递表 | A股车灯行业龙头「星宇车灯」递表港交所，年入百亿，市占率中国第一

Core Viewpoint - The company, Xingyu Automotive Lighting, is preparing for an IPO on the Hong Kong Stock Exchange, aiming to leverage its position as a leading automotive lighting provider in China and globally, with a focus on innovation and smart manufacturing [1][2]. Financial Performance - For the year 2024, the company reported revenues of approximately RMB 13.253 billion and a net profit of RMB 1.408 billion, with a gross margin of 19.09% [1][5]. - In the first nine months of 2025, the company achieved revenues of RMB 10.710 billion and a net profit of RMB 1.141 billion, reflecting a year-on-year revenue growth of 16.09% and a net profit growth of 16.76% [5]. - The company's gross margin for the first nine months of 2025 was 19.29%, maintaining stable net profit margins throughout the reporting period [5][8]. Market Position - As of 2024, the company holds an 11.0% market share in the Chinese automotive lighting market, ranking first, and a 4.2% share globally, ranking seventh [2][11]. - In the high-end passenger car lighting market (vehicles priced above RMB 200,000), the company has a dominant market share of 22.1% in China [2]. - The company is a leader in the smart automotive lighting sector, with a 70.2% market share in China and ranking first globally [2]. Industry Overview - The global automotive lighting market is projected to grow from RMB 246.6 billion in 2020 to RMB 294.7 billion in 2024, with a compound annual growth rate (CAGR) of 4.6% [7][9]. - The Chinese automotive lighting market is expected to increase from RMB 88.7 billion to RMB 108.7 billion during the same period, with a higher CAGR of 5.2% [7][9]. - By 2030, the global automotive lighting market is anticipated to reach RMB 450.5 billion, with a CAGR of 7.4% from 2025 to 2030, while the Chinese market is expected to grow to RMB 168.6 billion, with a CAGR of 7.8% [7][9]. Strategic Initiatives - The company is actively exploring the field of embodied intelligence, aiming to leverage its R&D capabilities in smart lighting and transfer these technologies to new applications, with the first products expected to be delivered in 2026 [4]. - The company has established partnerships with nine of the top ten global automotive manufacturers based on 2024 sales volume, indicating strong industry relationships [1]. Corporate Governance - The company's board of directors consists of nine members, including four executive directors, one non-executive director, and four independent non-executive directors [14]. - Major shareholders include Ms. Zhou Xiaoping, who directly holds approximately 42.00% of the issued share capital, and other significant stakeholders [16][17].