Core Viewpoint - Aux Electric is set to go public on the Hong Kong Stock Exchange from August 25 to 28, aiming to issue 207 million shares, with a focus on the air conditioning market and a significant growth trajectory in revenue and profit over the next few years [3][4]. Company Overview - Aux Electric is a subsidiary of Aux Group, which already has two listed companies: Sanxing Medical in A-shares and Aux International in Hong Kong [3]. - The main business of Aux Electric includes the research, production, and sales of household and central air conditioning systems, serving various applications such as residential, commercial, and industrial [3]. Market Position - As of 2024, Aux Electric ranks as the fifth largest air conditioning provider globally, holding a market share of 7.1% [4]. - The company has projected revenues of RMB 195.28 billion, RMB 248.32 billion, and RMB 297.59 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 23.5% [4]. Financial Performance - Net profits for Aux Electric are expected to be RMB 14.42 billion, RMB 24.87 billion, and RMB 29.10 billion for the years 2022, 2023, and 2024 respectively, with a first-quarter net profit of RMB 9.25 billion in 2025, showing a year-on-year growth of 23.0% [4]. - The company’s revenue for the first quarter of 2025 is projected at RMB 93.52 billion, marking a 27.0% increase compared to the previous year [4]. IPO Details - The IPO price range is set between HKD 16.00 and HKD 17.42 per share, with a minimum subscription amount of HKD 3,519.14 [8]. - The total market capitalization is estimated to be between HKD 24.915 billion and HKD 27.126 billion [8]. - The offering consists of 207 million shares, with 5% allocated for Hong Kong and 95% for international investors, and a green shoe option is available [5][8]. Investor Sentiment - The large issuance volume and the use of the A mechanism may indicate a lack of confidence from the company, as the market valuation for the industry is generally low [8]. - If the maximum clawback is triggered, it is possible for investors to achieve a 100% success rate in share allocation [9].
【港股IPO】奥克斯电气申购分析，入场费3519.14港元