新股前瞻|存储算力两手抓，协创数据加码转型赴港IPO“谋变”

Core Viewpoint - The company, Xiechuang Data, is seeking to list on the Hong Kong Stock Exchange (HKEX) as part of the A+H listing trend, aiming to enhance its focus on AI computing power and capitalize on the growing demand in this sector [1][6]. Company Overview - Xiechuang Data was established in November 2005 and has been engaged in the consumer electronics manufacturing industry for nearly 20 years, listing on the Shenzhen Stock Exchange in July 2020 [1]. - The company has developed a global industrial system centered on "smart terminals + computing infrastructure + cloud services," integrating the entire value chain from R&D to manufacturing and services [1]. Business Transformation - The company is transitioning its business focus towards AI computing power, leveraging its existing strengths in consumer electronics to support this shift [2]. - From 2022 to 2025, the revenue from data storage devices is projected to grow from 1.694 billion RMB to 3.501 billion RMB, while the IoT smart terminal revenue is expected to increase from 1.179 billion RMB to 2.259 billion RMB [3]. Financial Performance - The company's revenue is expected to rise from 3.147 billion RMB in 2022 to 7.409 billion RMB in 2024, with a 38.1% increase in the first half of 2025 compared to the same period in 2024 [4]. - Gross profit is anticipated to grow from 322 million RMB in 2022 to 1.233 billion RMB in 2024, with a gross margin improvement from 10.2% to 16.6% [5]. IPO Objectives - The primary goal of the IPO is to deepen the company's focus on AI computing power, with funds allocated for building AI infrastructure, enhancing R&D capabilities, strategic investments, and operational funding [6]. - The company plans to invest over 120 billion RMB in computing power by 2025, indicating a strong commitment to this transformation [6]. Market Position and Valuation - The AI computing power industry is characterized by high barriers, high margins, and high repurchase rates, making it attractive to capital markets [9]. - Xiechuang Data's business shift from storage hardware to AI computing power positions it favorably in a booming market, with increasing revenue and profit margins [9]. Financial Risks - The company faces significant financial risks due to increased debt levels to support its expansion in AI computing power, with a debt-to-asset ratio of 256.4% as of mid-2025 [8]. - The operating cash flow has shown volatility, with net cash outflows in recent periods, indicating potential liquidity challenges [8].