【IPO前哨】从新三板到港股，康晋电气的资本“马拉松”

Core Viewpoint - Kangjin Electric has submitted its prospectus to the Hong Kong Stock Exchange, marking a significant step in its IPO journey after previous attempts in other markets were unsuccessful [2] Company Overview - Established in 2006, Kangjin Electric is an integrated power equipment provider and smart energy management solutions provider, with two main business segments: smart distribution network equipment and smart renewable energy solutions [3] - The smart distribution network equipment segment includes ring main units, transformers, low and high voltage complete equipment, pole-mounted switches, distribution automation terminal equipment, and indoor switch components [3] Market Position - Kangjin Electric ranks third in the ring main unit sales revenue in China, holding a market share of 4.4% as of 2024 [5] Financial Performance - The company has experienced steady revenue growth, with revenues of 638 million RMB in 2022, 824 million RMB in 2023, and projected 969 million RMB in 2024, reflecting growth rates of 29.1% and 17.6% for 2023 and 2024 respectively [7][8] - Despite revenue growth, the company's gross profit margin has been declining, with margins of 29.1%, 27.9%, and 25.4% for 2022, 2023, and 2024 respectively, attributed to increased competition and rising material and installation costs [11] Business Segments - The smart distribution network equipment segment has been the main growth driver, while the smart renewable energy solutions segment contributed only 4.3% of total revenue in 2024, indicating limited growth potential in this area [9][10] Future Plans - The company plans to use the funds raised from the Hong Kong IPO for building a new production base in Ganzhou, Jiangxi Province, establishing a new R&D center in Shenzhen, repaying debts, and for general corporate purposes [11]