新股前瞻 |A股高算力智能模块龙头，美格智能赴港上市

Core Viewpoint - Meig Smart is a leading global provider of wireless communication modules and solutions, recently submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company ranks fourth in the global wireless communication module industry with a market share of 6.4% and holds the top position in high-performance intelligent modules with a market share of 29% [1][2]. Group 1: Company Performance - The company has shown strong performance over the past two years, with revenue growth rates of -6.9%, 36.98%, and 73.57% from 2023 to Q1 2025, while net profit growth rates were -49.5%, 110.6%, and 616% respectively [1][2]. - The intelligent module business has seen a compound annual growth rate (CAGR) of 39% from 2022 to 2024, with its revenue share increasing by 21.4 percentage points to 62.9% [5][6]. Group 2: Market Trends - The global edge AI market is expected to reach a scale of 251.7 billion yuan in 2024, with a five-year CAGR of 29.3%, projected to grow to 1.22 trillion yuan by 2029, with a CAGR of 39.6% [1][2]. - The high-performance intelligent module market is projected to grow from 2.4 billion yuan in 2024 to 11.5 billion yuan by 2029, benefiting from the explosion of edge AI applications [3][4]. Group 3: Competitive Position - The global wireless communication module market is relatively concentrated, with the top five manufacturers holding 76.8% of the market share. Meig Smart ranks fourth with a 6.4% market share [3][4]. - The company leads in specific segments, holding a 35.1% market share in 5G vehicle-mounted modules and a 29% market share in high-performance intelligent modules [3][4]. Group 4: Financial Health - The company maintains a stable gross margin between 16% and 18% over the past three years, with the intelligent module business contributing over 70% of gross profit [8][9]. - As of March 2025, the company has a debt-to-asset ratio of 47.6% and cash reserves of 460 million yuan, although it has experienced negative cash flow in recent years [8][9]. Group 5: Investment Outlook - The company is well-positioned to capitalize on the AI development wave, with strong product offerings in 5G vehicle-mounted modules and high-performance intelligent modules expected to drive sustained revenue growth [9][10]. - The average dividend payout ratio from 2022 to 2024 is 26.4%, indicating a commitment to returning value to shareholders [9].