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 before 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 ranked second globally in the camera module sector for consumer electronics, and first among Chinese manufacturers, with significant market share in high-end smartphone camera modules [8][9] - The company supplies over 320 clients across various sectors, including consumer electronics, automotive electronics, and XR devices [9] Customer and Supplier Concentration - The company has a high customer concentration, with the top five clients accounting for 89% of revenue in the first half of 2025, and the largest client representing 67.6% of total revenue [4] - Supplier concentration is also notable, with the top five suppliers accounting for 45.9% of procurement in the first half of 2025 [5] R&D and Acquisitions - 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] - The company has made several acquisitions to expand its business, including entering Apple's supply chain and enhancing production capabilities for high-end optical lenses [4] Industry Trends - The consumer electronics market is experiencing a recovery driven by AI, with a projected market size of approximately 79 billion USD for precision optical solutions by 2024, growing at a CAGR of 2.9% from 2020 to 2024 [6] - The market for AI-related consumer electronics is expected to exceed 76.4 billion USD by 2029, with a CAGR of 32.4% from 2025 to 2029 [6] Product Structure and Growth - The company remains heavily reliant on consumer electronics, which accounted for 88% of revenue in the first half of 2025, although high-value products are increasing their share [10] - The automotive electronics segment has shown a 158.5% CAGR from 2022 to 2024, but revenue declined in the first half of 2025 due to product mix adjustments [10]