 8.6% [6]