Core Viewpoint - The company, Zhaowei Electric (003021), is set to launch an IPO for 26.7483 million H-shares at a price of HKD 73.68 per share, with trading expected to commence on March 9, 2026. It is the largest provider of integrated micro-drive and drive system products in China and the fourth largest globally, with market shares of 3.9% and 1.4% respectively [1]. Group 1 - The company has shown significant business growth, with revenues of RMB 1.1525 billion, RMB 1.2059 billion, and RMB 1.5246 billion for the years 2022, 2023, and 2024 respectively. For the nine months ending September 30, 2025, revenue increased from RMB 1.0575 billion in 2024 to RMB 1.2552 billion [1]. - The company has selectively entered overseas markets, including several European and North American countries, successfully integrating into the supply chains of leading global enterprises. Revenue from customers outside China for the years 2022, 2023, and 2024, as well as for the nine months ending September 30 in 2024 and 2025, was RMB 146 million, RMB 157 million, RMB 212 million, RMB 170.6 million, and RMB 145 million respectively, accounting for 12.7%, 13.0%, 13.9%, 16.1%, and 11.6% of total revenue [2]. Group 2 - The company has entered cornerstone investment agreements with various investors, including HHLRA, Mirae Asset Securities HK, and others, with a total subscription amount of approximately RMB 578.6 million. Assuming the maximum share price of HKD 73.68, the estimated net proceeds from the global offering will be around HKD 1.892 billion [3]. - The allocation of the net proceeds is planned as follows: approximately 35% for global technology R&D and expansion, 30% for increasing production capacity and efficiency, 15% for global strategic partnerships, investments, and acquisitions, 10% for expanding global service and sales networks, and 10% for working capital and general corporate purposes [3].

Group 1 - The company, Zhaowei Electromechanical, plans to conduct an IPO from February 27 to March 4, 2026, offering 26.7483 million H-shares at a price of HKD 73.68 per share, with trading expected to start on March 9, 2026 [1] - According to Frost & Sullivan, the company is the largest provider of integrated micro-drive and drive system products in China and the fourth largest globally, holding market shares of 3.9% and 1.4% respectively [1] - The company has shown significant revenue growth, with revenues of RMB 1.1525 billion, RMB 1.2059 billion, and RMB 1.5246 billion for the years 2022, 2023, and 2024 respectively, and a revenue increase from RMB 1.0575 billion in 2024 to RMB 1.2552 billion in the first nine months of 2025 [1] Group 2 - The company has selectively entered overseas markets, including several countries in Europe and North America, successfully integrating into the supply chains of leading global enterprises, establishing a strong foundation for global expansion [2] - Revenue from customers outside of China for the years 2022, 2023, 2024, and the first nine months of 2024 and 2025 were RMB 146 million, RMB 157 million, RMB 212 million, RMB 170.6 million, and RMB 145 million respectively, accounting for 12.7%, 13.0%, 13.9%, 16.1%, and 11.6% of total revenue [2] Group 3 - The company has entered cornerstone investment agreements with various investors, who will subscribe for shares totaling approximately RMB 578.6 million at the offering price [3] - The estimated net proceeds from the global offering are approximately HKD 1.892 billion, with allocations of 35% for global technology R&D and expansion, 30% for capacity expansion and production efficiency, 15% for global strategic partnerships, investments, and acquisitions, 10% for expanding global service and sales networks, and 10% for working capital and general corporate purposes [3]

深圳市兆威機電股份有限公司 Shenzhen Zhaowei Machinery & Electronics Co., Ltd. 股份代號 :2692 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、整體協調人、聯席全球協調人及聯席賬簿管理人 整體協調人、聯席全球協調人及聯席賬簿管理人 重要提示 閣下如對本招股章程的任何內容有任何疑問，應尋求獨立專業意見。 Shenzhen Zhaowei Machinery & Electronics Co., Ltd. 深圳市兆威機電股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 全球發售 聯席保薦人、保薦人兼整體協調人、整體協調人、 聯席全球協調人及聯席賬簿管理人 整體協調人、聯席全球協調人及聯席賬簿管理人 香港交易及結算所有限公司、香港聯合交易所有限公司以及香港中央結算有限公司對本招股章程的內容概不負責，對其準確性或完整性 亦不發表任何聲明，並明確表示概不就因本招股章程全部或任何部分內容而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 本招股章程連同附錄五「送呈香港公司註冊處處長及展示文件 －1.送呈公司註冊處處長的 ...

