Investment Rating - The report assigns an AHP score of 3.60, placing the company in the 59.9% percentile of the AHP model, indicating a strong position in the upstream segment of the industry [9]. Core Insights - The company is a leading global manufacturer of silicon-based OLED displays, with a comprehensive self-research capability covering "display chips + micro-displays + optical systems." It is the only company to achieve mass production of advanced silicon-based OLED technologies [4][18]. - The company holds the second-largest global market share in silicon-based OLED displays, with a projected market share of 17.8% in 2024, and is the leading player domestically [21][22]. - The company is expanding its production capacity to meet the growing demand in the XR market, with plans to increase its annual production capacity of 12-inch silicon-based OLED displays to 10.8 million units [23]. - Revenue is expected to grow significantly, with a compound annual growth rate (CAGR) of 21.27% from 2022 to 2024, and a projected revenue of 513 million yuan in 2025, reflecting an 83.19% year-on-year increase [29]. Summary by Sections AHP Score and Expected Allocation Ratio - The AHP score after adjusting for liquidity premium factors is 3.60, indicating a strong position in the market [9]. Company Fundamentals and Highlights - The company has a strong focus on silicon-based OLED technology, with a revenue share of 86% from this segment as of the first half of 2025 [14]. - It has established strategic partnerships with major clients, including ByteDance and Lenovo, securing a backlog of orders worth 291 million yuan as of August 2025 [22]. Financial Metrics Comparison - The company’s revenue for 2025 is projected at 513 million yuan, with a net loss of 212 million yuan, which is a 13.96% reduction in losses compared to 2024 [29]. - The gross margin improved to 20.37% in the first half of 2025, surpassing that of comparable companies [32]. - R&D expenses have a compound growth rate of 6.54% from 2022 to 2024, indicating a commitment to innovation [35]. Use of Raised Funds and Future Development Plans - The funds raised will be used for expanding the production line for high-resolution silicon-based OLED displays and for the establishment of a research and development center [44]. - The company aims to leverage opportunities in the AI era and increase its market share in traditional sectors while penetrating the XR market [44].

Core Viewpoint - The China Securities Regulatory Commission (CSRC) has approved the registration application for the initial public offering (IPO) of Shiya Technology Co., Ltd., allowing the company to proceed with its plans to list on the STAR Market, marking it as the first company in the A-share market to focus on silicon-based OLED technology [1][2]. Group 1 - Shiya Technology, established in 2016, specializes in silicon-based OLED micro-displays and optical systems, as well as XR overall solutions [2]. - The company plans to issue no more than 100 million new shares, with total fundraising expected to reach 2.015 billion yuan. Approximately 1.609 billion yuan will be allocated to expand the production line for ultra-high-resolution silicon-based OLED micro-displays, increasing the capacity to 10.8 million screens [2]. - An additional 406 million yuan will be invested in the construction of a research and development center, focusing on upgrading silicon-based OLED micro-display driver chips and new display technologies [2].

Group 1 - The China Securities Regulatory Commission has approved the initial public offering registration of Shiya Technology Co., Ltd., which plans to raise 2.015 billion yuan on the Shanghai Stock Exchange's Sci-Tech Innovation Board [1] Group 2 - Shiya Technology is a leading global provider of micro-display overall solutions, with its core product being silicon-based OLED micro-displays [3] - The company is the first in the world to achieve mass production of silicon-based OLED micro-displays using a 12-inch wafer backplane and possesses full-stack self-research capabilities in "display chip + micro-display + optical system" [3] - In terms of key performance indicators, Shiya Technology's silicon-based OLED micro-displays have reached or surpassed comparable products from Sony [3] - According to a Frost & Sullivan report, by 2024, only Sony and Shiya Technology will have achieved million-level shipments in the industry, with Sony holding approximately 50.8% of the global market share in silicon-based OLED product shipments for XR devices, while Shiya Technology ranks second globally and first domestically with about 35.2% market share [3]

