IPO申购指南：晶科电子股份

Investment Rating - The report suggests a cautious subscription for Jinko Electronics Co., Ltd. (02551.HK) [4] Core Viewpoints - Jinko Electronics is a provider of intelligent visual products and systems, covering automotive intelligent vision, high-end lighting, and new displays. The company integrates LED technology with integrated circuits, software, sensors, and optics, possessing various "LED+" technologies. This enables the company to penetrate high-value and high-growth markets [4] - The company ranks third among domestic manufacturers in China's high-end lighting industry and fifth among all manufacturers in the same industry, with a market share of 5.3% in 2023. In the automotive intelligent vision sector, it ranks fifth among domestic manufacturers and twelfth among all manufacturers, with a market share of 0.5% in 2023. In the liquid crystal television backlight industry, it ranks fourth among both domestic and all manufacturers, with a market share of 9.1% in 2023 [4] - The global LED intelligent vision industry reached a market size of USD 192 billion in 2023 and is expected to grow to USD 287.2 billion by 2028, with a compound annual growth rate (CAGR) of 8.4% [4] Summary by Sections IPO Details - The IPO price is set at HKD 3.61, with a total fundraising amount of HKD 121 million after deducting underwriting fees and estimated expenses related to the global offering. The total number of shares offered is 33.6 million, with 30.24 million shares allocated for international placement (approximately 90%) and 3.36 million shares for public offering (approximately 10%) [4] - The estimated market capitalization upon listing is approximately HKD 1.92 billion, corresponding to a price-to-earnings (PE) ratio of 24 times based on 2023 earnings [4]