Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Electronics) has submitted a listing application to the Hong Kong Stock Exchange, with Haitong International and CITIC Securities as joint sponsors [1]. Company Overview - Zejing Electronics is a pioneer and leader in innovative smart cockpit visual and interaction solutions in China, primarily offering its self-developed HUD solutions, including CyberLens (W-HUD) and CyberVision (AR-HUD) [3]. - The company was the first in the Chinese market to launch self-developed HUD solutions and mass-produced AR-HUD based on Digital Light Processing (DLP) technology, ensuring stable and reliable performance against environmental interference [3]. Market Potential - According to Zhaoshang Consulting, the market size for automotive HUD solutions in China is expected to grow from 1 million units in 2020 to 3.9 million units by 2024, with a compound annual growth rate (CAGR) of 41.2%. By 2029, it is projected to reach 12.7 million units, with a CAGR of 27.9% from 2025 to 2029 [5]. Financial Performance - In terms of revenue, Zejing Electronics reported approximately 214 million RMB, 549 million RMB, and 578 million RMB for the years 2022, 2023, and 2024, respectively. The company incurred losses of approximately 256 million RMB, 175 million RMB, and 138 million RMB during the same periods [9]. - The gross profit margin improved from 22.6% in 2022 to 27.3% in 2024, indicating a positive trend in profitability despite ongoing losses [10]. Future Challenges - The company has recorded net losses and cash outflows from operating activities during the reporting period, and its ability to achieve future profitability may be affected by various factors, including the expansion of its customer base, sales volume, and product offerings [9][11].

Core Viewpoint - Zejing Electronics, established in 2015, focuses on providing HUD solutions, including CyberLens and CyberVision, with sales typically experiencing seasonal fluctuations, particularly lower sales in the first quarter [2] Financial Performance - Revenue for the periods 2022 to 2024 was reported as 214.1 million, 549.4 million, and 577.6 million RMB respectively, while net losses were 256 million, 175 million, and 138 million RMB, totaling cumulative losses of 569 million RMB over three years [2][3] - Gross profit margins improved from 22.6% in 2022 to 27.3% in 2024, while sales costs decreased from 77.4% to 72.7% over the same period [3] Debt and Financial Health - The company reported net liabilities of 487 million, 644 million, and 897 million RMB for the respective years, with debt-to-asset ratios of 246%, 213.8%, and 215.6% [4] - Trade receivables and notes were recorded at 124 million, 286 million, and 296 million RMB, with turnover days increasing from 102.2 to 140.5 days over the reporting period [4][7] Customer Concentration Risk - Revenue from the top five customers accounted for 93.0%, 93.8%, and 80.9% of total revenue during the reporting periods, with the largest customer contributing 47.6%, 26.1%, and 23.2% respectively [7] - The company highlighted that fluctuations in trade receivables from major customers could significantly impact cash flow, and delays in payments may necessitate impairment provisions [7]

其中，泽景率先在中国市场推出自研HUD解决方案，并在中国率先推出了基于数字光处理(DLP)技术 的量产AR-HUD，其可通过抵抗环境干扰保障更稳定可靠的性能。通过创新解决方案，泽景积极推 动智能座舱视觉、人车交互系统由2D至3D、AR变革与市场渗透。 根据灼识咨询的资料， 泽景在中国市场首批推出了国产化HUD解决方案，获得 车型定点并率先实现量产；同时，泽景也是国内唯一拿到数个国际主流整车厂HUD订单且已经批量 交付的中国供应商 。 以2024年销量计算，泽景在中国HUD解决方案供应商中排名第二，市场份额为16.2%，亦为中国中 国唯一一家2024年HUD销量、W-HUD销量和高性能AR-HUD解決方案销量均排名市场前三名的公 司。 截至2024年12月31日，泽景拥有22个汽车主机厂客户。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，江苏泽景汽车电子股份有限公司（以下简称"泽景"）于2025年5月9日正式向港 交所递交招股说明书，拟主板挂牌上市，海通国际和中信证券担任联席保荐人。 成立于2015年的泽景作为一家创新智能座舱视觉、交互解决方案提 ...

智通财经5月9日电，利弗莫尔证券显示，江苏泽景汽车电子股份有限公司向港交所提交上市申请，联席 保荐人为海通国际、中信证券。 泽景电子向港交所提交上市申请 ...