Core Viewpoint - The Shanghai Stock Exchange's listing committee has approved Shiya Technology Co., Ltd. for its IPO, confirming that the company meets the issuance, listing, and information disclosure requirements without needing further actions [1][15]. Company Overview - Shiya Technology is a leading provider of micro-display solutions, specializing in silicon-based OLED micro-displays, and offers value-added services including strategic product development and optical systems [8][21]. - The company has established a strong shareholder structure, with significant investments from both financial institutions and industry giants, fostering a deep industrial collaboration ecosystem [8][21]. Financial Projections - The company forecasts significant revenue growth, projecting revenues of 469 million yuan, 2.26 billion yuan, and 3.73 billion yuan for the years 2025 to 2027, respectively, indicating a leap in growth [4][17]. - Historical performance shows revenue growth from 190 million yuan in 2022 to 280 million yuan in 2024, with a 54.67% increase in revenue to 293 million yuan in the first three quarters of 2025 compared to the previous year [5][20]. Market Position and Strategy - Shiya Technology has successfully penetrated the supply chains of several leading terminal manufacturers both domestically and internationally, with key cooperation agreements expected to yield millions of silicon-based OLED micro-displays annually starting in 2026 [6][20]. - The company is positioned in the upper reaches of China's micro-display industry chain, aiming to enhance supply security and promote domestic substitution of equipment and materials through its fundraising efforts [11][23]. Investment Plans - The company plans to raise approximately 2.015 billion yuan, with 1.609 billion yuan allocated for expanding the production line of ultra-high-resolution silicon-based OLED micro-displays and 406 million yuan for the construction of a research and development center [11][26]. Industry Trends - The demand for high-performance silicon-based OLED micro-displays is experiencing exponential growth as leading terminal manufacturers accelerate the iteration of XR products [14][24]. - Shiya Technology is the first globally to achieve mass production of silicon-based OLED micro-displays using 12-inch wafer backplanes and is among the few companies with comprehensive self-research capabilities in display chips, micro-displays, and optical system solutions [14][24].

Core Viewpoint - The competition for the next generation of XR (AR/VR/MR) devices is intensifying, with display technology recognized as a critical factor. Visionary Technology, specializing in silicon-based OLED microdisplays, is positioned to capitalize on this opportunity as it prepares for its IPO on December 24, aiming to leverage its technological advancements in the XR industry [1][14]. Group 1: Industry Trends - The XR industry is expected to see a surge in new product releases by 2025, including various AR glasses, highlighting the increasing importance of display components [2][15]. - The demand for silicon-based OLED microdisplays is projected to grow significantly, with global shipments expected to rise from 6.365 million units in 2024 to 400 million units by 2030, reflecting a compound annual growth rate (CAGR) of 99.36% [4][17]. - The market for silicon-based OLED displays in XR devices is anticipated to grow from 2.837 million units in 2024 to 39.2 million units by 2030, with a CAGR of 127.4% [4][17]. Group 2: Company Developments - Visionary Technology has achieved significant technological breakthroughs, including advancements in silicon-based OLED strong microcavity technology and high-efficiency stacked OLED full-color technology, surpassing international competitors in key performance metrics [6][19]. - The company is uniquely positioned with a fully self-developed capability that integrates display chips, screens, and optical systems, allowing it to provide comprehensive XR solutions [6][19]. - Visionary Technology plans to raise 2.015 billion yuan through its IPO, with 1.609 billion yuan allocated for expanding its high-resolution silicon-based OLED microdisplay production line and 406 million yuan for R&D center development [8][21]. Group 3: Financial Performance - The company's revenue is projected to grow from 190 million yuan in 2022 to 280 million yuan in 2024, with a forecast of 469 million yuan in 2025, potentially exceeding 500 million yuan [10][26]. - In the first three quarters of 2025, the company reported a revenue of 293 million yuan, a 54.67% increase year-over-year, while reducing net losses by 10.25% [10][23]. - The company anticipates revenues of 2.26 billion yuan and 3.734 billion yuan in 2026 and 2027, respectively, indicating a trajectory of rapid growth [11][26].