Core Viewpoint - Haocreat Ruitong (301668.SZ) has initiated its subscription with an issue price of 21 CNY per share and a price-to-earnings ratio of 21.02 times, focusing on smart distribution equipment and digital solutions for distribution networks [1] Industry Overview - In 2023, China's power grid investment reached 527.7 billion CNY, a year-on-year increase of 5.4%, with distribution network investment accounting for 55.33% at 292 billion CNY. The projected investment for 2024 is 608.3 billion CNY, reflecting a 15.3% growth [1] - The global smart grid market was valued at 43.1 billion USD in 2021 and is expected to reach 103.4 billion USD by 2026, with a compound annual growth rate of 19.1%. The distribution segment is anticipated to hold the largest share of the smart grid market [3] Company Overview - Haocreat Ruitong specializes in the research, production, and sales of smart distribution equipment, including smart ring main units, smart pole-mounted switches, and box-type substations. Its primary customers are state-owned enterprises under the State Grid, which is a key player in China's smart grid and new power system construction [3] - The company reported revenues of approximately 560 million CNY, 672 million CNY, and 867 million CNY for the years 2022, 2023, and 2024, respectively, with net profits of approximately 68.76 million CNY, 87.41 million CNY, and 111 million CNY for the same years [5] Financial Performance - As of December 31, 2024, the total assets of the company amounted to 711.96 million CNY, with equity attributable to shareholders of the parent company at 436.02 million CNY. The asset-liability ratio was 37.15% [6] - The company's net profit for 2024 is projected to be 111.29 million CNY, with a basic earnings per share of 1.36 CNY and a return on equity of 29.33% [6]
昊创瑞通开启申购 聚焦智能配电设备及配电网数字化
Zhi Tong Cai Jing·2025-09-10 22:43