MeiG(SZ:002881) Sou Hu Cai Jing·2025-06-20 06:23Core Viewpoint - Meig Smart Technology Co., Ltd. plans to list on the Hong Kong Stock Exchange to enhance its global strategy and brand image, focusing on wireless communication modules and AI applications [1][3]. Industry Overview - The global wireless communication module market is projected to grow from 32.3 billion RMB in 2020 to 43.6 billion RMB by 2024, with a compound annual growth rate (CAGR) of approximately 7.7% [5]. - The market for high-performance intelligent modules is expected to expand significantly, with a CAGR of 29.2%, increasing from 1.4 billion RMB in 2020 to 3.5 billion RMB by 2024 [10]. Company Overview - Meig Smart is a leading provider of wireless communication modules, ranking fourth globally with a market share of 6.4% in 2024 [13]. - The company has pioneered the development of intelligent modules and is the first to run generative AI models on high-performance intelligent modules [14][16]. Financial Performance - Meig Smart's revenue from intelligent modules and solutions is projected to grow from 957.4 million RMB in 2022 to 1.85 billion RMB in 2024, reflecting a CAGR of 39.0% [14]. - Total revenue for Meig Smart decreased from 2.3 billion RMB in 2022 to 2.15 billion RMB in 2023, before rebounding to 2.94 billion RMB in 2024, marking a growth of approximately 37% [20]. Product and Market Segmentation - The company has seen significant growth in revenue from the intelligent connected vehicle sector, increasing from 342.2 million RMB in 2022 to 1.22 billion RMB in 2024, contributing 41.5% of total revenue [19]. - Meig Smart is actively transitioning its wireless communication modules from 4G to 5G, ranking first in the global 5G vehicle module market with a share of 35.1% in 2024 [18]. Customer and Supplier Dynamics - The company has become increasingly reliant on its top five customers, whose revenue contributions rose from 30.4% in 2022 to 47.2% in 2024 [24]. - Meig Smart outsources production to EMS suppliers, leading to a high concentration in its supply chain, with the top supplier accounting for 34.1% of total procurement in 2024 [26][27].