车载显示：虚拟全景显示驱动交互革新 20250530 摘要 智能座舱领域快速发展，DMS、OMS、HUD 等技术渗透率提升，国内 头部汽车 TIER one 厂商市场份额加速集中，龙头企业业绩超越市场平 均水平。 虚拟全景显示作为创新技术，提供更丰富的信息呈现，有望扩大成像空 间和投影尺寸，长期应用空间巨大，或替代现有显示屏方案。 HUD 产品渗透率快速提升，2024 年国内乘用车前装标配 HUD 上险量 达 356 万辆，渗透率达 16%，中国厂商在供应端份额逐步提升，推动 市场发展。 国内 HOD 制造商凭借成本控制和本土资源整合能力，市场份额快速提 升，2024 年中国厂商市场份额达 57%，华阳以 22%市占率领先。 虚拟全景显示系统通过投影实现超宽范围显示，兼具 HUD 平视显示及 传统屏幕图像质量清晰的优点，但面临光学设计、散热管理等技术难题。 华阳集团在虚拟全景显示领域占据领先地位，座舱域控产品销量增长迅 速，预计 2025 年归母净利润为 8.57 亿元，长期成长空间广阔。 虚拟全景显示技术面临机电控制、UI 处理、量产一致性等挑战，但主流 屏幕显示及 HUD 厂商均有布局，具备综合车载显示能 ...

Core Viewpoint - Jiangsu Zejing Automotive Electronics Co., Ltd. (hereinafter referred to as Zejing Electronics) is pursuing an IPO in Hong Kong, facing challenges such as continuous price declines in its main product, HUD solutions, while managing to improve its gross margin during the same period [1][3]. Group 1: Financial Performance - From 2022 to 2024, the sales revenue from HUD solutions is the primary income source for Zejing Electronics, with gross margins increasing from 22.6% in 2022 to 27.3% in 2024 [3][4]. - The average price of HUD solutions decreased from 974.31 RMB per unit in 2022 to 865.47 RMB in 2024, despite an increase in sales volume [6][7]. - The company achieved a significant increase in HUD solution sales volume, growing from approximately 175,700 units in 2022 to 624,600 units in 2024, representing a growth of 2.55 times [6][7]. Group 2: Cost Management - Despite the decline in average selling prices, Zejing Electronics managed to improve its gross margin through effective cost control and economies of scale, with raw material costs increasing at a slower rate than sales volume [7][8]. - In 2024, the company's labor costs decreased by 12.82% year-on-year, amounting to 25.33 million RMB, while sales volume of HUD solutions increased by 16.84% [8][9]. Group 3: Market Position and Challenges - As of 2024, Zejing Electronics holds a market share of 16.2% in the Chinese HUD solutions market, ranking second among suppliers [9]. - The company's revenue growth rate significantly slowed from 156.6% in 2023 to 5.1% in 2024, attributed to a more cautious approach in securing long-term contracts and adjustments in client production plans [9][10]. - The top five customers contributed a substantial portion of Zejing Electronics' revenue, accounting for 93.0% in 2022, 93.8% in 2023, and 80.9% in 2024, with a decline in sales revenue from these customers in 2024 [9][10]. Group 4: Financial Health - Zejing Electronics has not achieved profitability during the reporting period, with a debt-to-asset ratio of 215.6% and a current ratio of only 41.2% as of the end of 2024 [13][14]. - The company's trade receivables reached 296 million RMB by the end of 2024, with an increase in the average collection period from 102.2 days in 2022 to 140.5 days in 2024 [13][15].