新股預覽 ─ 海致科技（2706.HK） 人工智能行業 2026 年 2 月 5 日 背景 本公司是内地領先的企業，專注於通過圖模融合技術開發 Atlas 圖譜 解決方案及產業級智能體並提供產業級人工智能解決方案。知識圖譜 是一種圖譜結構化數據模型，將資料呈現為相互連結實體、其關係與 屬性的網絡；而大語言模型則是通過自監督機器學習，在海量文本資 料上訓練而成的 AI 模型，用於執行自然語言處理任務，例如語言生 成。Atlas 圖譜解決方案是公司於往績記錄期間的核心產品之一。Atlas 圖譜解決方案基於公司行業領先的圖計算與數據分析能力構建，包含 DMC 數據智能平台、Atlas 知識圖譜平台及 AtlasGraph 圖數據庫。 概要 在内地位於行業前列：根據弗若斯特沙利文的數據，按 2024 年營業收 入計，本公司在内地產業級 AI 智能體提供商中位列第五，市場份額 為 2.8%；並在内地以圖為核心的 AI 智能體提供商中位列第一，市場 份額約為 50%。根據弗若斯特沙利文的數據，公司是行業內内地首家 通過知識圖譜有效減少大模型幻覺的企業。 公司產品助 AI 系統降低幻覺：憑藉公司在多應用場景知識圖譜構建 領 ...

Investment Rating - The investment rating for the company is set at ★★★☆☆ for basic factors and valuation, ★☆☆☆☆ for performance growth, ★★☆☆☆ for industry representation, ★★★☆☆ for industry prosperity, and ★★★★☆ for market conditions [5]. Core Insights - The company holds a leading market position with a global market share of 20.6% in the heat shrink materials industry, ranking first globally, and a domestic market share of 58.5% in China [2]. - The company has demonstrated significant competitive advantages as one of the largest providers of heat shrink materials and communication cable products, benefiting from the strong expansion of high-speed data communication and power transmission [2]. - The company possesses a broad intellectual property portfolio, including 540 invention patents and 1,490 utility model patents in China, showcasing its strong technical capabilities and industry leadership [3]. Financial Summary - The company's revenue for the fiscal year ending December 31 is projected to grow from 53.37 billion RMB in 2022 to 69.20 billion RMB in 2024, with net profit increasing from 6.60 billion RMB to 9.21 billion RMB during the same period [4]. Market Offering - The company plans to issue 1.40 billion shares, with a maximum fundraising amount of 28.12 billion HKD at an offering price of 20.09 HKD per share [6]. - The subscription period for the shares is from February 5 to February 10, with the listing date set for February 13 [6].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is a leading provider of intelligent equipment for emerging industries, focusing on lithium batteries, photovoltaic cells, and various manufacturing sectors, including 3C products, smart logistics, hydrogen production, and automotive manufacturing [1]. - The company is recognized as the second-largest supplier of new energy intelligent equipment globally, with a market share of 2.9% in 2024, and the largest supplier of lithium battery intelligent equipment, holding a 15.5% market share [2]. - The customer base includes prominent companies such as CATL, Tesla, Volkswagen, BMW, and Panasonic, showcasing the company's strong industry connections [2]. - The company benefits from a robust international presence and a diversified development strategy, allowing it to capture growth opportunities across various industries while mitigating risks associated with single-industry cycles [3]. Financial Summary - For the fiscal year ending December 31, 2022, the company reported revenues of 138.36 billion RMB, which increased to 164.83 billion RMB in 2023, but is projected to decline to 117.73 billion RMB in 2024. The profit for the same periods was 23.18 billion RMB, 17.71 billion RMB, and is expected to drop to 2.68 billion RMB in 2024 [4].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is recognized as the largest supplier of memory interconnect chips globally, holding a market share of 36.8% in 2024, according to Frost & Sullivan [2]. - The memory interconnect chip market is projected to grow significantly, from USD 1.2 billion in 2024 to USD 5 billion by 2030, with a compound annual growth rate (CAGR) of 27.4% [3]. - The company is strategically positioned to address critical interconnect market demands, which are foundational for cloud computing, data centers, and AI infrastructure [3]. Summary by Relevant Sections Company Overview - The company is a leading fabless integrated circuit design firm focused on providing innovative, reliable, and high-efficiency interconnect solutions for cloud computing and AI infrastructure [1]. Market Position - The company has established a significant first-mover advantage in the memory interconnect sector by setting and leading industry standards, which presents high barriers to entry for new competitors [2]. Financial Performance - The company's revenue for the fiscal year ending December 31 is projected to be RMB 36.39 billion in 2024, showing a recovery from RMB 22.86 billion in 2023 [4]. - The net profit is expected to increase to RMB 14.12 billion in 2024, up from RMB 4.51 billion in 2023 [4]. Talent and Team - The company emphasizes attracting high-level R&D and management talent to maintain its technological leadership and enhance global competitiveness, which is crucial for its long-term sustainable development [3].

