SIASUN(SZ:300024) Sou Hu Cai Jing·2025-11-19 09:45Core Viewpoint - The company, Chengdu Kanopu Robot Technology Co., Ltd., is seeking to go public on the Hong Kong Stock Exchange, joining a growing trend of robotics companies entering the capital market in 2023 [2][3]. Company Overview - Chengdu Kanopu Robot was established in September 2012 and focuses on the industrial robotics sector, with a significant shareholding structure involving multiple stakeholders [3]. - The company has a diverse product portfolio, including over 70 models of industrial robots, with a strong emphasis on welding robots [6][11]. Financial Performance - The company's revenue has shown growth, with figures of RMB 197.44 million in 2022, RMB 222.37 million in 2023, and projected RMB 234.04 million in 2024 [11][15]. - Net profit has fluctuated, with a profit of RMB 28.27 million in 2022, a drop to RMB 1.69 million in 2023, and a projected loss of RMB 12.94 million in 2024 [11][15]. - The gross profit margin has improved from 27.5% in 2022 to a projected 32.4% in 2025, indicating better cost management and product mix [12][14]. Market Position - Kanopu Robot ranks first among Chinese welding robot manufacturers and third in the metal and machinery processing industrial robot sector [29]. - The Chinese industrial robot market is expected to grow from RMB 315 billion in 2020 to RMB 467 billion in 2024, with a compound annual growth rate (CAGR) of 10.4% [26][28]. Product and Technology - The company offers a range of robots, including six-axis and four-axis industrial robots, collaborative robots, and embodied intelligent robots, catering to various applications such as welding, cutting, and assembly [6][10][19]. - The company is investing in research and development, with R&D expenses accounting for 17.1% of revenue in 2022 [18]. Challenges - The company faces challenges with increasing sales expenses and accounts receivable pressure, with trade receivables rising from RMB 75 million in 2022 to RMB 142 million in 2024 [20]. - Despite a strong market position, the company has not yet achieved economies of scale, leading to unstable profit margins [29].