Core Viewpoint - The company TuoSiDa (300607.SZ) has approved a proposal to act as a cornerstone investor in the initial public offering (IPO) of ZhaoWei Electric (003021) in Hong Kong, committing up to 30 million RMB in equivalent Hong Kong dollars through its wholly-owned subsidiary TuoSiDa Global Group Limited [1] Group 1 - The company will participate in the IPO by subscribing to shares being issued by ZhaoWei Electric on the Hong Kong Stock Exchange [1] - The investment will not include brokerage commissions and related fees [1] - A cornerstone investment agreement will be signed on February 25, 2026, involving ZhaoWei Electric, China Merchants Securities (Hong Kong) Co., Ltd., Deutsche Securities Asia Limited, and Deutsche Bank Hong Kong Branch [1]

Group 1 - The company, Tuosida (300607.SZ), announced that its board approved a proposal to act as a cornerstone investor in the initial public offering (IPO) of Zhaowei Electromechanical in Hong Kong [1] - The company plans to use no more than 30 million RMB, equivalent to HKD, of its own funds (excluding brokerage commissions and related fees) through its wholly-owned subsidiary, Tuosida Global Group Limited, to subscribe for shares in the IPO [1] - The cornerstone investment agreement will be signed on February 25, 2026, among Tuosida, Zhaowei Electromechanical, China Merchants Securities (Hong Kong) Co., Ltd., Deutsche Securities Asia Limited, and Deutsche Bank Hong Kong Branch [1]

Core Viewpoint - The company TuoSiDa (300607.SZ) has approved a proposal to act as a cornerstone investor in the initial public offering (IPO) of Shenzhen Zhaowei Electromechanical Co., Ltd. in Hong Kong, committing up to 30 million RMB in its own funds [1] Group 1 - The board of directors of TuoSiDa has convened for the 31st meeting of the fourth session to review and approve the investment proposal [1] - The investment will be executed through TuoSiDa Global Group Limited, a wholly-owned subsidiary of TuoSiDa [1] - The cornerstone investment agreement will be signed on February 25, 2026, involving Zhaowei Electromechanical, China Merchants Securities (Hong Kong) Co., Ltd., Deutsche Securities Asia Limited, and Deutsche Bank Hong Kong Branch [1]

Group 1 - The company TuoSiDa announced on February 26 that its 31st meeting of the fourth board of directors was held on February 25, 2026, combining in-person and communication methods [1] - The meeting reviewed the proposal to participate as a cornerstone investor in the Hong Kong initial public offering of ZhaoWei Electric [1] Group 2 - In February, China's AI usage surpassed that of the United States for the first time, with four major models ranking among the top five globally [1] - The demand for domestic computing power is experiencing exponential growth [1]

Investment Rating - The report maintains an "Outperform" rating for the mechanical industry [1] Core Views - The mechanical sector is experiencing a cyclical recovery, with significant growth in AI and humanoid robot industries [1][4] - In February, the CITIC mechanical sector rose by 6.01%, outperforming the CSI 300 index by 5.38 percentage points, ranking second among 30 CITIC primary industries [9] - Key sub-industries such as laser processing equipment, other transportation equipment, shipbuilding, boiler equipment, oil and gas equipment, engineering machinery, and 3C equipment saw gains exceeding 10% [4][9] Summary by Sections 1. Mechanical Sector Market Performance - As of February 25, 2026, the CITIC mechanical sector increased by 6.01%, outperforming the CSI 300 index [9] - The top-performing sub-industries in February included laser processing equipment and shipbuilding, with most gains exceeding 10% [4][9] 2. Engineering Machinery - January excavator sales reached 18,708 units, a year-on-year increase of 49.5% [18] - The report highlights a sustained recovery in the engineering machinery sector, with leading companies expected to see accelerated performance recovery [33] 3. Robotics - The production of industrial robots in December reached 90,116 units, marking a 14.7% year-on-year increase [36] - The humanoid robot sector is entering a rapid development phase, with significant investments and advancements in technology [47] 4. Shipbuilding - In 2025, China's shipbuilding industry maintained a leading global market share, with a completion volume of 53.69 million deadweight tons, a year-on-year increase of 11.4% [50]

