diff --git a/src/plugins/qmldesigner/assetexporterplugin/assetexporter.cpp b/src/plugins/qmldesigner/assetexporterplugin/assetexporter.cpp
index 856ff32390d..74498f185b0 100644
--- a/src/plugins/qmldesigner/assetexporterplugin/assetexporter.cpp
+++ b/src/plugins/qmldesigner/assetexporterplugin/assetexporter.cpp
@@ -23,6 +23,7 @@
 **
 ****************************************************************************/
 #include "assetexporter.h"
+#include "assetexportpluginconstants.h"
 #include "componentexporter.h"
 #include "exportnotification.h"
 
@@ -154,21 +155,47 @@ bool AssetExporter::isBusy() const
             m_currentState == AssetExporter::ParsingState::WritingJson;
 }
 
-Utils::FilePath AssetExporter::exportAsset(const QmlObjectNode &node, const Component *component,
-                                           const QString &uuid)
+const QPixmap &AssetExporter::generateAsset(const ModelNode &node)
 {
+    static QPixmap nullPixmap;
     if (m_cancelled)
+        return nullPixmap;
+
+    const QString uuid = node.auxiliaryData(Constants::UuidAuxTag).toString();
+    QTC_ASSERT(!uuid.isEmpty(), return nullPixmap);
+
+    if (!m_assets.contains(uuid)) {
+        // Generate asset.
+        QmlObjectNode objectNode(node);
+        QPixmap asset = objectNode.toQmlItemNode().instanceRenderPixmap();
+        m_assets[uuid] = asset;
+    }
+    return m_assets[uuid];
+}
+
+Utils::FilePath AssetExporter::assetPath(const ModelNode &node, const Component *component,
+                                         const QString &suffix) const
+{
+    const QString uuid = node.auxiliaryData(Constants::UuidAuxTag).toString();
+    if (!component || uuid.isEmpty())
         return {};
-    const Utils::FilePath assetExportDir = m_perComponentExport ? componentExportDir(component) :
-                                                                  m_exportPath;
-    const QString fileName = uuid + ".png";
-    const Utils::FilePath assetPath = assetExportDir.pathAppended("assets").pathAppended(fileName);
-    if (m_assetDumper)
-        m_assetDumper->dumpAsset(node.toQmlItemNode().instanceRenderPixmap(), assetPath);
+
+    const Utils::FilePath assetExportDir =
+            m_perComponentExport ? componentExportDir(component) : m_exportPath;
+    const Utils::FilePath assetPath = assetExportDir.pathAppended("assets")
+            .pathAppended(uuid + suffix + ".png");
 
     return assetPath;
 }
 
+void AssetExporter::exportAsset(const QPixmap &asset, const Utils::FilePath &path)
+{
+    if (m_cancelled || !m_assetDumper)
+        return;
+
+    m_assetDumper->dumpAsset(asset, path);
+}
+
 void AssetExporter::exportComponent(const ModelNode &rootNode)
 {
     qCDebug(loggerInfo) << "Exporting component" << rootNode.id();
diff --git a/src/plugins/qmldesigner/assetexporterplugin/assetexporter.h b/src/plugins/qmldesigner/assetexporterplugin/assetexporter.h
index cd5b302e166..55b1432d223 100644
--- a/src/plugins/qmldesigner/assetexporterplugin/assetexporter.h
+++ b/src/plugins/qmldesigner/assetexporterplugin/assetexporter.h
@@ -71,8 +71,10 @@ public:
     void cancel();
     bool isBusy() const;
 
-    Utils::FilePath exportAsset(const QmlObjectNode& node, const Component *component,
-                                const QString &uuid);
+    const QPixmap &generateAsset(const ModelNode &node);
+    Utils::FilePath assetPath(const ModelNode &node, const Component *component,
+                              const QString &suffix = {}) const;
+    void exportAsset(const QPixmap &asset, const Utils::FilePath &path);
     QByteArray generateUuid(const ModelNode &node);
 
 signals:
@@ -108,6 +110,7 @@ private:
     bool m_perComponentExport = false;
     std::vector<std::unique_ptr<Component>> m_components;
     QSet<QByteArray> m_usedHashes;
+    QHash<QString, QPixmap> m_assets;
     std::unique_ptr<AssetDumper> m_assetDumper;
     bool m_cancelled = false;
 };
diff --git a/src/plugins/qmldesigner/assetexporterplugin/assetexportpluginconstants.h b/src/plugins/qmldesigner/assetexporterplugin/assetexportpluginconstants.h
index 5f09b748603..36033a5ea2e 100644
--- a/src/plugins/qmldesigner/assetexporterplugin/assetexportpluginconstants.h
+++ b/src/plugins/qmldesigner/assetexporterplugin/assetexportpluginconstants.h
@@ -63,6 +63,7 @@ const char ImportsTag[] = "extraImports";
 const char UuidTag[] = "uuid";
 const char ClipTag[] = "clip";
 const char AssetDataTag[] = "assetData";
+const char ReferenceAssetTag[] = "referenceAsset";
 const char AssetPathTag[] = "assetPath";
 const char AssetBoundsTag[] = "assetBounds";
 const char OpacityTag[] = "opacity";
diff --git a/src/plugins/qmldesigner/assetexporterplugin/componentexporter.cpp b/src/plugins/qmldesigner/assetexporterplugin/componentexporter.cpp
index a84cfe72c3e..d3e2edfc82b 100644
--- a/src/plugins/qmldesigner/assetexporterplugin/componentexporter.cpp
+++ b/src/plugins/qmldesigner/assetexporterplugin/componentexporter.cpp
@@ -31,6 +31,7 @@
 #include "model.h"
 #include "nodeabstractproperty.h"
 #include "nodemetainfo.h"
+#include "qmlitemnode.h"
 #include "rewriterview.h"
 
