Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (Zejing Technology), a leading Chinese HUD manufacturer valued at 2.585 billion RMB, has submitted its IPO application to the Hong Kong Stock Exchange, highlighting the growing demand for HUD solutions in the smart automotive sector [1][30]. Group 1: Company Overview - Zejing Technology has captured approximately 16.2% of the domestic HUD market, ranking second among solution providers [1][15]. - The company has established partnerships with major automotive manufacturers in China, including NIO, Li Auto, Xiaomi, BYD, Chery, Geely, FAW, GAC, BAIC, and Changan [1][12]. - Founded in 2015 by two brothers, Zejing Technology has rapidly grown to become a key player in the HUD industry, leveraging their extensive experience in automotive electronics [24][26]. Group 2: Product and Technology - The primary products offered by Zejing Technology include W-HUD (Windshield HUD) and AR-HUD (Augmented Reality HUD), with the latter being the latest generation of HUD solutions [4][6]. - The company’s HUD solutions are designed to enhance driving safety and convenience by projecting critical information directly into the driver's line of sight [2][6]. - Zejing Technology's CyberLens and CyberVision products have been integrated into various vehicle models, showcasing their adaptability and technological advancements [8][10]. Group 3: Financial Performance - From 2022 to 2024, Zejing Technology's HUD solution sales are projected to grow from 175,700 units to 624,600 units, reflecting a significant increase in demand [13]. - The company's total revenue is expected to rise from 214 million RMB in 2022 to 578 million RMB in 2024, with a compound annual growth rate of 64.3% [15]. - The gross profit margin has improved from 22.6% in 2022 to 27.3% in 2024, driven by effective cost control and increased operational efficiency [20][18]. Group 4: Market Trends - The global automotive HUD market, particularly in China, is experiencing rapid growth, with the market size expected to increase from 1 million units in 2020 to 3.9 million units by 2024, representing a compound annual growth rate of 41.2% [31][32]. - Domestic manufacturers have significantly increased their market share from 16.7% in 2020 to 79.2% in 2024, indicating a shift in the competitive landscape [36]. - The top five suppliers in the Chinese HUD market collectively hold a 66.5% market share, with four of them being domestic companies [37].

出品｜搜狐财经 作者｜刘相君 近日，江苏泽景汽车电子股份有限公司（以下简称"泽景电子"）向港交所递交招股书，海通国际、中信证券为其联席保荐人。 难逃亏损"噩梦"，资产负债率超200% 招股书显示，泽景电子在2024年中国HUD解决方案提供商中销量排名第二，市场份额为16.2%，客户包括理想、蔚来、比亚迪、小米、奇瑞、吉利等知名车 企。 智能汽车座舱依托感知、决策与交互系统的协同运作。车载HUD解决方案是指车载抬头显示解决方案，是一种通过光学投影技术，将关键驾驶信息（如车 速、导航和ADAS预警等）投射到驾驶员前方视野中的显示解决方案，以减少驾驶员低头查看仪表盘的频率，提高驾驶安全性和行车便利性。 车载HUD解决方案作为智能座舱与智能驾驶技术融合的重要交互终端，正逐步成为智能汽车的核心配置之一。根据灼识咨询的资料，按销售量计，中国车 载HUD解决方案的市场规模由2020年的100万台增至2024年的390万台，复合年均增长率达41.2%，预计2029年将增长至1270万台。 2022年-2024年（报告期），泽景电子营收走上坡路，但却难逃亏损"噩梦"。报告期内，公司实现营业收入分别为2.14亿元、5.49亿元、 ...