吉宏股份暗盘搏杀指南：5393港元的门票值不值？

Core Viewpoint - Jihong Co., Ltd. (02603.HK) has officially launched its IPO, showcasing its potential as a "packaging and printing cross-border internet" stock, with significant backing from notable investors [1][3]. Group 1: Investment Highlights - The cornerstone investment of $20 million accounts for 25.2% of the total offering, indicating strong institutional interest [3]. - Notable investor Shen Zhenyu, chairman of Yuheng Pharmaceutical, has a successful track record, having increased her company's stock price from 4 to 11 last year, suggesting a strategic move into the packaging sector [3]. - Jihong's e-commerce platform has achieved annual sales of 5 billion RMB, with over 30% of sales coming from medical supplies, indicating a potential synergy between medical consumables and e-commerce [3][4]. Group 2: Business Transformation - Jihong transitioned from a traditional printing factory to a cross-border e-commerce player, increasing its gross margin from 18% to 32% [4]. - The company reported a gross merchandise volume (GMV) of over 5 billion RMB in cross-border e-commerce, with 67% of sales coming from Southeast Asia [4]. - Jihong's AI product selection system demonstrates advanced capabilities, allowing for rapid generation of product lists tailored to specific demographics [5]. Group 3: Financial Metrics - For the fiscal year ending December 31, 2022, Jihong reported total revenue of 5.38 billion RMB, with projections of 6.69 billion RMB for 2023 and 5.53 billion RMB for 2024 [5]. - The pricing of the IPO is set at a median of 9.08 HKD, giving the company a market capitalization of approximately 12.2 billion HKD, with a dynamic PE ratio of 28 for 2024 [6]. Group 4: Strategic Initiatives - 35% of the IPO proceeds will be allocated to expanding warehousing in Southeast Asia, while 20% will be invested in a blockchain traceability system, addressing compliance challenges in cross-border e-commerce [6]. - The company aims to create a robust supply chain network in Southeast Asia, similar to Alibaba's Cainiao Network, by integrating blockchain technology with its existing supplier base [6]. Group 5: Market Position and Risks - Jihong's cross-border e-commerce repurchase rate is 23%, lower than competitors like SHEIN, indicating a need for improved customer retention strategies [8]. - The company has over 200 design patents and has successfully launched collaborative products, such as a Mid-Autumn Festival gift box with the Palace Museum, showcasing its brand potential [8]. - There are concerns regarding regulatory risks in Southeast Asia, particularly with Indonesia's recent tax policies on imported e-commerce goods, which could impact Jihong's operations [8].