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate outlook based on fundamental factors and valuation [4]. Core Insights - The company is focused on large-scale commercialization of AI inference SoCs, which is crucial for maintaining financial stability while executing a rigorous product strategy. The company has delivered over 165 million SoCs since its inception, with significant growth expected in sales of visual terminal computing SoCs and edge computing SoCs in 2024, projected to increase by approximately 69% and 400% respectively compared to 2023 [2][3]. - The proprietary technology platform of the company integrates a general architecture that allows for efficient reuse of IP cores across various applications. This scalable approach enables rapid development and commercialization of SoCs, enhancing the company's leadership position in the AI inference SoC market while reducing R&D costs and accelerating product development cycles [3]. - The product matrix is diversified, primarily including SoCs designed for visual terminals, edge inference, and smart vehicles. The company is expected to become the largest supplier of mid-to-high-end visual edge AI inference chips in 2024, demonstrating its market competitiveness and core technological advantages [3]. Financial Data Summary - Revenue for the fiscal year ending December 31 is projected to grow from 0.50 billion RMB in 2022 to 2.30 billion RMB in 2023, and further to 4.73 billion RMB in 2024. However, the net profit is expected to remain negative, with losses increasing from -6.12 billion RMB in 2022 to -8.61 billion RMB in 2024 [4].

新股預覽 ─ 卓正醫療（2677.HK） 醫療服務行業 2026 年 1 月 29 日 背景 根據弗若斯特沙利文的資料，以 2024 年的收入計，公司是內地第三大 私立中高端綜合醫療服務機構，市場份額為 2.0%。此外，根據弗若斯 特沙利文的資料，內地的私立中高端綜合醫療服務市場高度分散，而 按截至 2024 年 12 月 31 日所覆蓋的內地城市數量及 2024 年的付費患 者就診人次計，公司在所有私立中高端綜合醫療服務機構集團中分別 排名第一及第二。公司一直在戰略上專注於服務中高端醫療服務市 場，以通常具有較強購買力、偏好更個性化醫療服務的大眾富裕人群 為目標客戶。 概要 評級 | 基本因素及估值 | ★★★★☆ | | --- | --- | | 業績成長性 | ★★★★☆ | | 業內代表性 | ★☆☆☆☆ | | 行業景氣度 | ★★★☆☆ | | 市況景氣度 | ★★★★★ | 統計資料摘要及招股時間表 品牌知名度高：通過十多年來對專業醫療服務的執著追求和承諾，公 司已將「卓正醫療」打造成公司經營所在市場的一個成熟品牌。公司 相信，公司的聲譽一直並將繼續建立在公司的服務質量之上，而公司 最有效的營 ...

公司是内地領先的 PCB 專用生產設備解決方案服務商，主要從事 PCB 專用生產設備的研發、生產及銷售。公司廣泛的生產設備組合跨越 PCB 產業的多個板塊，並涵蓋多個生產工序，例如鑽孔、曝光、壓合、成 型及檢測。公司於服務器及數據存儲、汽車電子、手機、計算機及消 費電子等 PCB 專用設備行業經營。公司的業務及財務表現極大程度上 取決於對電子設備有需求的下游行業的整體表現。根據灼識諮詢的資 料，PCB 專用設備行業競爭激烈且相對分散，按 2024 年收入計，内地 行業前五大製造商佔據約 23.9%的總市場份額。於往績記錄期間，公 司絕大部分收入來自内地內地。根據灼識諮詢的資料，按 2024 年收入 計，公司是内地最大的 PCB 專用生產設備製造商，内地市佔率為 10.1%。 概要 產品銷往 10 多個國家及地區：公司廣泛的生產設備組合跨越 PCB 產 業的多個板塊，並涵蓋多個生產工序，例如鑽孔、曝光、壓合、成型 及檢測。憑借廣泛產品組合、先進技術及強大產能，公司能夠快速適 應不斷變化的行業趨勢，滿足客戶的多元化需求。於往績記錄期間， 公司已將 PCB 專用生產設備銷往 10 多個國家及地區。 強化產品研發佈局 ...

