国产显示芯片独角兽再闯港交所，台积电是最大供应商

Core Viewpoint - Yunyinggu Technology Co., Ltd. is seeking to list on the Hong Kong Stock Exchange after a tumultuous journey, with significant financial challenges and a need for capital to support its operations and R&D efforts [1][11]. Company Overview - Established in 2012 and headquartered in Shenzhen, China, Yunyinggu specializes in the design and sale of display driver chips, particularly for AMOLED and Micro-OLED technologies [1]. - The company has raised over 1.3 billion RMB through multiple rounds of financing, with notable investors including BOE Technology Group and Qualcomm China [1]. - As of August 2024, Yunyinggu's valuation reached approximately 8.33 billion RMB [1]. Market Position - In 2024, Yunyinggu ranked as the fifth largest supplier of AMOLED display driver chips globally and the largest in mainland China, with a market share of approximately 5.7% [2]. - The company achieved a domestic market share of 12.4% in the same year, ranking third in the local market [2]. - Yunyinggu is also a significant player in the Micro-OLED display backplane/driver market, holding a global market share of about 40.7% [2]. Financial Performance - Revenue for the years 2022, 2023, and projected for 2024 and 2025 are 551.29 million RMB, 720.40 million RMB (30.7% YoY growth), and 891.30 million RMB (23.8% YoY growth) respectively [3][4]. - The company reported a cumulative loss of approximately 722 million RMB from 2022 to 2025, with a significant drop in gross profit margin in 2023 to 0.4% [4][11]. - The average selling price of AMOLED display driver chips has decreased significantly, with a drop of nearly 40% from 2022 to 2024 [4]. Challenges and Strategies - The decline in average selling prices and inventory devaluation due to weak global consumer electronics demand has pressured the company's profitability [4][7]. - To maintain market share amid fierce competition, Yunyinggu adopted a pricing strategy that involved lowering prices to increase volume, which has further impacted gross margins [7]. - The company has shifted its sales model from direct sales to a dealer-based approach to improve cash flow and reduce collection periods [9]. Supply Chain and Production - Yunyinggu relies heavily on third-party foundries for chip manufacturing, with TSMC being a key partner, accounting for a significant portion of its procurement [10]. - The company is gradually transitioning to domestic foundries like SMIC to mitigate supply chain risks amid geopolitical tensions [10]. Conclusion - Despite having a strong customer base and market presence, Yunyinggu faces significant challenges in achieving sustainable profitability and cash flow management, necessitating successful capital market entry to alleviate financial pressures [11].