证券代码：300643 证券简称：万通智控 万通智控科技股份有限公司投资者关系活动记录表 编号：2025-001 投资者关 系活动类 别 □特定对象调研 □分析师会议 □媒体采访 业绩说明会 □新闻发布会 □路演活动 □现场参观 □其他（请文字说明其他活动内容） 参与单位 名称及人 员姓名 线上参与万通智控 2024 年度网上业绩说明会的全体投资者 时间 2025 年 05 月 09 日 15:00-16:00 地点 价值在线（https://www.ir-online.cn/）网络互动 上市公司 接待人员 董事长兼总经理 张健儿 董事会秘书 李滨 财务总监 侯哲萍 独立董事 杨鹰彪 投资者关 系活动主 要内容 本次业绩说明会采取网络文字直播形式，与投资者就其关心的问题进行交流 互动。主要内容如下： 1、问：公司本期盈利水平如何？ 答：尊敬的投资者您好，2025 年一季度公司营业总收入 268,090,638.90 元，归属 于上市公司股东的净利润 36,934,826.12 元。收入较去年同期小幅下降 3.99%，但 归属于上市公司股东的净利润增长 36.36%。2025 年一季度利润情况表现良好是 因为本 ...

Q&A 立讯精密 20250508 摘要 • 立讯精密在消费电子领域深度绑定北美大客户，并通过收购稳泰 ODM 业 务积极拓展安卓客户，以抓住 AI 手机渗透率快速增长的市场机遇。预计苹 果 AI 功能上线将刺激换机需求，公司作为核心供应商将显著受益。 • 公司在通信领域积极布局 AI 服务器和互联方案，通过收购汇聚科技完善互 联产品战略。公司与头部芯片厂商合作，为数据中心和云服务厂商定制下 一代高速连接标准，如 800G/1.6T。 • 立讯精密自 2008 年起布局汽车业务，形成多元化产品矩阵，包括汽车线 束、连接器、智能座舱和智能驾驶等。通过与速腾聚创和奇瑞的合作，以 及收购莱尼，公司旨在成为全球汽车 Tier 1 核心领导厂商。 • 公司通过一系列收购不断扩展业务领域，包括消费电子线束、声学组件、 AirPods 核心供应链、手机整机组装、通信技术和汽车电子等，实现多元 化发展和产业链整合。 • 立讯精密主要业务板块包括消费电子（占比 83%）、通信（占比 6.8%） 和汽车（占比 5%）。公司在夯实消费电子基本盘的同时，积极开拓通信 和汽车两条成长曲线，推动多元化发展。 立讯精密自 2010 年上市 ...

Core Viewpoint - Suoao Sensor (300507.SZ) has resumed trading after nearly half a month of suspension, following the announcement of a share transfer agreement with Zhongchuang Innovation航 (03931.HK), which will result in Zhongchuang becoming the controlling shareholder of Suoao Sensor [1][4] Group 1: Share Transfer Details - The controlling shareholder Li Hongqing will transfer 87.62 million shares (11% of total shares) to Zhongchuang Innovation and will relinquish voting rights for 156 million shares (19.55% of total shares) [1] - The share transfer price is set at 5.83 yuan per share, totaling 511 million yuan, which represents a discount of approximately 20% compared to the pre-suspension price of 7.28 yuan per share [2] Group 2: Future Plans and Strategic Intent - Zhongchuang Innovation aims to gain control of Suoao Sensor to enhance its development strategy and leverage its resources in the new energy and automotive supply chain to boost the value of both companies [4] - Suoao Sensor reported a significant performance in its new energy sector, achieving a revenue of 1.67 billion yuan in 2024, a year-on-year increase of 48.87%, with new energy component revenue growing by 102.84% [4][5] Group 3: Market Position and Product Development - Suoao Sensor's new energy products have seen substantial growth, with sales to major new energy manufacturers and tier-one suppliers, achieving market share with innovative products like Busbar copper busbars and high/low voltage filter components [5]

