估值增4倍，这家龙头冲刺上市！

Core Viewpoint - Shenzhen Haijing Zhiyuan Technology Co., Ltd. (referred to as "Haijing Zhiyuan") has submitted an application for an IPO on the Hong Kong Stock Exchange, with a post-investment valuation reaching 3.55 billion yuan, indicating a significant growth trajectory in the multispectral AI technology sector [1][4]. Company Overview - Haijing Zhiyuan, established in 2013, is a leading company in the multispectral AI technology field, providing products and services that detect both visible and invisible physical information [4]. - The company has developed a comprehensive product and service portfolio, including multispectral AI modules, perception terminals, and large model services, covering various technical fields such as AI, optical electronics, and cloud computing [4]. Market Position - According to Frost & Sullivan, Haijing Zhiyuan holds the top market share in the multispectral AI industry at approximately 3.5% and ranks first in the multispectral AI large model service sector with an 11.8% market share [4]. - The company ranks third in the embedded multispectral AI module industry with a market share of about 6.6% [4]. Financial Performance - Revenue figures for Haijing Zhiyuan from 2022 to 2024 are as follows: 2022 revenue was 225 million yuan, 2023 revenue was 117 million yuan, and 2024 revenue is projected to be 523 million yuan, reflecting a 347% year-on-year growth in 2024 after a significant decline in 2023 [5][6]. - The company achieved profitability in 2024 with a profit of 40.41 million yuan, compared to losses in the previous years [5][6]. - In Q1 2025, Haijing Zhiyuan reported revenue of 82.42 million yuan, a 284% increase from the same period in the previous year, and a profit of 14.14 million yuan, marking a turnaround from a loss in the prior year [5][6]. Profitability and Margins - The gross margin of Haijing Zhiyuan increased from 38.6% in 2022 to 44.5% in 2024, a rise of 5.9 percentage points [7]. - The company maintained a high R&D expense ratio over the past three years, with rates of 15.7%, 26.3%, and 10.6%, significantly higher than comparable companies [7]. Future Outlook - The Chinese multispectral AI market is projected to reach approximately 20 billion yuan by 2025 and 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [5]. - Haijing Zhiyuan plans to use the funds raised from the IPO to enhance R&D capabilities, expand production capacity, and accelerate global market penetration [7]. Valuation and Comparisons - Haijing Zhiyuan's post-investment valuation has increased 4.4 times over four years, reaching 3.55 billion yuan, with a projected price-to-sales ratio of about 6.7 times for 2024, lower than the average of comparable companies [9]. - As of August 7, 2023, the market capitalizations of comparable companies are as follows: Hongsoft Technology at 14.2 billion yuan, Geling Deep Vision at 5.8 billion yuan, and CloudWalk Technology at 9.7 billion yuan [9].