核心观点：惠科股份此次IPO计划募资85亿元，按此募资规模，其估值在560亿至850亿之间，其估值水平究竟有没有 被高估？若按照面板行业1.2倍左右PB估值，惠科股份对应估值大致400亿元左右，IPO募资估值水平则高出160亿至 450亿左右。与此同时，公司300亿水平的净资产还存在超百亿规模的少数股权。这背后资金究竟有没有明股实债问 题，相关净资产含金量或也有待观察。此外，公司存货周转率近五年呈下降态势的背景下，存货跌价计提比例却显著 低于同行，公司报表究竟有没有水分？ 近日，惠科股份有限公司（简称"惠科股份"）再次重启IPO引发关注。 公司此前于2022年6月申请上市并获受理，拟募资95亿元，募资规模在目前创业板拟IPO企业中居于首位。 此次，惠科股份选择深交所主板上市，募资规模缩水至85亿元。其中，25亿元投建于长沙新型OLED研发升级项目、 30亿元投资于长沙Oxide研发及产业化项目、20亿元投建于绵阳Mini-LED智能制造项目、10亿元用于补充流动资金及 偿还银行贷款。 | | | | | | 单位:万元 | | --- | --- | --- | --- | --- | --- | | H 타 ...

Core Viewpoint - TCL Technology has completed the transfer of 21.5311% equity in Shenzhen Huaxing Optoelectronics Semiconductor Display Technology Co., Ltd. for a transaction price of 11.562 billion yuan, enhancing its control in the semiconductor display industry [1][3]. Group 1: Company Overview - Shenzhen Huaxing Semiconductor primarily engages in the production, processing, and sales of large-sized TFT-LCD display devices, with a focus on TFT-LCD display devices and semiconductor display supporting materials [2]. - The company operates two panel factories in Shenzhen, utilizing G11 generation line technology, with glass substrate dimensions of 3370mm × 2940mm, achieving a high glass utilization rate of over 90% [2]. Group 2: Financial Performance - In 2022 and 2023, Shenzhen Huaxing Semiconductor achieved operating revenues of 16.703 billion yuan and 21.902 billion yuan, respectively. For the first ten months of 2024, the operating revenue reached 19.821 billion yuan, with a net profit of 2.149 billion yuan [2][3]. - The financial data for the first ten months of 2024 shows an operating profit of 239.631 million yuan and a total profit of 239.366 million yuan, indicating a significant improvement compared to previous years [3]. Group 3: Shareholding Structure - Prior to the transfer, TCL Technology controlled 62.6794% of Shenzhen Huaxing Semiconductor through TCL Huaxing and its subsidiaries. After the transfer, TCL's shareholding increased to 84.2105% [3]. - The remaining shares were held by the Major Industry Fund (32.2967%) and Samsung Display (5.0239%) [3]. Group 4: Strategic Implications - The completion of this transaction is expected to strengthen TCL Technology's core business, enhance its profitability, and improve its competitive position in the semiconductor display industry [3].

Core Viewpoint - Huike Co., Ltd. has submitted its prospectus for an IPO on the Shenzhen Stock Exchange, aiming to raise 8.5 billion yuan for various projects and operational needs [1][3]. Group 1: Company Overview - Huike Co., Ltd. was established in December 2001, originally as Huike Electronics (Shenzhen) Co., Ltd., with a registered capital of approximately 6.568 billion yuan [2]. - The company specializes in the semiconductor display sector, focusing on the R&D, manufacturing, and sales of display panels and smart display terminals [8]. - Huike ranks third globally in TV panel shipment area, fourth in display panel shipment area, and third in smartphone panel shipment area for the year 2024 [8]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is approximately 27.134 billion yuan, 35.797 billion yuan, and 40.310 billion yuan, respectively, with net profits of -2.097 billion yuan, 2.826 billion yuan, and 3.673 billion yuan [8][9]. - The company's asset-liability ratio as of the end of 2022, 2023, and 2024 is approximately 69.10%, 69.47%, and 68.78%, respectively [9][10]. Group 3: Fundraising and Investment Plans - The company plans to use the raised funds for several projects, including 2.5 billion yuan for the Changsha OLED R&D upgrade project, 3 billion yuan for the Changsha Oxide R&D and industrialization project, and 2 billion yuan for the Mianyang Mini-LED smart manufacturing project [2][3]. - A total of 10 billion yuan will be allocated to supplement working capital and repay bank loans [3][10]. Group 4: Shareholding Structure - The major shareholders include Shenzhen Huike Investment Holding Co., Ltd. (50.45%) and Shenzhen Jinfengyang Investment Co., Ltd. (18.25%) [4][6]. - Wang Zhiyong, the chairman and general manager, controls 52.31% of the voting rights through Huike Investment Holding and Shenzhen Huitong [6][8].

