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001399.SZ · A-shares

001399.SZ HKC: newly listed LCD No.3, OLED not in production

HKC listed 2026-06-26 at ¥10.12. FY2025 revenue ¥40.90B, parent NI ¥3.80B, OCF ¥9.37B, interest-bearing debt ¥36.98B. LCD TV volumes in global top 3; OLED not in production. Price ~¥23.17 / mkt ~¥172B (2026-09-20). See BOE, TCL Tech.

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Snapshot

Price
CNY 23.17
Mkt cap
CNY 171.6B
Revenue (FY2025)
CNY 40.9B
PE TTM (quote)
46.2
As of 2026-09-20

As-of 2026-09-20. Charts use Eastmoney MAINFINADATA single-quarter differences. Share points are sparse named-source estimates only. Not investment advice.

Thesis

HKC (001399.SZ) Listed SZSE main board 2026-06-26 (IPO ¥10.12). FY2025 revenue ¥40.90B, parent NI ¥3.80B, ex-items ¥2.90B, OCF ¥9.37B; interest-bearing debt ¥36.98B. 2026Q1 revenue ¥10.26B (+5.85%), parent NI ¥1.00B (−1.61%). LCD TV volumes in global top 3. IPO priced LCD cash + OLED story; OLED is not in production yet.

See BOE, TCL Tech, HKC, Tianma.

Business

Model: G8.6 TFT-LCD plus modules and HKC-branded monitors (vertical). Flagships: TV/IT LCD; branded gaming monitors. Edge: late-cycle LCD cost, Oxide LCD, vertical integration. Gap: no mass-production flexible OLED; R&D ~3.5–3.7% of sales; ¥37B interest-bearing debt. Use of proceeds: Changsha OLED, Oxide, Mianyang Mini-LED, debt paydown. Boundary: 001399 listco; pre-IPO numbers from the prospectus.

Controller / group: Controller Wang Zhiyong (via HKC Investment Holdings / Shenzhen Huitong).

Strategy

Strategy
PillarContent
主业定位LCD 第三极 + 终端品牌，补 OLED/Oxide/Mini-LED
已完成2026-06-26 上市；FY2025 归母 38.0 亿仍处 LCD 盈利年
募投长沙新型 OLED、Oxide、绵阳 Mini-LED、偿贷补流
缺口柔性 OLED 尚未量产；研发强度低于京东方/华星
As of 2026-09-20

Value chain

More vertical than peers: upstream glass/polarizer/tools; downstream OEM brands plus own monitors. Named top customers: use the prospectus, not secondary lists. Risks: polarizer tightness; OLED tools/IP not in production; refinancing with high interest-bearing debt.

Customers

Customers
ItemValueNote
客户结构品牌整机 + 代工 + 自有 HKC 终端具体 Top1/Top5 以招股书为准，本包不转抄未复核名单
终端HKC 电竞显示器公司/行业报道口径，需用年报销量核对
As of 2026-09-20

Corporate events

Material items in the last 24–36 months:

Corporate events

Corporate events
DatePhaseEventMeaning
2026-03-03IPO深交所主板上市委审议通过结束多年排队
2026-06-26上市001399 上市，发行价 10.12 元，首日收涨约 315%流动性打开，估值波动极大
2023–2025经营营收 358.2→402.8→409.0 亿，归母 25.8→33.2→38.0 亿LCD 上行期兑现利润，基数已高
As of 2026-09-20

Valuation

New issue + LCD cycle. Do not treat IPO-day market cap as intrinsic. PB vs ¥25.19B parent equity YE2025. Dividends ¥0.6B over 2024–25 vs earnings — not a yield story. OLED narrative is the valuation swing factor.

Valuation snapshot

Valuation snapshot
MetricValueNote
P/E (TTM，行情)46.2x亏损或极端值时为 N/A；东方财富 f162
P/B（行情）4.99x东方财富 f167
盈利收益率 1/PE2.2%PE 不可用则为 N/A
现价 / 市值23.17 / 1716.27 亿元快照 2026-09-20
As of 2026-09-20

~3y PE / PB / dividend yield / YoY price. PE is null when TTM NI ≤ 0 or extreme; dividend yield null without a filing. Eastmoney + filings.

Valuation · ~3y

Interactive chart available in the reader.

Eastmoney prices + filings BPS/TTM NI; PE null if TTM≤0; div yield null w/o source · As of 2026-09-20

~3y price (quarterly close, adjusted approx.):

Share price · ~3y

Interactive chart available in the reader.

Eastmoney or Tencent qfq quarterly closes; null when missing · As of 2026-09-20

Financial trend (~24 months)

~8 single quarters (cumulative reports differenced; GM is period-to-date XSMLL). Nulls kept — no interpolation.

Revenue · last 8Q (single-quarter)

Interactive chart available in the reader.

Eastmoney MAINFINADATA / filings; cumulative differenced; null when missing · As of 2026-09-20

Gross margin · last 8Q

Interactive chart available in the reader.

