新股前瞻|多光谱AI细分龙头赴港，海清智元能否赢得市场青睐？

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with a post-financing implied valuation of 3.55 billion RMB during its D round in July 2025, indicating strong investor interest in the AI sector, particularly in multispectral AI technology [1][10]. Financial Performance - The company has shown significant revenue growth since 2023, achieving profitability in 2024, with revenues of approximately 2.25 billion, 1.17 billion, 5.23 billion, and 824.2 million RMB for the fiscal years 2022, 2023, 2024, and the first three months of 2025 respectively [1][2]. - The gross profit margins for the respective years were 22.6%, 12.2%, 18.8%, and 32.9%, while net profit margins improved from -2.2% and -15.7% to 7.7% and 17.2% [2]. Revenue Structure - The revenue structure has diversified, with the share of traditional core business, multispectral AI module revenue, decreasing from 84.2% in 2022 to 57.3% in 2025 Q1, while multispectral AI large model services, which generated revenue for the first time in 2024, contributed 35.2% of revenue in 2025 Q1 [4][5]. - The average selling price of multispectral AI modules decreased from 695.8 RMB to 509.6 RMB between 2022 and 2024, while sales volume increased from 272,000 to 587,000 units, a growth of 116% [5]. Market Position and Growth Potential - The multispectral AI industry has shown strong growth, with market size expanding from 6.3 billion RMB in 2020 to an estimated 13.5 billion RMB in 2024, reflecting a compound annual growth rate (CAGR) of 21.1% [8]. - The company holds a leading position in the Chinese multispectral AI market with a market share of approximately 3.5%, ranking first in the sector [11]. Technological Advancements - The company has established a comprehensive technology architecture for multispectral AI, integrating optical components, sensor chips, proprietary algorithms, and lightweight computing units [11][13]. - The company has received multiple awards and recognitions for its technological innovations, including being recognized as a national-level "Little Giant" enterprise [14]. Future Outlook - The company is expected to benefit from the high growth potential of the multispectral AI sector, with continued investment in research and development likely to enhance its market position and profitability [14].