A shares subscription | Hongjing Optoelectronics (301479.SZ) opens subscription, products have entered domestic and foreign brands such as Daimler-Benz, Nissan, BYD Company Limited.

On March 4th, Hongjing Optoelectronics (301479.SZ) started its IPO with an issue price of 41.90 yuan per share, a subscription limit of 0.40 million shares, a P/E ratio of 23.30 times, listed on the Shenzhen Stock Exchange, and Shenwan Hongyuan Group as the sponsor (lead underwriter). The prospectus shows that Hongjing Optoelectronics is a high-tech enterprise specializing in the research and development, design, production, and sales of optical lenses and camera modules, dedicated to providing professional optical imaging and video imaging solutions for the global optoelectronics field, creating greater value for customers and enriching people's lifestyles. Hongjing Optoelectronics' main products include intelligent automotive optical lenses and camera modules, as well as emerging consumer optical lenses and camera modules. The intelligent automotive products are used in smart cockpits and intelligent driving, while the emerging consumer products are used in smart homes, panoramic/motion cameras, and other products. The company focuses on differentiated and high-growth markets, adapts to changes in end-market demand through market development, and maintains sustainable business growth; over the years, the company has established stable partnerships with numerous Tier1 and EMS manufacturers, and its products have entered reputable domestic and foreign brands such as Daimler-Benz, Nissan, Honda, Chery, BYD Company Limited, Geely, Great Wall, Aiyan, NIO, Xiaopeng, Feifan, Lotus, Ring, Blink, Anker, Insta360, 70mai, Xiaomi, etc. Since its establishment, the company has always focused on the research and development, design, production, and sales of optical lenses and camera modules. Over more than a decade of operation and technological accumulation, it has built a strong competitive advantage, a good corporate image, and accumulated a rich customer base. In the field of intelligent automotive, according to TSR research report, based on shipment volume statistics, in 2022, Hongjing Optoelectronics has a market share of 3.70% in the global automotive optical lens market, ranking sixth globally in shipment volume. In the automotive imaging optical lens field, the company's market share is 3.10%, ranking seventh globally; in the automotive imaging and perception optical lens field, the company's market share is 3.70%, ranking fifth globally. The company's automotive lens products have gained market acceptance from various car manufacturers and Tier1 suppliers such as Daimler-Benz, Nissan, Honda, Chery, BYD Company Limited, Geely, Great Wall, Aiyan, NIO, Xiaopeng, Feifan, etc. In the field of smart home, the company has become an important supplier of high-end smart home cameras in the European and American markets, such as Ring, Blink, Anker. According to iResearch data, the global shipments of home cameras (including visual doorbells) in 2020 were 88.89 million units, and with a forecasted compound growth rate of 19.3% by iResearch, the shipments of home cameras in 2021, 2022, and 2023 are expected to be 106.05 million units, 126.51 million units, and 150.93 million units respectively. From 2021 to 2023, the company's sales volume of optical lenses for home monitoring cameras and visual doorbells are 3.2881 million, 5.95 million, and 15.0169 million respectively. Typically, each home monitoring camera or visual doorbell uses one optical lens, indicating that from 2021 to 2023, the company's market share in the global home camera (including visual doorbells) optical lens field is 3.10%, 4.70%, and 9.95% respectively. In the field of panoramic/motion cameras, based on the characteristics of outdoor sports, short video shooting, and VR entertainment, the company has developed a leading 48-megapixel panoramic camera optical lens and camera module, and has established a deep cooperation with YiStone Innovation. According to Frost & Sullivan's report, YiStone Innovation holds the largest market share in the global panoramic camera market, with a market share of 50.7% in consumer-grade panoramic cameras and 55.4% in professional-grade panoramic cameras in 2022. Considering the company's procurement proportion among YiStone Innovation's similar product suppliers, the company's market share in the global panoramic camera lens module market is over 25%, showing strong market competitiveness. Financially, in 2021, 2022, 2023, and January-June 2024, Hongjing Optoelectronics achieved operating revenues of approximately RMB 252 million, 446 million, 773 million, and 450 million respectively, with net profits of approximately 15.2581 million, 56.4537 million, 116 million, and 68.5244 million respectively during the same periods.