新股覆盖研究：弘景光电

Investment Rating - The investment rating for the company is "Buy" [30] Core Insights - The company, Hongjing Optoelectronics, specializes in optical lenses and camera modules, with significant applications in various sectors including automotive, smart home, and action cameras. The company has shown strong revenue growth, with projected revenues of 4.46 billion CNY, 7.73 billion CNY, and 10.92 billion CNY for 2022, 2023, and 2024 respectively, reflecting year-on-year growth rates of 77.38%, 73.13%, and 41.25% [2][4][7] - The company has established a deep partnership with leading downstream enterprises, particularly with Yingshi Innovation, becoming a key supplier for their next-generation panoramic cameras. This collaboration is expected to drive sustained revenue growth [19][20] - The company is actively expanding its product offerings in the automotive sector, with significant contracts and partnerships with major automotive brands, which are anticipated to contribute to future growth [20][21] Summary by Sections Basic Financial Status - The company achieved revenues of 4.46 billion CNY in 2022, 7.73 billion CNY in 2023, and is projected to reach 10.92 billion CNY in 2024, with net profits of 0.56 billion CNY, 1.16 billion CNY, and 1.65 billion CNY respectively, indicating substantial growth in profitability [4][7][19] Industry Situation - The optical lens market is expected to grow significantly, driven by advancements in technology and increasing applications in smart vehicles and smart home devices. The global optical lens market is projected to grow from 181.60 billion CNY in 2015 to 682.80 billion CNY in 2023, with a compound annual growth rate of approximately 18% [14][15][16] Company Highlights - The company has a strong foothold in the panoramic and action camera lens market, with a market share exceeding 25% globally. It has also secured a significant revenue stream from Yingshi Innovation, accounting for nearly 47% of its total revenue in the first half of 2024 [19][20] - The company is expanding its presence in the automotive sector, having established partnerships with several Tier 1 suppliers and automotive brands, which is expected to enhance its growth trajectory [20][21] - The core team, led by founder Zhao Zhiping, possesses extensive experience in optical technology, positioning the company well for future innovations in AR/VR and medical optics [21][22] Fundraising Projects - The company plans to invest in two main projects through its IPO, focusing on expanding production capacity for optical lenses and establishing a research and development center [24][26]