报告发布方：中金企信国际咨询 项目可行性报告&商业计划书专业权威编制服务机构（符合发改委印发项目可行性研究报告编制要求）-中金企信国际咨询：集 13年项目编制服务经验为各类项目立项、投融资、商业合作、贷款、批地、并购&合作、投资决策、产业规划、境外投资、战 略规划、风险评估等提供项目可行性报告&商业计划书编制、设计、规划、咨询等一站式解决方案。助力项目实施落地、提升 项目单位申报项目的通过效率。 一、车灯控制器行业政策环境 汽车电子行业作为汽车零部件行业的细分领域，目前采用政府宏观调控与行业自律管理相结合的管理方式。国家发展和改革委 员会、工业和信息化部是行业宏观管理的职能部门，它们共同承担着制定产业政策、拟定行业发展规划、指导调整行业机构以 及引导行业技术方向等重要职责。 为推动汽车电子技术的发展，我国出台了一系列相关行业政策。例如，2024年国务院办公厅发布的《政府采购领域"整顿市场秩 序、建设法规体系、促进产业发展"三年行动方案（2024—2026年）》就明确指出，要研究制定市政基础设施和电子电器、新能 源汽车等产品的绿色采购需求标准，开展政府采购支持公路绿色发展试点工作，适时将碳足迹管理有关要求纳入政 ...

近日，在2025年上海车展上，深圳市航盛电子股份有限公司（以下简称"航盛"）重磅发布了一系列最新技术成果，为汽车行业带来更智能、 更高效的产品和系统性解决方案，受到广泛关注。 具体来看，此次航盛发布的新品和解决方案包括墨子单芯片跨域融合平台、依智第四代智能座舱域控平台、全新一代全景视域抬头显示和中央域控制 器等，展现出其在汽车智能化领域的强大技术实力与创新能力。 敢为人先，锻造极致单芯片舱驾融合新方案 作为中国汽车电子行业的龙头企业之一，航盛创立于1993年，至今已有32年的汽车电子产品研发和交付经验，可谓汽车产业发展和变革的见证及参与 者，目前公司已构建包括智能座舱、智能交互、智能网联、辅助驾驶、软件及工程服务、电声系统、新能源及控制电子等领域的核心产品矩阵。 航盛技术中心总经理杨洪坪告诉《中国汽车报》记者，多年来，航盛在研发资金投入上毫不吝啬，每年研发费用投入占销售额的比例呈现稳步上升态 势，研发投入占比始终保持在10%以上，主要集中在智能座舱域控制器、舱驾融合、智能交互、抬头显示等领域。 高额的研发投入带来了一系列技术创新。其中，在智能汽车迈向舱驾跨域融合的关键时期，航盛此次发布的墨子单芯片跨域融合平台 ...

Core Insights - Kaite Co., Ltd. reported a significant growth in Q1 2025, with revenue reaching 240 million yuan, a year-on-year increase of 48.05%, and a net profit attributable to shareholders of 40.13 million yuan, up 41.60% [1] - The growth in the new energy vehicle (NEV) market has directly contributed to the company's performance, with NEV production and sales in China increasing by 50.4% and 47.1% respectively [1] Financial Performance - The company's operating income for Q1 2025 was 240 million yuan, with a year-on-year growth of 48.05% [1] - Net profit attributable to shareholders was 40.13 million yuan, reflecting a 41.60% increase year-on-year [1] - The non-recurring net profit reached 39.93 million yuan, with a growth rate of 61.87% [1] - Operating costs increased by 44.30% year-on-year, but the gross margin remained stable due to the release of scale effects [1] Market Dynamics - The NEV market in China saw production and sales growth of 14.5% and 11.2% respectively, with NEVs accounting for 41.2% of total new car sales [1] - The penetration of NEVs and smart chassis is accelerating, benefiting companies like Kaite Co., Ltd. in the automotive electronics sector [1] Technological Advancements - Kaite Co., Ltd. has strengthened its technological barriers in the core component localization process, holding a total of 340 patents, including 34 invention patents [2] - R&D expenses increased by 16.02% to 11.09 million yuan, representing 4.63% of revenue [2] Capacity Expansion - The construction of the subsidiary Kaite Electronics Yunmeng Co., Ltd.'s capacity expansion and fundraising projects is progressing steadily, with construction projects increasing by 43.76% compared to the end of the previous year [2] Strategic Focus - The company aims to deepen its focus on the automotive thermal system sector, leveraging customer and product resource potential to convert into sales and profits [2] - Kaite Co., Ltd. is actively advancing the full process of R&D, design, trial production, and mass production for new generation sensors and actuators to ensure smooth market entry and sustainable delivery [2]