Core Viewpoint - The Hong Kong IPO market has been active in 2023, with 80 IPOs raising over $26 billion, leading globally in fundraising [1] Group 1: IPO Performance - Innovation Industry (02788) officially listed on the Hong Kong Stock Exchange on November 24, with an issue price of HKD 10.99, aiming to raise approximately HKD 5.5 billion [1] - The company attracted 17 notable cornerstone investors, including Hillhouse, China Hongqiao, and others, with a total subscription amount of about $351 million, indicating strong institutional confidence in its fundamentals [1] - The IPO saw over 40 times subscription in international placement and nearly 450 times in public offering, marking it as one of the hottest new stocks this year [1] Group 2: Market Performance - The company's dark market trading was impressive, with significant increases in both Huida and Futu, rising by 30.57% and 26.02% respectively [2] - The average dark market increase for 42 new stocks listed in Hong Kong in the first half of the year was 15.9%, with an average first-day increase of 13.3% [2] Group 3: Financial Performance - Innovation Industry has shown strong financial performance, with revenue projected to grow from CNY 913 million in 2022 to CNY 2.63 billion in 2024, reflecting a compound annual growth rate of over 60% [2] - The company has a robust cost control capability, with sales costs as a percentage of total revenue decreasing from 84.9% to 71.8% from 2022 to 2024 [4] Group 4: Strategic Growth Drivers - The company is enhancing its "internal" growth through a fully integrated supply chain in the aluminum industry, achieving a self-sufficiency rate of approximately 84% for alumina by 2024 [3] - The company is also expanding "externally" by investing in a 500,000-ton electrolytic aluminum project in Saudi Arabia, tapping into a high-growth market with an expected CAGR of 4.6% from 2025 to 2028 [4][5] - The Saudi project benefits from low-cost and stable energy supply, which is expected to replicate and strengthen the company's energy cost competitiveness [5] Group 5: Investment Value - Innovation Industry is positioned as a rare investment opportunity with both "certainty" and "growth" potential, supported by strong financial metrics and a clear second growth curve from overseas expansion [5]
港股迎来电解铝龙头，行业高景气度催化创新实业成长预期