新股前瞻|立景创新闯关港股，“果链”龙头能否撑起225亿估值？

Core Viewpoint - The global consumer electronics market is entering a new recovery cycle driven by AI, presenting structural growth opportunities in the optical lens sector, highlighted by the IPO application of Lijing Innovation Technology Co., Ltd. [1] Company Overview - Lijing Innovation, founded in 2018, has become the largest supplier of camera modules for consumer electronics in China, successfully entering the supply chains of major global smartphone brands like Apple and Huawei [1]. - The company has raised over 5.24 billion RMB prior to its IPO, with notable investors including Hillhouse, Sequoia, IDG, and CICC [1]. - By June 2025, Lijing is valued at 22.5 billion RMB and is listed in the Hurun Global Unicorn List [1]. Financial Performance - Revenue is projected to grow from 12.75 billion RMB in 2022 to 27.91 billion RMB in 2024, doubling in this period, while net profit is expected to increase from 689 million RMB to 1.05 billion RMB, a 53% growth [2]. - In the first half of 2025, revenue increased by 53.4% year-on-year to 14.19 billion RMB, and net profit surged by 101.5% to 554 million RMB [2]. Market Position - Lijing is a leading provider of precision optical solutions, serving high-end markets in consumer electronics, automotive electronics, and smart office sectors [2]. - The company ranks second globally in the camera module market for consumer electronics and first among Chinese manufacturers, with significant market share in high-end smartphone camera modules [8][9]. Growth Drivers - The demand for optical technology is increasing due to the rising quality requirements for imaging and intelligent perception in devices like smartphones and XR equipment [1]. - The global market for precision optical solutions in consumer electronics is expected to reach approximately 79 billion USD by 2024, with a compound annual growth rate (CAGR) of 2.9% from 2020 to 2024 [6]. Customer and Supplier Concentration - The company has a high customer concentration, with the top five customers accounting for 90.7% of revenue in 2022, decreasing to 77.8% in 2023, and then rising to 89.0% in the first half of 2025 [4]. - The largest customer, referred to as "Customer A," contributed 67.6% of revenue in the first half of 2025, indicating a stable long-term relationship [4]. Research and Development - R&D expenditures have increased from 618 million RMB in 2022 to 1.09 billion RMB in 2024, with 689 million RMB spent in the first half of 2025 [4]. Challenges - Despite rapid expansion, the company's gross margin has been declining, from 12.2% in 2022 to 10.8% in 2025 [3]. - The utilization rate of production capacity is under pressure, with only 66% for consumer electronics lines and 33% for automotive lines in the first half of 2025 [3]. Future Outlook - The automotive electronics segment has shown a CAGR of 158.5% from 2022 to 2024, but revenue declined in the first half of 2025 due to product mix adjustments [10]. - The company is positioned to benefit from the AI hardware upgrade wave, but its high reliance on a single customer and significant goodwill present uncertainties [10].