出货量全球第二！国产硅基OLED第一股来了！

Core Viewpoint - The company, Shiya Technology, is set to raise approximately 2.015 billion yuan through its IPO, with significant investments directed towards expanding its high-resolution silicon-based OLED microdisplay production line and establishing a research and development center [2][4]. Fundraising Allocation - The planned investment allocation includes 1.6089 billion yuan (79.86%) for the expansion of the high-resolution silicon-based OLED microdisplay production line and 406.845 million yuan (20.14%) for the R&D center [3]. Market Position and Industry Context - Shiya Technology is recognized as a leading provider of microdisplay solutions, holding the second-largest global market share and the largest domestic share in the silicon-based OLED microdisplay sector [6][9]. - The microdisplay industry has been historically dominated by foreign companies such as Sony and eMagin, but Shiya Technology has been able to break into this market by focusing on high-performance silicon-based OLED products [6][7]. Technological Advancements - The company has developed several core technologies, including strong microcavity technology and crosstalk cutoff technology, which have allowed it to enhance product performance and reliability, surpassing traditional competitors like Sony [7][10]. - Shiya Technology is the first globally to achieve mass production of silicon-based OLED microdisplays using 12-inch wafer backplane technology, which is crucial for meeting the growing demand for high-performance displays [12]. Financial Performance - The company reported cumulative revenues of 836 million yuan over three and a half years, with a rapid growth trajectory, although it has not yet achieved profitability [15]. - Revenue figures for the years 2022 to 2025 show a consistent increase, with 2022 revenue at 190.43 million yuan and projected growth to 280.06 million yuan in 2024 [15][16]. Customer Concentration - The top five customers accounted for over 60% of the company's revenue during the reporting period, indicating a high customer concentration risk [17][19]. - The company has established key partnerships with strategic clients, which are expected to significantly contribute to future revenues, particularly in 2026 [19]. Supply Chain and Material Costs - The company relies heavily on a few suppliers for critical materials, with wafer backplane materials constituting the largest portion of its procurement costs [20][22]. - The procurement from the top five suppliers accounted for a significant percentage of total material costs, highlighting the potential risks associated with supplier concentration [20][22]. Governance and Control - The actual controller of Shiya Technology is Gu Tie, who holds a 29.36% stake and controls 61.79% of the voting rights through a special voting rights arrangement [25][26].