 #include "utils/qtcassert.h"
@@ -38,6 +39,7 @@
 #include <QJsonArray>
 #include <QJsonObject>
 #include <QLoggingCategory>
+#include <QPainter>
 
 namespace {
 Q_LOGGING_CATEGORY(loggerInfo, "qtc.designer.assetExportPlugin.modelExporter", QtInfoMsg)
@@ -86,6 +88,7 @@ void Component::exportComponent()
     // Change the export type to component
     QJsonObject metadata = m_json.value(MetadataTag).toObject();
     metadata.insert(ExportTypeTag, ExportTypeComponent);
+    addReferenceAsset(metadata);
     m_json.insert(MetadataTag, metadata);
     addImports();
 }
@@ -152,6 +155,37 @@ QJsonObject Component::nodeToJson(const ModelNode &node)
     return jsonObject;
 }
 
+void Component::addReferenceAsset(QJsonObject &metadataObject) const
+{
+    QPixmap refAsset = m_exporter.generateAsset(m_rootNode);
+    stichChildrendAssets(m_rootNode, refAsset);
+    Utils::FilePath refAssetPath = m_exporter.assetPath(m_rootNode, this, "_ref");
+    m_exporter.exportAsset(refAsset, refAssetPath);
+    QJsonObject assetData;
+    if (metadataObject.contains(AssetDataTag))
+        assetData = metadataObject[AssetDataTag].toObject();
+    assetData.insert(ReferenceAssetTag, refAssetPath.toString());
+    metadataObject.insert(AssetDataTag, assetData);
+}
+
+void Component::stichChildrendAssets(const ModelNode &node, QPixmap &parentPixmap) const
+{
+    if (!node.hasAnySubModelNodes())
+        return;
+
+    QPainter painter(&parentPixmap);
+    for (const ModelNode &child : node.directSubModelNodes()) {
+        QPixmap childPixmap = m_exporter.generateAsset(child);
+        if (childPixmap.isNull())
+            continue;
+        stichChildrendAssets(child, childPixmap);
+        QTransform cTransform = QmlObjectNode(child).toQmlItemNode().instanceTransform();
+        painter.setTransform(cTransform);
+        painter.drawPixmap(QPoint(0, 0), childPixmap);
+    }
+    painter.end();
+}
+
 void Component::addImports()
 {
     QJsonArray importsArray;
diff --git a/src/plugins/qmldesigner/assetexporterplugin/componentexporter.h b/src/plugins/qmldesigner/assetexporterplugin/componentexporter.h
index 3f2fa6ee8a9..533586c3809 100644
--- a/src/plugins/qmldesigner/assetexporterplugin/componentexporter.h
+++ b/src/plugins/qmldesigner/assetexporterplugin/componentexporter.h
@@ -88,6 +88,8 @@ public:
 private:
     ModelNodeParser* createNodeParser(const ModelNode &node) const;
     QJsonObject nodeToJson(const ModelNode &node);
+    void addReferenceAsset(QJsonObject &metadataObject) const;
+    void stichChildrendAssets(const ModelNode &node, QPixmap &parentPixmap) const;
     void addImports();
 
 private:
diff --git a/src/plugins/qmldesigner/assetexporterplugin/parsers/assetnodeparser.cpp b/src/plugins/qmldesigner/assetexporterplugin/parsers/assetnodeparser.cpp
index b498efbd35a..75111848156 100644
--- a/src/plugins/qmldesigner/assetexporterplugin/parsers/assetnodeparser.cpp
+++ b/src/plugins/qmldesigner/assetexporterplugin/parsers/assetnodeparser.cpp
@@ -54,10 +54,12 @@ QJsonObject AssetNodeParser::json(Component &component) const
 {
     QJsonObject jsonObject = ItemNodeParser::json(component);
 
-    Utils::FilePath assetPath = component.exporter().exportAsset(objectNode(), &component, uuid());
+    AssetExporter &exporter = component.exporter();
+    const Utils::FilePath assetPath = exporter.assetPath(m_node, &component);
+    exporter.exportAsset(exporter.generateAsset(m_node), assetPath);
+
     QJsonObject assetData;
     assetData.insert(AssetPathTag, assetPath.toString());
-
     QJsonObject metadata = jsonObject.value(MetadataTag).toObject();
     metadata.insert(AssetDataTag, assetData);
     jsonObject.insert(MetadataTag, metadata);