Core Viewpoint - Beijing Jichuang Beifang Technology Co., Ltd., a leading manufacturer of display driver chips, has officially initiated the listing counseling process for its initial public offering (IPO) on the Sci-Tech Innovation Board, with CITIC Securities as the counseling institution [1]. Group 1: Company Overview - Jichuang Beifang was established in 2008, with a registered capital of 431 million yuan. The legal representative is Zhang Jinfang. Investors include Xiaomi Yangtze River Industry Fund, Huawei Habo Technology, TCL Venture Capital, and Vivo [2]. - In December 2021, Jichuang Beifang secured over 6.5 billion yuan in Series E financing, leading to a valuation exceeding 30 billion yuan [2]. - The company specializes in the research, design, and sales of display chips, including panel display driver chips, LED display driver chips, power management chips, and control chips, covering mainstream display technologies such as LCD, LED, and OLED [3]. Group 2: Market Position and Products - According to TrendForce, Jichuang Beifang holds over 40% market share, ranking first in the LED display driver chip market for 2024. If successful in its IPO, it is expected to become the first stock on the Sci-Tech Innovation Board for all categories of display chips [3]. - The company has served major panel manufacturers such as BOE, TCL Huaxing, and Huike, as well as LED display manufacturers like Leyard, Zhouming Technology, and Absen. Its products are widely used by terminal brands including TCL, LG, Samsung, OPPO, Vivo, and Xiaomi [3]. Group 3: Future Developments - Jichuang Beifang is actively advancing the research and development of automotive display chips and SoC chips, while also expanding into MLED display and silicon-based OLED technologies to broaden its business scope and product line [3]. - In May, the company achieved a breakthrough in the automotive display chip sector with the mass production of the first domestically developed automotive-grade integrated local dimming bridge chip, ICNM7810B, for consumer-grade Mini LED display products [3].

Core Viewpoint - Yunyinggu Technology is preparing for an IPO in Hong Kong with an expected fundraising scale of approximately $200 million, depending on market feedback [1] Group 1: Company Overview - Yunyinggu Technology was established in 2012 and is headquartered in Shenzhen, with R&D centers in Shanghai, Beijing, Kunshan, and Hong Kong [1] - The company specializes in the research and development of display driver chips and circuit boards, with key products including AMOLED display driver chips for high-end smartphones and Micro OLED display backplanes and driver chips [1] Group 2: Financial Performance - The company has shown steady revenue growth from 2022 to 2024, with revenues of 551 million, 720 million, and 891 million RMB respectively [1] - However, net losses have increased during the same period, amounting to 124 million, 232 million, and 309 million RMB respectively [1] Group 3: Market Position and Product Focus - In 2024, AMOLED display driver chips are expected to account for 91.6% of the company's revenue, making it the primary source of income, while Micro OLED display backplanes and driver chips will contribute only 8.4% [1] Group 4: Investment and Support - Since its inception, Yunyinggu Technology has completed over ten rounds of financing, with investors including Huawei Hubble, Xiaomi Group, Qualcomm, BOE Technology Group, and Visionox, along with support from several venture capital firms [1] - The company has submitted its listing application to the Hong Kong Stock Exchange, with CICC and CITIC Securities serving as joint sponsors [1]

Investment Rating - The investment rating for the company is "Buy" [3][10]. Core Views - The company reported a significant increase in revenue and net profit for Q1 2025, with revenue reaching 554 million yuan, up 60.52% year-on-year, and net profit of 71 million yuan, up 116.96% year-on-year [1][2]. - The growth in electronic price tags and the introduction of new display driver products are key drivers for revenue expansion. The company's four-color electronic price tag technology has achieved an 80% market share in 2024, with further growth expected as market penetration increases [2]. - The company is increasing its R&D investment, which reached 47 million yuan in Q1 2025, a 23.06% increase year-on-year, representing 8.54% of revenue. This investment supports the development of new products and applications, including narrow bezel GIP architecture for electronic paper driver ICs [2]. Financial Forecasts and Key Metrics - Revenue projections for 2025, 2026, and 2027 are 3.00 billion yuan, 4.01 billion yuan, and 5.22 billion yuan, respectively, with net profits of 373 million yuan, 528 million yuan, and 725 million yuan [3][5]. - The company is expected to maintain strong growth rates, with revenue growth rates of 42.82% in 2025, 33.62% in 2026, and 30.06% in 2027 [5][9]. - Key financial ratios include a projected P/E ratio of 25.52 in 2025, decreasing to 13.15 by 2027, indicating improving valuation metrics over time [5][9].