From lighting, display to automotive intelligent vision.
Recently, Guangdong Jinko Electronics Co., Ltd. (hereinafter referred to as Jinko Electronics) has again submitted an application for listing to the Hong Kong Stock Exchange. Jinko Electronics submitted a listing application to the Hong Kong Stock Exchange on February 1 this year, and this time it is to update the information.
The prospectus shows that Jinko Electronics was established in 2006 and is China’s leading provider of intelligent vision products and system solutions integrating “LED+” technology. Its professional fields cover automotive intelligent vision, high-end lighting and new displays.
For a long time, Jinko Electronics has been a supplier of lighting companies and TV brands such as Signify (formerly Philips Lighting), Samsung Electronics, TCL, and Hisense. It is also a supplier of intelligent car lights for car manufacturers such as Geely, Ideal, GAC, and Changan.
01
Xiao Guowei, the founder of Jinko Electronics, was born in Hong Kong in 1968. In 1990, Xiao Guowei graduated from Xi’an Jiaotong University with a bachelor’s degree in electronic engineering and stayed at the school. From 1990 to 1997, he served as a lecturer in the Department of Electronic Engineering at Xi’an Jiaotong University. From 1994 to 1997, he studied in Xi’an Jiaotong University, majoring in mechanical manufacturing technology and equipment, and obtained a master’s degree. In 1998, he went to the Hong Kong University of Science and Technology to study for a doctorate, and in November 2002, he obtained a doctorate in electrical and electronic engineering.
As early as 2003, Xiao Guowei co-founded Hong Kong Microcrystalline Company with several professors from the Hong Kong University of Science and Technology, focusing on LED chip and product research and development business. In August 2006, Hong Kong Microcrystalline Company established Jinko Electronics in Guangzhou. In the early days of entrepreneurship, the Fok Ying-Tong Foundation invested 10 million yuan in Jinko Electronics to build a laboratory.
Xiao Guowei led Jinko Electronics to develop high-power and high-brightness flip-chip LED chip-level light source technology, white light chip technology, and gold wire-free packaged chip-level white light high-power LED light source technology, which are at the international leading level, solving the technical problems that have long plagued the LED industry and breaking the monopoly of Europe and the United States in this field.
Taking high-power and high-brightness flip-chip LED chip-level light source technology as an example, it is superior to regular chips and traditional packaging modes in heat dissipation, and also exceeds traditional regular chips in luminous efficiency. LED products produced according to this technology have high product yield and long service life, which solves the problems of high voltage intolerance, high current intolerance and low luminous efficiency that have long plagued the LED industry, and the cost is lower.
Jinko Electronics has become a supplier to major manufacturers in the lighting and display fields.
02
2018 was an important turning point for Jinko Electronics. That year, Jinko Electronics and Zhejiang Ji Chuang, a subsidiary of Geely Holding, jointly established Lingwei Vision to engage in the research and development and industrialization of smart car lights. In September 2021, Jinko Electronics acquired the controlling interest of Lingwei Vision and consolidated its performance into the accounts, thus officially entering the field of automotive intelligent vision.
In 2021, 2022, 2023 and the first five months of 2024, Jinko Electronics’ revenue was RMB 1.3884 billion, RMB 1.4106 billion, RMB 1.8580 billion and RMB 843.2 million respectively; net profit was RMB 78 million, RMB 39.071 million, RMB 72.043 million and RMB 32.173 million respectively.
In terms of business, in 2021, 2022, 2023 and the first five months of 2024, Jinko Electronics’ high-end lighting business revenue was RMB 1.034 billion, RMB 670 million, RMB 651 million and RMB 254 million respectively, accounting for 74.5%, 47.5%, 35.0% and 30.1% respectively; in the same period, the automotive intelligent vision business revenue was RMB 74.251 million, RMB 400 million, RMB 771 million and RMB 365 million respectively, accounting for approximately 5.3%, 28.3%, 41.5% and 43.4% respectively.
It can be seen that Jinko Electronics’ business has been greatly tilted towards the automotive intelligent vision business.
Since 2022, Jinko Electronics’ largest customers have all been Geely-related companies, including Geely Auto, Lynk & Co, Zeekr, Volvo, Elf, Lotus, etc. In 2021, 2022, 2023 and the first five months of 2024, the revenue from Geely-related companies was 50.6 million yuan, 350 million yuan, 706 million yuan and 327 million yuan, respectively, accounting for 3.6%, 24.8%, 38% and 38.8% of the total revenue in the same period, respectively.
Public data shows that in 2022 and the nine months ending September 30, 2023, Jinko Electronics ranked third in revenue among domestic manufacturers of components and modules in the domestic high-end lighting industry, and ranked fifth in revenue among domestic manufacturers in the domestic mid-to-high-end automotive intelligent vision industry. In 2022, Jinko Electronics will have a customer coverage rate of 50% among the world’s top ten LED lighting companies, 100% among the world’s top five TV brands, and 70% among the top ten domestic first-tier automotive lighting suppliers.
This article comes from the WeChat public account “Pencil Road” (ID: pencilnews), author: Huang Xiaogui, and is authorized to be published by 36Kr.
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