新股前瞻|二度冲击IPO，飞速创新转战港股能否“圆梦”？

Core Viewpoint - The company, Feisuo Innovation, is seeking a second listing in Hong Kong after previously withdrawing its application for a Shenzhen IPO, raising questions about its fundamentals and financial health amid high debt levels and fluctuating profitability [1][2][12]. Financial Performance - Revenue growth has been consistent, with reported figures of approximately 1.988 billion, 2.213 billion, and 2.612 billion RMB for the years 2022, 2023, and 2024 respectively [2][3]. - The total comprehensive income for the same years was approximately 371 million, 459 million, and 397 million RMB, indicating a decline in 2024 [2][3]. - Gross profit margins improved from 45.4% in 2022 to 50.0% in 2024, although profitability decreased by 13.5% in 2024 compared to the previous year [2][12]. Debt and Financial Health - The company's total liabilities increased significantly from approximately 621 million RMB in 2022 to 1.149 billion RMB in 2024, leading to rising financial costs from 4.511 million RMB to 18.544 million RMB over the same period [6][7]. - The net income retention rates were high at 94.4% and 102.1% for 2023 and 2024, respectively, indicating strong customer loyalty despite the rising debt [6]. Business Model and Market Position - Feisuo Innovation operates primarily in the enterprise-level network solutions sector, with a focus on digital transformation for global enterprises, and has a significant portion of its revenue (over 99%) coming from overseas markets [5][6]. - The company has established a strong online DTC (Direct-to-Consumer) platform, offering over 120,000 SKUs, which positions it more as a cross-border e-commerce entity rather than a traditional telecommunications equipment manufacturer [9][12]. Competitive Landscape - Compared to peers like Cambridge Technology, Feisuo Innovation's R&D spending is notably lower, with only 5.5% of revenue allocated to R&D in 2024, while Cambridge Technology allocated 11.19% [12]. - The overall performance of the optical module industry is strong, with a reported 48% revenue growth in 2024 among listed companies, contrasting with Feisuo Innovation's declining profits [12].