Core Viewpoint - Huike Co., Ltd. has officially received approval for its IPO application, aiming to raise 8.5 billion yuan to expand and innovate in new technologies and products [1][5]. Group 1: Company Overview - Established in 2001, Huike specializes in the semiconductor display sector, focusing on the research, manufacturing, and sales of semiconductor display panels and smart display terminals [2]. - The company is one of the three major players in the large-size LCD panel market, alongside BOE and TCL Technology [2]. - Huike's revenue for 2022, 2023, and projected for 2024 are 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan respectively, with net profits of -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan [2]. Group 2: Business Performance - The revenue from Huike's semiconductor display panel business for 2022, 2023, and projected for 2024 are 19.445 billion yuan, 25.186 billion yuan, and 29 billion yuan respectively [3]. - The smart display terminal business revenue for the same years is 6.8 billion yuan, 9.632 billion yuan, and 10.263 billion yuan [3]. - The main business revenue as a percentage of total revenue is 96.72%, 97.26%, and 97.41% for 2022, 2023, and 2024 respectively [3]. Group 3: IPO Fund Utilization - The IPO proceeds will be allocated as follows: 2.5 billion yuan for a new OLED R&D project, 3 billion yuan for an Oxide technology project, 2 billion yuan for a Mini-LED manufacturing project, and 1 billion yuan for working capital and debt repayment [6][5]. - The OLED project aims to enhance production capabilities and technical reserves for OLED displays, while the Oxide project focuses on improving production capacity and expanding application scenarios [6][7]. - The Mini-LED project will enhance the production line for high-performance Mini-LED products [6]. Group 4: Market Dynamics - The panel industry is characterized by significant cyclicality, leading to revenue volatility for companies like Huike [2]. - Recent reductions in panel procurement by major global TV brands have increased shipping pressures for panel manufacturers, indicating a need for reassessment of production control strategies [3]. - The successful IPO is expected to alleviate financial pressures, enhance liquidity in the panel industry, and support investments in new technologies, thereby improving competitiveness against cyclical risks and industry competition [7].

Group 1 - The core point of the news is that TCL Technology Group has successfully completed the transfer of assets in a significant restructuring project, marking a solid step towards optimizing its industrial layout and enhancing core competitiveness [2] Group 2 - The purpose of the transaction is to acquire a 21.5311% stake in Shenzhen Huaxing Semiconductor Display Technology Co., Ltd. from Shenzhen Major Industry Development Phase I Fund Co., Ltd. This acquisition aims to strengthen TCL's control over Huaxing Semiconductor and deepen its layout in the semiconductor display technology field, thereby improving overall profitability and market competitiveness [3] Group 3 - The transfer of the target assets has been officially registered under TCL Technology's name as of July 1, 2025, following the issuance of a registration notice by the Shenzhen Market Supervision Administration. This completion is a crucial step for the smooth progress of subsequent transaction processes [5] Group 4 - Although the asset transfer has been completed, there are several follow-up matters to address. TCL Technology needs to issue shares to the counterparty to pay the transaction price and handle the registration and listing of the new shares. Additionally, the company must complete the fundraising through share issuance within the validity period approved by the Securities Regulatory Commission and modify its articles of association [6]