新股預覽 ─ 東鵬飲料（9980.HK） 消費行業 2026 年 1 月 26 日 背景 公司是内地第一的功能飲料企業，收入增速在全球前 20 大上市軟飲企 業中位列第一。根據弗若斯特沙利文報告，按銷量計，公司在内地功 能飲料市場自 2021 年起連續 4 年排名第一，市場份額從 2021 年的 15.0%增長到 2024 年的 26.3%。按零售額計，公司是 2024 年第二大功 能飲料公司，市場份額為 23.0%，領先地位持續夯實。歷經 30 餘年深 耕，公司持續為消費者提供高質價比的飲料產品，成功塑造了備受消 費者喜愛、擁有國民級影響力的「東鵬」品牌。 概要 内地軟飲行業規模龐大：根據弗若斯特沙利文報告，2024 年内地軟飲 行業零售額達約人民幣 1.3 萬億元，是全球第二大的軟飲消費市場。 其中，功能飲料指含有特定成分，作用於人體特定身體機能的軟飲製 品，包括能量飲料、運動飲料及其他功能飲料。功能飲料已成為增長 最快的板塊，2019 年至 2024 年市場規模的年複合增長率達 8.3%，高 於同期整體軟飲市場的 4.7%。在生活節奏加快、消費者對健康的持續 關注等因素的帶動下，人們對具有能量補給、營養 ...

Investment Rating - The report assigns a rating of ★★★★☆ for basic factors and valuation, ★★★★★ for performance growth, ★★★☆☆ for industry representation, and ★★★★★ for market conditions [4]. Core Insights - The company is a mature and steadily growing food and beverage retailer in mainland China, with a store network of 19,517 locations covering 28 provinces and all tiered cities, with approximately 59% of stores located in county and town areas [1][3]. - In 2024, the company recorded a GMV of RMB 55.5 billion, and for the nine months ending September 30, 2025, GMV reached RMB 66.1 billion, representing a growth of 74.5% compared to the same period in 2024 [2]. - The company is recognized as the largest chain retailer in mainland China for leisure food and beverage products by GMV in 2024, and it ranks fourth for food and beverage products overall, maintaining rapid growth [2]. - The company has a strong focus on user demand, with over 1.6 billion orders processed in its store network in 2024, and approximately 34% of its product SKUs are custom-developed in collaboration with manufacturers [2]. Financial Data Summary - Revenue for the fiscal years ending December 31 are as follows: RMB 4.286 billion in 2022, RMB 10.295 billion in 2023, and projected RMB 39.344 billion in 2024 [4].

Investment Rating - The report assigns a rating of ★★★★☆ to the company based on fundamental factors and valuation [4] Core Insights - The company is a leading player in the domestic seasoning industry, with a market share of 4.8% in the mainland seasoning market, which is expected to reach RMB 498.1 billion by 2024 [2][3] - The company ranks fifth globally in the seasoning market, holding a 1.1% market share in a market projected to reach RMB 2,143.8 billion by 2024 [2] - The company has a strong product matrix with seven product lines generating over RMB 1 billion in annual revenue, the highest in the domestic seasoning industry [3] - The domestic seasoning market is expected to grow at a compound annual growth rate (CAGR) of 7.0%, reaching RMB 699.8 billion by 2029, indicating significant growth opportunities [3] Summary by Sections Industry Position - The company has maintained its position as the largest seasoning enterprise in the mainland for 28 consecutive years, with soy sauce and oyster sauce products leading in sales [2] - The company is recognized as a popular brand in the domestic consumer market, with over 80% household penetration [2] Product Portfolio - The company offers a comprehensive product range, including soy sauce, oyster sauce, seasoning sauces, vinegar, cooking wine, and various specialty condiments, with over 1,450 SKUs available [2] Financial Performance - The company's revenue for the fiscal years ending December 31 is projected as follows: RMB 256.09 billion in 2022, RMB 245.59 billion in 2023, and RMB 269.01 billion in 2024 [4] - Profit figures are expected to be RMB 62.03 billion in 2022, RMB 56.42 billion in 2023, and RMB 63.56 billion in 2024 [4]