新股申购 | 晶科电子今日招股，入场费3646.41港元

晶科电子股份：港股新秀，引领智能视觉新时代 

一、公司概览 
晶科电子股份（02551.HK）作为一家涵盖汽车智能视觉、高端照明及新型显示的智能视觉产品及系统解决方案提供商，近年来在技术创新和市场拓展方面取得了显著成就。根据智通财经等媒体的报道，公司依托行业洞察及积极的技术创新策略，将LED技术与集成电路（IC）、电子控制、软件、传感器及光学等相结合，开发出了一系列具有市场竞争力的“LED+”技术产品。 

二、招股信息 
根据最新发布的招股信息，晶科电子股份于2024年10月31日至11月5日进行招股，拟全球发售3360万股H股。其中，香港公开发售占约10%，国际发售占约90%。发售价为每股发售股份3.61港元，每手1000股，预期H股将于2024年11月8日正式在港交所上市。中信证券担任此次招股的独家保荐人。 

三、业务亮点与竞争优势 
技术创新：晶科电子是中国最早开始量产大功率倒装LED产品的公司之一，拥有先进的白光封装光转换技术、LED集成封装技术和高端LED器件封装技术。这些技术协同发展，使公司在全球创新先行列中占据一席之地。 

市场地位：根据灼识咨询的资料，晶科电子在中国高端照明行业的国内器件和模组制造商中排名第三，在同行业所有器件和模组制造商中排名第五，市场份额为5.3%。同时，在中国中高端汽车智能视觉行业和液晶电视背光显示行业中也占据重要地位。 

客户基础：公司与吉利集团等知名企业建立了长期稳定的合作关系，为公司的业务发展提供了有力保障。招股书显示，2022年至今，晶科电子第一大客户均为吉利系企业，包括吉利汽车、领克、极氪、沃尔沃等品牌。 

增长潜力：随着智能汽车和智能家居市场的快速发展，晶科电子的汽车智能视觉业务和高端照明业务有望持续增长。招股书提到，公司预计所得款项净额中约70%用于扩张集团的汽车智能视觉产能，持续推动汽车智能视觉业务发展。 

四、财务数据与业绩表现 
近年来，晶科电子的财务数据与业绩表现稳健。根据招股书数据，2021年至2023年及2024年前五个月，公司营业收入分别为13.88亿元、14.11亿元、18.58亿元及8.43亿元；归母净利润分别为7800万元、3907.1万元、7204.3万元及3217.3万元。公司的高端照明业务虽然呈现逐渐下滑趋势，但汽车智能视觉业务增长迅速，成为公司新的增长点。 

五、结语 
晶科电子股份作为港股新股，其招股信息备受关注。凭借技术创新、市场地位、优质客户基础和稳健的业绩表现，公司展现出了强大的市场竞争力和发展潜力。未来，随着智能视觉市场的蓬勃发展和公司战略的不断推进，晶科电子有望成为行业内的领军企业，为投资者创造更多的价值。

APT Electronics: Hong Kong stock rookie, leading the new era of intelligent vision

I. Overview of the company
APT Electronics (02551.HK), as a provider of intelligent vision products and system solutions covering automotive intelligent vision, high-end lighting and new displays, has made remarkable achievements in technological innovation and market expansion in recent years. According to media reports such as Zhitong Finance, the company relies on industry insights and positive technological innovation strategies, combining LED technology with integrated circuits (IC), electronic control, software, sensors and optics, etc., to develop a series of "LED+" technology products with market competitiveness.

2. Offering information
According to the newly released offering information, APT Electronics shares will be offered from October 31 to November 5, 2024, and 33.6 million H shares will be sold globally. Of these, Hong Kong public offerings accounted for about 10% and international offerings accounted for about 90%. The offer price is HK $3.61 per offer share of 1,000 shares and the H Shares are expected to be officially listed on the Hong Kong Stock Exchange on November 8, 2024. Citic Securities acted as the sole sponsor of the offering.

Iii. Business highlights and competitive advantages
Technological innovation: APT Electronics is one of the earliest companies in China to start mass production of high-power flip-flop LED products, with advanced white light packaging light conversion technology, LED integrated packaging technology and high-end LED device packaging technology. These technologies have developed in concert, placing the company at the forefront of global innovation.

Market position: According to China Insight Consulting, APT Electronics ranks third among domestic device and module manufacturers in China's high-end lighting industry, and fifth among all device and module manufacturers in the same industry, with a market share of 5.3%. At the same time, it also occupies an important position in China's high-end automotive intelligent vision industry and LCD TV backlight display industry.

Customer base: The company has established long-term and stable cooperative relations with well-known enterprises such as Geely Group, which provides a strong guarantee for the company's business development. According to the prospectus, since 2022, APT Electronics' largest customers have all been Geely enterprises, including Geely Auto, Lynk & Co, Polar Krypton, Volvo and other brands.

Growth potential: With the rapid development of the smart car and smart home markets, APT Electronics' automotive intelligent vision business and high-end lighting business are expected to continue to grow. The prospectus mentioned that the company expects about 70% of the net proceeds to be used to expand the group's automotive intelligent vision capacity and continue to promote the development of the automotive intelligent vision business.

Iv. Financial data and performance
In recent years, APTelectronic's financial data and performance have been solid. According to the prospectus data, from 2021 to 2023 and the first five months of 2024, the company's operating income was 1.388 billion yuan, 1.411 billion yuan, 1.858 billion yuan and 843 million yuan, respectively; Net profit attributable to mother was 78 million yuan, 39.071 million yuan, 72.043 million yuan and 32.173 million yuan respectively. Although the company's high-end lighting business has shown a gradual decline, the automotive intelligent vision business has grown rapidly, becoming a new growth point for the company.

V. Conclusion
APT Electronics shares as Hong Kong shares, its IPO information has attracted much attention. With technological innovation, market position, high-quality customer base and solid performance, the company has demonstrated strong market competitiveness and development potential. In the future, with the vigorous development of the intelligent vision market and the continuous advancement of the company's strategy, APT Electronics is expected to become a leader in the industry and create more value for investors.