这家绍兴企业今日港股上市，“A+H”模式再掀热潮

Core Viewpoint - Sanhua Intelligent Control successfully listed on the Hong Kong Stock Exchange, with an opening price of HKD 20.9, a decrease of 7.23% from the issue price of HKD 22.53, but closing at HKD 22.50, a slight decline of 0.13% [1] Company Overview - Sanhua Intelligent Control, originally established in 1984, transitioned to a joint venture in 1994 and completed its shareholding reform in 2001, listing on the Shenzhen Stock Exchange in 2005 [1] - The company has now formed an "A+H" share structure following its Hong Kong listing [1] Financial Performance - The company raised approximately HKD 9.2 billion through its IPO, with a total market capitalization exceeding RMB 100 billion post-listing [3] - Revenue is projected to grow from RMB 21.35 billion in 2022 to RMB 27.95 billion in 2024, with net profit increasing from RMB 2.57 billion to RMB 3.10 billion during the same period [3] - In Q1 2025, the company reported revenue of RMB 7.67 billion and a net profit of RMB 900 million, both showing double-digit growth [3] Market Position - Sanhua Intelligent Control holds a 45.5% market share in the global refrigeration and air conditioning control components market, ranking first globally, and is fifth in the automotive thermal management system components sector [3] - The company has positioned itself strategically within the humanoid robotics supply chain, focusing on electromechanical actuators, which are critical components of bionic robots [3][4] Future Plans - The company plans to invest at least RMB 3.8 billion in a research and production base for robotic electromechanical actuators and domain controllers in Qiantang District [4] - Sanhua has partnered with Green Harmonic to co-develop harmonic reducers in Mexico, enhancing its supply chain capabilities [4] - The company aims to expand its production capacity and enhance its digital infrastructure to improve operational efficiency and supply chain management [9] Industry Trends - There has been a notable trend of A-share companies, including Sanhua, listing in Hong Kong, with 27 companies planning or already listing in 2023 [6] - The Hong Kong market is expected to see around 40 companies go public in the first half of the year, with a total fundraising amount of approximately HKD 108.7 billion, reflecting a significant increase in IPO activity [7]