Eastmoney XSMLL (period-to-date) / filings · As of 2026-09-20

Net income · last 8Q

Interactive chart available in the reader.

Eastmoney MAINFINADATA NI; cumulative differenced; null when missing · As of 2026-09-20

Financial health (§A.7)

FY2025 OCF ¥9.37B vs parent NI ¥3.80B (OCF down from ¥11.00B in 2024). Interest-bearing debt ¥36.98B; interest ¥0.83B = 18% of PBT. IPO proceeds ~¥7.4B earmarked for OLED/Oxide/Mini-LED and debt. Pan-China Certified (Tianjian) audited the IPO financials. Verdict: profitable LCD operator, still tight vs leverage and OLED spend.

Financial health

Financial health
ItemValueNote
OCFFY2025 93.72 亿；FY2024 110.0 亿仍覆盖净利，但同比回落
有息债 vs 现金有息 369.75 亿（FY2025 末）IPO 募资用途含偿贷
利息负担利息 8.34 亿，占利润总额 18.15%杠杆对利润敏感
审计天健审计申报报表上市后 2026 全年年报待出
As of 2026-09-20

Operations

Volume: ~37.8M TV LCD units in 2025 (RUNTO). Price: industry inch-up and gaming/IT mix. Cost: G8.6 D&A and interest. 2026Q1 sales +5.85% but parent NI −1.61%; ex-item +13% — watch one-offs and materials.

Key financial points

Key financial points
ItemValuePeriodNote
最新单季营收102.52 亿元2026-Q2东方财富 MAINFINADATA 差分
最新单季归母8.62 亿元2026-Q2东方财富 MAINFINADATA 差分
报告期毛利率（累计）19.53%2026-Q2XSMLL
KPI 营收口径FY2025 营收（年报/招股书）408.97 亿元年报优先于单季加总
现价 / 市值23.17 / 1716.27 亿元行情东方财富 push2
As of 2026-09-20

Competition

RUNTO/OFweek 2025 LCD TV units. HKC ~15.3% derived from 37.8M and BOE 67M at 27.2%; marked approx. Year-end point only.

Market share (sparse, named source)

Interactive chart available in the reader.

RUNTO/OFweek 2025 LCD TV units. HKC ~15.3% derived from 37.8M and BOE 67M at 27.2%; marked approx. Year-end point only. · As of 2026-09-20

Peer market share

Interactive chart available in the reader.

RUNTO/OFweek 2025 LCD TV units. HKC ~15.3% derived from 37.8M and BOE 67M at 27.2%; marked approx. Year-end point only. · As of 2026-09-20

Peer comparison

Peer comparison
CompanyPositionMargin (qual.)StrengthWeakness
惠科 001399TV LCD 约第三中高一体化、LCD 盈利OLED 未量产、负债
京东方 000725全球第一中产线谱系价格战
TCL科技 000100华星第二中偏高G11+印刷 OLED光伏
群创 3481.TW台系大尺寸中中小尺寸 TV 供应规模小于大陆龙头
As of 2026-09-20

Management

Core management (24m)

Core management (24m)
RoleName/entitySince24m change
实际控制人 / 董事长 / 总经理王智勇持续发行前经惠科投控及深圳惠同控制约 52.31% 表决权
董事会秘书马静持续信息披露负责人
财务负责人以招股书 / 上市后年报为准—勿用未核对的第三方名单替代法定披露
As of 2026-09-20

Stability: Chair/CEO/controller Wang Zhiyong; board secretary Ma Jing. Pre-IPO ~52% voting control. Stable control; founder-led governance.

Outlook

OLED line start/light-up, debt paydown from IPO proceeds, LCD prices, verifiable monitor share.

Scenarios

Scenario Condition Implication
Bull Panel prices/utilization surprise; OLED/new products land Raise earnings and multiple
Base Mild LCD cycle; OLED on plan Hold and check ex-item NI / OCF
Bear Price war or demand drop without capex cut Drawdown, refinancing, PE N/A

Risks

Risk Severity Note
有息负债与利息 高 370 亿有息债，利息已占利润总额约 18%
OLED 落后 高 募投能否建成量产不确定，窗口期可能错过
新股估值波动 高 首日市值曾超京东方，与基本面体量不匹配
LCD 周期见顶 中 当前利润建立在 LCD 景气上
材料供给 中 偏光片等关键材料波动

Tracking

Next print / 6–12 months:

  1. First post-IPO interim/annual: sales, ex-item NI, OCF, debt
  2. OLED capex / light-up / production notices
  3. Polarizer and LCD prices
  4. Use of IPO proceeds for debt
  5. Monitor share in statutory filings vs press

References

  1. CNINFO — https://www.cninfo.com.cn/
  2. Eastmoney — https://quote.eastmoney.com/
  3. SZSE — https://www.szse.cn/

Not investment advice. Defer to latest statutory filings.

Disclaimer: For research information only. Not investment advice or a recommendation to buy or sell.

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