股票简称：TCL 科技 股票代码：000100.SZ 债券简称：24TCLK1 债券代码：148600.SZ 债券简称：24TCLK2 债券代码：148683.SZ 债券简称：24TCLK3 债券代码：148803.SZ 债券简称：24TCLK4 债券代码：148804.SZ TCL科技集团股份有限公司 公司债券受托管理事务报告 （2024年度） 发行人 （广东省惠州仲恺高新区惠风三路 17 号 TCL 科技大厦） 债券受托管理人 （广东省深圳市福田区中心三路 8 号卓越时代广场（二期）北座） 重要声明 中信证券股份有限公司（以下简称"中信证券"）编制本报告的内容及信息均来 源于 TCL 科技集团股份有限公司（以下简称"TCL 科技"、"发行人"或"公司"）对 外披露的《TCL 科技集团股份有限公司 2024 年年度报告》等相关公开信息披露文 件、发行人提供的证明文件以及第三方中介机构出具的专业意见。本报告中的"报 告期"是指 2024 年 2 月 1 日至 2024 年 12 月 31 日。 本报告不构成对投资者进行或不进行某项行为的推荐意见，投资者应对相关 事宜做出独立判断，而不应将本报告中的任何内容据以 ...

Group 1 - The core viewpoint of the news is that Huike Co., Ltd. has officially submitted its IPO application to the Shenzhen Stock Exchange, aiming to raise 8.5 billion yuan for various projects and working capital [1][3] - Huike is a leading technology company in the semiconductor display field, focusing on the research, manufacturing, and sales of semiconductor display panels and smart display terminals [1][2] - The company ranks third globally in TV panel shipment area, fourth in display panel shipment area, and third in smartphone panel shipment area for the year 2024, with a significant lead in the 85-inch LCD TV panel shipment area [1][2] Group 2 - Huike is the first company in mainland China to establish and operate G8.6 high-generation production lines and holds the most G8.6 high-generation lines globally, enabling mass production of various display panels [2] - The company has developed multiple core technologies, enhancing product performance, production efficiency, yield, and cost optimization, which constitute its competitive advantages [2] - Huike has established deep partnerships with numerous global brands, including Samsung, LG, Xiaomi, and others, enhancing its market presence [3] Group 3 - The company's revenue for 2022, 2023, and 2024 was 27.134 billion yuan, 35.797 billion yuan, and 40.31 billion yuan, respectively, with corresponding net profits of -1.428 billion yuan, 2.566 billion yuan, and 3.339 billion yuan [3] - The funds raised from the IPO will be allocated to projects including OLED research and development, Oxide research and industrialization, Mini-LED smart manufacturing, and to supplement working capital and repay bank loans [3]

Group 1: Shippeo Leadership Appointment and Market Positioning - Shippeo appointed Brandon Oliveri-O'Connor as Chief Revenue Officer and Ben Douglass as Chief Marketing Officer, both previously key figures at Procore, where they helped grow annual recurring revenue from $50 million to $1 billion [1] - Their experience in expanding SaaS companies in complex industries, particularly in Europe, the UK, and the Middle East, is expected to drive Shippeo's growth [1] - Shippeo's platform integrates with over 228,000 carriers and 1,100 transportation management systems, tracking over 90 million shipments annually across 150 countries [1] Group 2: TCL Technology Acquisition of Huaxing Semiconductor - TCL Technology plans to acquire 21.5311% of Shenzhen Huaxing Semiconductor from Shenzhen Major Industry Fund for approximately 11.56 billion RMB [2] - This acquisition will enhance TCL's control over two of the five global G10.5/11 production lines, which focus on large-size panels, accounting for 35% of the global supply capacity [2] - The acquisition aims to improve coordination in R&D, production, and sales, creating a synergistic effect between panels and terminals [2] Group 3: Decline in Autonomous Delivery Vehicle Prices - The price of autonomous delivery vehicles has plummeted from millions to between 16,800 to 19,800 RMB, a decrease of 98% [3] - The price drop is attributed to technological advancements and reduced manufacturing costs, particularly in lidar and battery technology [3] - The use of autonomous delivery vehicles can significantly lower delivery costs, with urban delivery costs per ticket dropping from 0.17 RMB to 0.1 RMB, a reduction of over 40% [3] Group 4: Cyber Technology Showcase at SME Expo - Industry leaders can gain market share by addressing issues such as safety, road rights, and technology integration, facilitating the commercialization of autonomous delivery vehicles [4] - The 2023 China International SME Expo showcased over 2,000 SMEs from more than 50 countries, highlighting their potential in technological innovation [4] Group 5: AI Large Model Market Competition - Among the "six small giants" in the AI large model sector, only three companies made it to the top 50 list, with Zhipu Technology leading with 31 projects won [5] - iFLYTEK secured the most bids in 2024, focusing on private deployments in state-owned enterprises, government, education, and healthcare [5] - Custom development services, despite lower profit margins, have a higher total bid amount compared to application product vendors, indicating their significant role in the industry [5] Group 6: Innovations from SMEs - Yujiang Technology launched the CR 30H collaborative robot, overcoming traditional load and speed limitations [6] - Lingdu Intelligent introduced the first commercial curtain wall cleaning robot in China, enhancing safety and water-saving features [6] - The rapid development of SMEs in robotics, smart hardware, AI applications, and digital transformation presents numerous investment opportunities [6]

