Core Viewpoint - Xiangjiang Electric (02619.HK) was listed on the Hong Kong Stock Exchange on June 25, with an offering price of HKD 2.86 and a P/E ratio of 5.21 times. Despite a strong subscription demand with a margin multiple exceeding 671 times, the stock price fell over 11% post-listing, indicating potential risks in the Hong Kong IPO market [1]. Company Overview - Xiangjiang Electric focuses on the research, design, production, and sales of electrical and non-electrical home products, with approximately 80% of its revenue derived from electrical home appliances [2]. Financial Performance - The company reported revenues of approximately RMB 1.10 billion, RMB 1.19 billion, and RMB 1.50 billion for the fiscal years 2022, 2023, and 2024, respectively. The gross profit margins were 20.4%, 24.1%, and 21.9% during the same periods, with net profits of approximately RMB 80 million, RMB 121 million, and RMB 140 million [4]. Product Breakdown - The revenue from electrical home appliances includes: - Heating appliances: RMB 459.01 million (41.8%), RMB 499.10 million (42.0%), RMB 757.88 million (50.5%) - Electric appliances: RMB 317.62 million (29.0%), RMB 321.94 million (27.1%), RMB 315.56 million (21.0%) - Electronic appliances: RMB 122.99 million (11.2%), RMB 111.57 million (9.4%), RMB 115.07 million (7.7%) - Non-electrical home products include garden hoses and cookware, contributing 20% to 21.5% of total revenue during the reporting period [3]. Market Presence - Over 90% of Xiangjiang Electric's revenue comes from overseas markets, with sales to the U.S. accounting for 68.8%, 80.6%, and 76.5% of total revenue in the respective fiscal years [4]. Production Facilities - The company has established seven manufacturing bases in China and is expanding internationally with a new facility in Indonesia expected to start production in Q2 2025, and another planned in Thailand for H2 2025 [4]. Client Base - In the fiscal years 2022, 2023, and 2024, four to five of the company's top clients were U.S. companies. The ongoing U.S.-China trade tensions and increased tariffs on Chinese imports may impact the company's export revenues [5].
香江电器港股上市跌超11%破发!做厨房小家电产品,依赖海外市场