Core Viewpoint - The IPO of Innovation Industry (02788) has generated significant market enthusiasm, driven by a strong cornerstone investor lineup, oversubscription, and a clear global strategy, positioning it as a potential star stock in the Hong Kong market this year [1][2]. Group 1: IPO Performance - The IPO saw substantial trading activity, with the dark market trading of Huida and Futu rising by 30.57% and 26.02% respectively, totaling a transaction amount of 650 million HKD (approximately 83 million USD) [1]. - The public offering phase experienced overwhelming demand, with international placements being oversubscribed by over 40 times and retail subscriptions reaching nearly 450 times, marking it as one of the hottest IPOs of the year [1]. Group 2: Investment Support - The IPO was backed by 17 heavyweight cornerstone investors, including Hillhouse Capital and China Hongqiao, who collectively invested 351 million USD, underscoring the company's core position and investment value in the industry [2]. - The dual empowerment from the industry cycle and international strategy enhances the investment value of Innovation Industry, as it capitalizes on the global manufacturing recovery and the growth of the new energy sector [2]. Group 3: Financial Performance - Financial projections indicate that revenue will increase from 13.49 billion RMB in 2022 to 15.16 billion RMB in 2024, with net profit rising from 0.91 billion RMB to 2.63 billion RMB during the same period [3]. - The company ranks in the top 5% among Chinese electrolytic aluminum smelting companies in terms of cash cost management per ton of aluminum, providing strong support for capacity expansion and industrial upgrades [3]. Group 4: Valuation Advantage - The IPO is priced at a projected P/E ratio of 7.9 times for 2025, representing a 30% discount compared to comparable companies in the Hong Kong market, creating a favorable entry point for investors [3]. - The ongoing uptrend in the electrolytic aluminum industry and the release of capacity in Saudi Arabia are expected to drive strong valuation recovery for the company, with potential for significant future growth [3].
创新实业暗盘大涨超30%，顶级机构扎堆认购，港股IPO受热捧