诺比侃再战港股：应收账款压顶 “AI+”黑马能否跑出加速度

Core Viewpoint - The company Nobikang is pursuing an IPO on the Hong Kong Stock Exchange to expand its global business and access international capital, moving away from its previous A-share listing plans [2]. Company Overview - Nobikang, established in 2015, focuses on the industrial application of advanced technologies such as artificial intelligence and digital twins, with three core business lines: AI+Transportation, AI+Energy, and AI+Urban Governance [2]. - The company's self-developed NBK-INTARI AI platform enables intelligent monitoring, detection, and operation and maintenance for clients in transportation, energy, and urban governance sectors [2]. Financial Performance - Nobikang's revenue and profit have shown steady growth from 2022 to 2024, with revenues of 253 million yuan in 2022, 364 million yuan in 2023, and projected revenues of 403 million yuan in 2024. Profits increased from 63.16 million yuan in 2022 to approximately 115 million yuan in 2024 [3]. - The company has updated its financial data and detailed its product offerings and application scenarios in its latest prospectus, emphasizing cross-industry applications through AI industry models [3]. Market Position - As of 2023, Nobikang ranks as the seventh largest provider of AI+railway transportation detection solutions in China, and it is actively expanding into AI+urban transportation and AI+airport sectors [4]. - In the AI+Energy sector, Nobikang is the second largest provider of AI+power system detection solutions, focusing on smart operation and maintenance of power grids [5]. Customer Dependency and Accounts Receivable - The company heavily relies on its top five customers for revenue, with sales to these clients accounting for 61.1% to 85.9% of total revenue over the past three years [7]. - Nobikang's accounts receivable have increased significantly, with trade receivables rising from 176 million yuan in 2022 to 474 million yuan in 2024, leading to longer average turnover days [8]. Industry Competition - The AI+infrastructure sector in which Nobikang operates is characterized by strong policy support and increasing competition, with China becoming the second largest AI market globally [9]. - Nobikang holds a market share of 6.9% in the AI+railway transportation detection market, facing competition from various players, with the leading competitor holding only 11% market share [10]. - The company has increased its R&D investment from 44.5 million yuan in 2022 to 59.6 million yuan in 2024, although the proportion of R&D spending relative to total revenue has decreased [10].