新股速递｜国产HUD龙头冲刺港股！绑定小米蔚来，AR技术能否打开第二增长曲线？

Company Overview - Jiangsu Zejing Automotive Electronics Co., Ltd. was established in 2015, focusing on intelligent cockpit visual and interaction solutions [1] - Main products include W-HUD (Windshield Head-Up Display) solution CyberLens and AR-HUD (Augmented Reality Head-Up Display) solution CyberVision, aimed at enhancing driving safety and convenience [1] Market Presence - Zejing's terminal market covers 22 major domestic automakers, including NIO, Li Auto, Xiaomi, BYD, and Geely, with over 90 models designated [3] Financial Performance - Revenue in 2022 was 2.14 billion RMB, with a net loss of 256 million RMB and a gross margin of 22.6% [5] - In 2023, revenue surged to 5.49 billion RMB (+156% YoY), with a net loss of 175 million RMB and a gross margin of 25.6% [5][6] - Projected revenue for 2024 is 5.78 billion RMB (+5.3% YoY), with a net loss of 138 million RMB and a gross margin of 27.3% [5][7] Revenue Breakdown - In 2023, sales of HUD solutions accounted for 90% of total revenue, with significant growth in both W-HUD (sales of 530,800 units, +203.7%) and AR-HUD (sales of 3,800 units, +322%) [6] - For 2024, W-HUD sales are expected to reach 600,000 units (+13%), while AR-HUD sales are projected at 53,700 units (+1313%) [7] Profitability and Cost Management - Gross margin improved from 25.6% in 2023 to 27.3% in 2024, driven by a higher proportion of high-margin products and cost control through automation [8] - The company has seen a narrowing of net losses, but operational pressures remain significant [7][8] Debt and Liquidity - By the end of 2024, the asset-liability ratio is projected to be 215.6%, primarily due to redeemable preferred shares [9] - Cash reserves are expected to be 230 million RMB, but short-term debts are high at 1.45 billion RMB, leading to a current ratio of only 0.41 [9] Competitive Advantages - Zejing ranks second in the Chinese HUD market with a market share of 16.2%, being the only local supplier in the top three for both W-HUD and AR-HUD sales [10] - The company holds the largest number of authorized HUD-related patents in China (156), surpassing competitors [11] - Strong partnerships with leading automakers ensure a high degree of revenue certainty, with significant contributions from clients like Xiaomi and NIO [12] Future Growth Potential - AR-HUD sales are expected to grow significantly, with a projected volume of 53,700 units in 2024, reflecting a growth rate far exceeding the industry average [13] - The company has a strong valuation growth trajectory, with a 42-fold increase in valuation over seven years [14] Industry Outlook - The HUD market in China is projected to grow rapidly, with a CAGR of 41.2% from 2020 to 2024, and expected to reach 12.7 million units by 2029 [19] - The penetration rate of HUDs in China is still low compared to Europe and the US, indicating substantial growth potential [19]