新股前瞻|微亿智造:EIIR赛道市占率超46% 从项目制到标准品的盈利拐点已现

Core Viewpoint - 微亿智造 is seeking to become the first listed company in the industrial embodied intelligence robot sector on the Hong Kong Stock Exchange, with significant growth in revenue and a shift towards profitability [1][2][6]. Group 1: Company Overview - 微亿智造 has submitted its listing application to the Hong Kong Stock Exchange, aiming to be the first industrial embodied intelligence robot company listed [1]. - The company is recognized as the largest supplier of industrial embodied intelligence robots (EIIR) in China, with a projected revenue of 2.718 billion RMB in 2024, capturing over 46% of the market share [8]. Group 2: Financial Performance - Revenue has shown a strong growth trajectory, increasing from 221.3 million RMB in 2022 to an estimated 600.2 million RMB in 2024, representing a compound annual growth rate (CAGR) of 64.8% [2][4]. - The company achieved a significant turnaround in profitability, moving from a cumulative operating loss of approximately 1.86 billion RMB from 2022 to 2023 to an operating profit of 56.39 million RMB in 2024 [2][4]. - Net profit for 2024 is projected at 15.74 million RMB, indicating a shift past the breakeven point, although net profit margins remain low at 2.6% for 2024 and 1.6% for the first half of 2025 [2][4]. Group 3: Research and Development - The company maintains a high level of research and development (R&D) investment, with expenditures of 76 million RMB in 2022, 178 million RMB in 2023, and 165 million RMB in 2024 [3][4]. - The R&D expense ratio has decreased from 34.2% in 2022 to 27.9% in the first half of 2025, indicating improved management efficiency as revenue scales up [3]. Group 4: Market Position and Risks - The market for industrial AI-enabled robots in China is expected to grow from 39.1 billion RMB in 2020 to 141.9 billion RMB in 2024, with a CAGR of 38.0% [6]. - Despite a decrease in customer concentration from 59.1% in 2022 to 28.3% in 2024, the ratio increased to 41.6% in the first half of 2025, highlighting ongoing risks related to customer dependency [9]. Group 5: Future Outlook - As the company progresses with its listing and expands into overseas markets, maintaining technological leadership while optimizing customer structure and improving profitability will be critical challenges post-IPO [10].