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新股前瞻|翼菲智能:2024年营收近2.7亿,工业机器人热潮下成长力可期?
SIASUNSIASUN(SZ:300024) 智通财经网·2025-07-05 14:17

Group 1: Company Overview - Wingfei Technology submitted its listing application to the Hong Kong Stock Exchange on June 30, aiming to become the first "light industrial all-category robot stock" on the exchange [1] - The company specializes in the design, research and development, manufacturing, and commercialization of industrial robots, providing comprehensive robotic solutions primarily for the light industry [1][2] Group 2: Financial Performance - According to the prospectus, Wingfei Technology's revenue for 2022, 2023, and 2024 was 162 million, 200 million, and 268 million RMB, with year-on-year growth rates of 23.46% and 34% for the latter two years [3] - The company reported gross profits of 43.25 million, 36.87 million, and 71.02 million RMB for the same years, with gross margins of 26.7%, 18.3%, and 26.5% respectively, indicating a significant recovery in 2024 [3] - Despite the revenue growth, the company is currently experiencing losses, with net losses of 57.55 million, 110 million, and 71.5 million RMB from 2022 to 2024, attributed to high R&D investments [3][4] Group 3: Market Potential - The light industrial robot market in China is experiencing rapid growth, projected to increase from 12.3 billion RMB in 2020 to 20.9 billion RMB in 2024, with a compound annual growth rate (CAGR) of 14.2% [6] - The market for light industrial robot solutions is expected to grow from 36.9 billion RMB in 2020 to 71.1 billion RMB in 2024, with a CAGR of 17.8% [6] - By 2029, the light industrial robot market is anticipated to reach 43.8 billion RMB, while the solutions market could reach 171 billion RMB, indicating a "blue ocean" opportunity for related enterprises [6] Group 4: Competitive Landscape - The light industrial robot sector has significant entry barriers, including technological and brand barriers, making it challenging for new entrants to compete with established leaders [7][8] - Wingfei Technology holds a strong competitive position as a domestic leader in industrial robots, with a robust R&D capability and a diverse product portfolio, including 36 invention patents [8] - The company has a broad customer base and is well-positioned to leverage its technological advantages for future growth, despite current losses [8]