Core Viewpoint - The establishment of the "We-Science" alliance marks a significant step in building a world-class scientific area in the Guangdong-Hong Kong-Macao Greater Bay Area, focusing on a full-chain innovation ecosystem from research to industrial upgrading [1][6]. Group 1: Scientific Development - The Greater Bay Area is recognized as one of the most open and economically vibrant regions in China, with Shenzhen and Dongguan playing crucial roles in the national scientific innovation strategy [2][5]. - The "Light Science City" and "Songshan Lake Science City" have been designated as key areas for the comprehensive national scientific center, with significant scientific facilities established over the past five years [2][4]. - Major scientific axes have been formed, including a mathematics axis supporting artificial intelligence, a material science axis with advanced facilities, and a life science axis focusing on brain research and synthetic biology [4][6]. Group 2: Collaborative Innovation - The collaboration between Shenzhen and Dongguan has deepened, breaking administrative boundaries to enhance the flow of innovative resources, creating a hub for original innovation and technology transfer [5][6]. - The two cities are jointly developing significant scientific instruments, such as high-pressure neutron spectrometers, which are expected to be operational by December 2024 [6][7]. Group 3: Transportation Infrastructure - Aiming to enhance regional integration and support scientific collaboration, a comprehensive transportation network is being planned to create a "15-minute" travel circle between the two cities [10][11]. - New road and rail connections are being established to improve commuting efficiency, with projections indicating peak travel volumes between 100,000 to 110,000 trips per hour by 2035 [10][11].

Company Overview - Shenzhen Xinshi Technology Co., Ltd. (referred to as "Xinshi") was established in September 2020 and focuses on the research and development of silicon-based OLED microdisplay technology [2] - The company aims to provide high-resolution, high-contrast, ultra-thin, low-power, and highly reliable silicon-based OLED microdisplay devices and flexible AMOLED advanced display modules for global customers [2] - Xinshi's products are widely used in various fields, including VR/AR, electronic viewfinders, special applications, automotive, and mobile portable smart devices [2] - The company has a team of over 130 employees, with more than 70% being R&D technical personnel, and has applied for over 100 patents, with more than 20 authorized [2] Recent Financing - Xinshi recently completed a 600 million yuan (approximately 84 million USD) Pre-A round financing led by Chuangdong Capital and Eucalyptus Capital, with participation from Zhenjiang Guokong and Qiancheng Capital [1] - The funds will primarily be used to accelerate the R&D innovation of silicon-based OLED microdisplay technology, promote product iteration and upgrades, and further expand market channels [3] Market Potential and Investment Rationale - The investment director of Chuangdong Capital highlighted Xinshi's strong technical strength and innovation capability in the silicon-based OLED microdisplay technology field, noting the team's rich experience and the broad market prospects for its products [3] - The rapid development of emerging technologies such as VR/AR has led to a continuous increase in market demand for silicon-based OLED microdisplay technology, which is considered a core component [3] - Government policies have been introduced to support the innovation and development of semiconductor display technology, recognizing Xinshi's technical strength and injecting new momentum into the industry [3]