在全球消费电子市场迎来新一轮以AI为核心驱动力的复苏周期之际，光学镜头赛道也迎来了结构性增 长的机遇。近期，一家备受市场瞩目的公司——立景创新科技股份有限公司(简称：立景创新)正式向港 交所递交上市申请，中信证券和中金公司（601995）为联席保荐人。 立景创新创立于2018年，公司现已成长为国内最大的消费电子摄像头模组供应商，并成功进入苹果、华 为等全球头部手机品牌的供应链体系。招股书显示，公司上市前已累计融资逾52.4亿元，其股东阵容堪 称豪华，高瓴、红杉、IDG、中金等知名机构均位列其中。2025年6月，公司以225亿元人民币的估值入 选《胡润全球独角兽榜》。 当前，随着智能手机、XR设备等终端产品对成像质量与智能感知能力的要求不断提升，光学技术的重 要性日益凸显。在此产业变革浪潮中，立景科技上市后的资本市场表现，尤其值得投资者关注。 智通财经APP了解到，报告期内，公司研发投入持续加码，2022年至2024年，立景研发开支从6.18亿元 逐年提升至10.92亿元，2025年上半年已达6.89亿元。 近年来，公司通过一系列收购拓展业务布局，但频繁收购也带来商誉的增长。2021年公司收购高伟电子 切入苹果 ...

立景创新创立于2018年，公司现已成长为国内最大的消费电子摄像头模组供应商，并成功进入苹果、华 为等全球头部手机品牌的供应链体系。招股书显示，公司上市前已累计融资逾52.4亿元，其股东阵容堪 称豪华，高瓴、红杉、IDG、中金等知名机构均位列其中。2025年6月，公司以225亿元人民币的估值入 选《胡润全球独角兽榜》。 在全球消费电子市场迎来新一轮以AI为核心驱动力的复苏周期之际，光学镜头赛道也迎来了结构性增 长的机遇。近期，一家备受市场瞩目的公司——立景创新科技股份有限公司(简称：立景创新)正式向港 交所递交上市申请，中信证券和中金公司（601995）为联席保荐人。 值得一提的是，公司近年客户集中度偏高且呈加剧态势：2022年至2024年，前五大客户收入占比分别为 90.7%、77.8%、88.7%，2025年上半年升至89.0%。其中最大客户"客户A"的收入占比在2025年上半年达 到67.6%，该客户同时为公司最大供应商。立景在招股书中说明，与客户A已合作超过15年，业务关系 稳定，报告期内未出现订单大幅减少或取消的情况。 与此同时，供应商方面同样集中，2024年前五大供应商采购额占比56.5%，最大供应 ...

Group 1 - The company has received multiple orders from mainstream lidar module customers and several projects have begun mass delivery [2] - The delivery progress of the projects is currently not meeting expectations, as indicated by investor inquiries [2] - The company is actively collaborating with major lidar module manufacturers in the domestic market [2]

Core Viewpoint - The company, Ledong Robotics, is experiencing rapid revenue growth driven by the increasing demand for machine vision technology in consumer-grade robots, despite facing significant competition in the laser radar market [1][2]. Group 1: Company Overview - Ledong Robotics has submitted its listing application to the Hong Kong Stock Exchange, with plans to list on the main board, supported by Haitong International and Guotai Junan International as joint sponsors [1]. - The company focuses on laser radar module sales, primarily targeting home, commercial, and industrial robot applications, distinguishing itself from competitors like Hesai and Suteng, which are more known for automotive laser radar [1][3]. - In 2024, Ledong Robotics empowered 6 million intelligent robots, with a DTOF laser radar shipment of 720,000 units, making it the global leader in this segment [3]. Group 2: Financial Performance - The company's total revenue grew from 233 million RMB in 2022 to 467.3 million RMB in 2024, achieving a compound annual growth rate of 41.4% [5]. - Revenue from visual perception products increased from 228.7 million RMB in 2022 to 439.3 million RMB in 2024, while the revenue from lawnmowers surged to 23.27 million RMB in 2024 from just 63,000 RMB in 2023 [5]. - Despite revenue growth, the company reported losses of 73.13 million RMB, 68.49 million RMB, and 56.48 million RMB over the past three reporting periods [5]. Group 3: Cost Management - The company has managed to reduce its losses by controlling expenses, with administrative expenses decreasing from 45.66 million RMB in 2022 to 36.93 million RMB in 2024, and R&D expenses also showing a slight decline [6][7]. - Marketing expenses increased significantly, from 13.91 million RMB in 2022 to 31.43 million RMB in 2024, indicating a strategic focus on promoting its products [7]. Group 4: Market Competition - Ledong Robotics faces intense competition from major players like Hesai and Suteng, who are expanding their presence in the robotics sector [10]. - Hesai reported a 649.1% year-on-year growth in robot deliveries, with expectations to reach 200,000 units in 2025, while Suteng also achieved significant growth in its robot business [10][11]. - The competitive landscape is expected to impact Ledong Robotics' market share, as the overall robot lidar market is projected to reach 28 billion RMB by 2030, with a compound annual growth rate of 67.9% [11].

Core Viewpoint - The company reported a significant increase in revenue and net profit for 2024, driven by the growth of its rear camera business and rising demand for laser radar in the smart driving sector [2]. Group 1: Financial Performance - For the full year 2024, the company achieved revenue of 2.494 billion yuan, representing a year-on-year increase of 169%, and a net profit attributable to shareholders of 119 million yuan, up 156% year-on-year [2]. - In the second half of 2024, the company’s revenue reached 1.896 billion yuan, showing a year-on-year growth of 242% and a quarter-on-quarter increase of 218%. The net profit for this period was 103 million yuan, reflecting a year-on-year increase of 261% and a quarter-on-quarter increase of 544% [2]. - The net profit margin for the full year 2024 is projected to be 4.8%, with the second half showing a margin of 5.4%, indicating an improvement in profitability as the rear camera business scales up [2]. Group 2: Business Growth Drivers - The rear camera business is entering a growth phase, with successful penetration into the iPhone's new ultra-wide and periscope camera segments, contributing to substantial revenue growth [2]. - The demand for laser radar is rapidly increasing, benefiting from the widespread adoption of smart driving technologies [2]. - The company is expected to continue strong performance in the first half of 2025, supported by the new iPhone 17 models featuring optical innovations [3]. Group 3: Strategic Initiatives - The company is actively expanding into new business areas such as AR/VR, smart driving, and robotics, which are expected to provide long-term growth opportunities [3]. - In AR/VR, the company is involved in Apple's innovations, focusing on core optical components like MicroLED display technology [3]. - In the smart driving sector, the company has established a deep partnership with a leading player, providing laser radar module services [3].