多家机器人深企冲刺港股IPO

Core Viewpoint - Shenzhen Bomengwei Technology Co., Ltd. (Bomengwei Robot) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to list on the main board, with previous funding rounds involving investors like Zijing Kechuang and Zhengxuan Investment [1] Group 1: Company Overview - Bomengwei Robot, established in 2014, specializes in providing special space robots for pipeline networks, offering products and services such as robots, AI platforms, engineering solutions, and UV curing repair hoses [2] - The company has developed robots with functions including inspection, cleaning, operation, and UV curing repair, serving over 4,000 clients across 15 countries and regions [2] Group 2: Financial Performance - In 2024, Bomengwei Robot's revenue is projected to reach 249 million yuan, with a compound annual growth rate (CAGR) of 23.9% over the past three years [2] - The net profit CAGR from 2022 to 2024 is expected to be 33.9%, with an average gross margin of 48.0%, and a gross margin of 49.5% and net profit margin of 16.1% in 2024 [2] Group 3: Customer Base and Risks - The company's direct clients include private and state-owned enterprises such as design consulting firms, construction contractors, and system integrators, with a notable reliance on government and public sector funding [3] - Accounts receivable pressure is evident, with trade receivables and notes receivable accounting for 54.75%, 45.19%, and 65.86% of revenue from 2022 to 2024, and an increase in turnover days from 196 days in 2022 to 256 days in Q1 2025 [3] Group 4: Industry Context - Several Shenzhen-based robotics companies are also pursuing IPOs in Hong Kong, with notable recent listings including UBTECH and Yujian Technology [4] - Companies like Ledong Robot and Woan Robot are also in the process of applying for listings, indicating a competitive landscape in the robotics sector [4][5]