10/10 2024 427
Hubei Entrepreneur.
On October 8, the Shenzhen Stock Exchange Listing Examination Committee announced that the IPO of Hongjing Optoelectronics on the ChiNext will be held on October 14.
Hongjing Optoelectronics plans to raise 487 million yuan for the expansion of optical lens and module production capacity, the construction of a research and development center, and the replenishment of working capital.
Located in Zhongshan, Guangdong, Hongjing Optoelectronics was founded in 2012 and is a high-tech enterprise specializing in the R&D, design, production, and sales of optical lenses and camera modules. Its main products include optical lenses and camera modules for smart cars and emerging consumer electronics, which can be applied in smart cockpits, smart driving, smart homes, panoramic/action cameras, and other fields.
Zhao Zhiping, the founder of Hongjing Optoelectronics, was born in November 1969 in Xiantao, Hubei Province. After graduating from Zhongnan University of Economics and Law with a major in industrial economics in 1991, he joined Dongguan Xintailian Optics. This company was the first in China to engage in optical and optoelectronic business and was known as the "Huangpu Military Academy" for cultivating optical talents, nurturing the first batch of optical industry professionals in China. He later worked at Phoenix Optics and Sunny Optical, serving as Chairman of Sunny Optical.
Hongjing Optoelectronics was founded in 2012, a crucial juncture in the development of the optical lens industry. 2012 and 2013 marked a surge in sales of dashcams. However, early dashcam lenses suffered from issues such as low video clarity and narrow field of view. Targeting these market pain points, Hongjing Optoelectronics focused on all-glass optical lenses, offering high-definition and wide-angle lenses as its selling point. Eventually, it established a strong presence in both automotive and consumer optical lens markets.
Hongjing Optoelectronics' customers include renowned automakers such as Daimler-Benz, Nissan, Honda, BYD, Geely, Great Wall, Aion, NIO, XPeng, Flyme, Lotus, as well as consumer electronics companies like Ring, Blink, Anker, Insta 360, 70mai, and Xiaomi.
In 2023, Hongjing Optoelectronics shipped over 15 million consumer lenses, with total shipments expected to exceed 20 million. According to iResearch data, Hongjing Optoelectronics held a 9.95% market share in the global household camera (including video doorbells) optical lens market in 2023. In the panoramic/action camera segment, based on Frost & Sullivan data, Hongjing Optoelectronics accounted for over 25% of the global panoramic camera lens module market in 2023.
From 2021 to 2023, Hongjing Optoelectronics achieved revenues of 252 million yuan, 446 million yuan, and 773 million yuan, respectively, with net profits of 14.971 million yuan, 50.5689 million yuan, and 116 million yuan, respectively.
Emerging consumer camera modules represent Hongjing Optoelectronics' primary source of revenue. Notably, over half of Hongjing Optoelectronics' revenue comes from its largest customer, Insta 360 (also known as Insta360). Insta 360 became the world's leading panoramic camera brand in terms of shipments in 2018 and generated nearly 4 billion yuan in revenue in 2023.
From 2021 to 2023, Hongjing Optoelectronics' sales to Insta 360 amounted to 12 million yuan, 144 million yuan, and 354 million yuan, respectively, accounting for 4.74%, 32.20%, and 45.84% of total revenue.
This article does not constitute investment advice. This article also refers to content from Ruicai Finance and Xiantao Release, to whom we express our gratitude. The cover image is from WeChat's official website.