MeiG(SZ:002881) Ju Chao Zi Xun·2025-06-20 03:15Core Viewpoint - Meige Intelligent Technology Co., Ltd. has officially submitted its application for an IPO on the Hong Kong Stock Exchange, positioning itself as a leading provider of wireless communication modules and solutions, particularly in high-performance intelligent modules [2] Group 1: Market Position and Product Innovation - Meige Intelligent ranks fourth globally in the wireless communication module industry by revenue, holding a market share of 6.4% as of 2024 [2] - The company is recognized as the first globally to launch intelligent module products and to achieve large-scale deployment of 5G intelligent modules in new energy vehicles [2] - In the high-performance intelligent module segment, Meige Intelligent is the first to develop a 48TOPS high-performance intelligent module and has become a designated supplier for leading automotive manufacturers [3] Group 2: Revenue and Customer Segmentation - Revenue from direct sales customers for Meige Intelligent was approximately RMB 2,055.6 million, RMB 1,957.3 million, and RMB 2,785.1 million for the years 2022, 2023, and 2024, respectively, accounting for 89.1%, 91.1%, and 94.7% of total revenue during those periods [4] - Revenue from distribution sales was RMB 250.4 million, RMB 190.1 million, and RMB 156.3 million for the same years, representing 10.9%, 8.9%, and 5.3% of total revenue [4] Group 3: Research and Development Investment - Meige Intelligent's R&D expenses were RMB 185.9 million, RMB 213.9 million, and RMB 208.1 million for the years 2022, 2023, and 2024, constituting 8.1%, 10.0%, and 7.1% of total revenue, respectively [4] - The company's total R&D expenses as a percentage of total revenue are higher than the average level in the global wireless communication module industry as of December 31, 2024 [4]