蓝伟光，香港再造一个“三达膜”

Core Viewpoint - The company, Sanda Membrane, is planning to launch an H-share listing in Hong Kong to expand its capital base and address growth challenges, particularly in its membrane technology and water treatment sectors [2][7][9]. Group 1: Company Background and Financial Performance - Sanda Membrane was founded by Blue Weiguang and has a history of capital market activities, including listings in Singapore and A-shares in China [3]. - The company reported revenue growth from 74.2 million yuan in 2019 to 125.9 million yuan in 2022, but net profit decreased from 27.7 million yuan to 21.8 million yuan during the same period [3][5]. - In 2023, the company achieved revenue of 1.451 billion yuan and net profit of 254 million yuan, with a projected revenue decline to 1.391 billion yuan in 2024, although net profit is expected to grow by 23.97% [3][5]. Group 2: Challenges and Strategic Moves - The company has faced challenges in its core membrane technology business, with profits increasingly reliant on government subsidies and non-recurring gains, which accounted for 18% of net profit in 2024 [5][7]. - Sanda Membrane's four major fundraising projects have not been completed as planned, raising concerns about the efficiency of capital use [5][7]. - The company is diversifying into the renewable energy sector, securing lithium extraction orders worth 366 million yuan in 2022, which constituted 29% of its revenue that year [5][6]. Group 3: H-share Listing Motivation - The decision to pursue an H-share listing is seen as a strategic move to alleviate funding pressures for new projects and international expansion, particularly in Southeast Asia [7][8]. - The company has a significant amount of cash on hand (1.36 billion yuan) but faces rising accounts receivable, which exceeded 900 million yuan in 2024, representing over 60% of revenue [7][8]. - The H-share listing is expected to attract international long-term capital and improve the company's governance structure, especially in light of management changes [9][10]. Group 4: Market Perception and Future Outlook - There is a misalignment in market perception, with investors viewing Sanda Membrane primarily as a water treatment company rather than a comprehensive membrane technology enterprise [10]. - The H-share listing could serve as an opportunity to reshape this perception and attract international investors, potentially stabilizing the company's valuation [10][11]. - The company's international ambitions, particularly in addressing industrial wastewater treatment needs in Southeast Asia and the Middle East, align with its strategic goals [8][9].