Market Performance - During the Spring Festival, developed markets saw a general rise, with MSCI Global up by 1.1%, MSCI Developed Markets up by 1.2%, and MSCI Emerging Markets up by 0.8%[3] - The US 10Y Treasury yield increased significantly, while Japanese yields decreased the most[3] Profit Expectations - US stock earnings expectations were revised upward, with S&P 500 2026 EPS forecast increased from +12.7% to +12.9%[4] - Hong Kong's earnings expectations remained flat, with Hang Seng Index 2026 EPS forecast at +11.1%[4] - Eurozone earnings expectations were revised down from -3.1% to -3.0%[4] Economic Indicators - The Citigroup Economic Surprise Index for the US decreased, influenced by lower-than-expected Q4 GDP growth and uncertainties surrounding tariffs[5] - The European Economic Surprise Index increased, driven by significant growth in German economic output[5] Industry Insights - The lithium carbonate market is expected to tighten due to Zimbabwe's ban on lithium concentrate exports, impacting global supply significantly[13] - In 2025, China imported 1.19 million tons of lithium concentrate from Zimbabwe, translating to a production of 148,800 tons of lithium carbonate[14] Real Estate Market - In Q4 2025, only 19% of cities showed signs of bottoming out in the real estate market, with over 90% of key cities experiencing a year-on-year decline in new home transactions[17] - New home prices are expected to continue declining, with first-tier cities facing a clearing cycle exceeding 23 months[20] Banking Sector - Large banks saw a significant increase in short-term loans, while small banks experienced a slowdown in credit growth, with large banks' short-term loans increasing by 4,197 billion yuan[35] - The overall loan amount decreased by 4,893 billion yuan year-on-year, with large banks and small banks seeing declines of 2,130 billion yuan and 2,763 billion yuan, respectively[38] Company Coverage - Samsung Medical's revenue is projected to reach 14.804 billion yuan in 2025, with a growth rate of 1.4%[40] - The company is expected to maintain a target price of 32.4 yuan, reflecting a 24X PE valuation for 2026[40]

Investment Rating - The report maintains a rating of "Accumulate" for the company with a target price of 147.00 [6][12]. Core Insights - The company has successfully passed the listing hearing on the Hong Kong Stock Exchange, accelerating its globalization strategy. It is strategically positioned in the robotics sector, with strong demand in the automotive and electronics businesses, leading to optimistic expectations for revenue growth [2][12]. - The company is recognized as the leading provider of integrated micro-drive and drive systems in China and the fourth globally. Its products are widely used in new energy vehicles, consumer and medical technology products, and intelligent manufacturing [12][12]. - The company is actively pushing its "1+1+1" strategy, integrating transmission systems, micro-motor systems, and electronic control systems to enhance its market position [12]. Financial Summary - Total revenue is projected to grow from 1,206 million in 2023 to 3,107 million in 2027, reflecting a compound annual growth rate (CAGR) of approximately 29.5% [4]. - Net profit attributable to the parent company is expected to increase from 180 million in 2023 to 442 million in 2027, with a CAGR of 24.7% [4]. - Earnings per share (EPS) is forecasted to rise from 0.75 in 2023 to 1.83 in 2027 [4]. - The return on equity (ROE) is anticipated to improve from 5.8% in 2023 to 10.7% in 2027 [4]. Market Data - The company's market capitalization is approximately 29,066 million, with a share price range of 98.12 to 162.58 over the past 52 weeks [7]. - The company has a net asset value per share of 14.15 and a price-to-book ratio of 8.5 [8]. Strategic Developments - The company is launching new products in the humanoid robotics sector, including the DM17 and LM06 dexterous hands, which are expected to create new revenue growth points [12]. - The company has achieved significant growth in its embodied intelligence segment, with revenues reaching 15.53 million in the first nine months of 2025, a year-on-year increase of 281% [12].