The Shanghai Stock Exchange released a report on the eighth deliberation meeting by the Shanghai Sci-Tech Innovation Board (STAR Market) listing committee in 2022. At the meeting, LUSTER Technology Co., Ltd. received approval to carry out an IPO.
LUSTER is a professional supplier of visual systems, intelligent vision equipment and core vision devices. It is one of the earliest Chinese companies to be engaged in the field of machine vision. LUSTER also acts as an agent to sell vision devices, fiber optic devices and instrumentation products from well-known overseas brands.
LUSTER plans to raise 1.5 billion yuan ($237 million) from this IPO, and the funds are mainly to be used for the firm’s “Artificial Intelligence Taihu Industrial Base,” the R&D projects of industrial AI algorithms and software platforms, as well as the R&D projects of advanced optics and computational imaging.
During the reporting period 2018-2021, LUSTER earned 1.406 billion yuan, 1.431 billion yuan, 1.755 billion yuan and 1.136 billion yuan, respectively, and the net profit attributable to owners of the parent company after non-recurring gains and losses was 37.200 million yuan, 16.438 million yuan, 110 million yuan and 53.933 million yuan, respectively.
Also, during the same reporting period, its main products contained two major parts, namely, self-owned business and agency business. The agency business income was 566 million yuan, 642 million yuan, 818 million yuan and 439 million yuan, respectively, accounting for 40.26%, 44.89%, 46.60% and 38.60% of the main business income.
This ratio suggests that in the case of major adverse changes in the external environment, for example, if the overseas manufacturers cancel cooperation with the company, or downstream customers purchase products directly from overseas manufacturers, LUSTER’s agency business will be affected, leading to a decline in business performance.
According to the prospectus of LUSTER, the Chinese market is now one of the fastest growing markets in terms of the global machine vision industry. Supported by macro-economic recovery, the increase of new infrastructure investment, the acceleration of data center construction, the promotion of manufacturing automation and other factors, it is estimated that total sales of the Chinese machine vision industry will grow at a compound growth rate of 27.15% from 2020 to 2023, and the sales will reach 29.6 billion yuan in 2023.