华曦达再次递表港交所曾计划在北交所上市

Core Viewpoint - The company Huaxida is refocusing its IPO efforts from the Beijing Stock Exchange to the Hong Kong Stock Exchange, aiming to raise funds for market position enhancement, new product development, and global expansion in the smart home sector, particularly leveraging AI technology [1][2]. Group 1: Company Overview - Huaxida specializes in smart home solutions, providing hardware products such as digital video and network communication devices [1]. - The company primarily serves enterprise clients, including global telecom operators, trading companies, and electronics retailers, with a presence in multiple countries and regions [1]. Group 2: Financial Performance - Revenue figures for Huaxida show approximately 2.529 billion yuan in 2022, 2.367 billion yuan in 2023, and an estimated 2.541 billion yuan in 2024, with net profits of 251 million yuan, 191 million yuan, and 137 million yuan respectively [1][2]. - The company experienced a net profit decline of over 23% in 2023 and a further decline of over 28% projected for 2024 [1]. Group 3: Revenue Sources - A significant portion of Huaxida's revenue comes from overseas markets, with revenues of approximately 2.453 billion yuan in 2022, 2.269 billion yuan in 2023, and 2.406 billion yuan in 2024, accounting for 97.0%, 95.8%, and 94.7% of total revenue respectively [2]. Group 4: Profitability and Margins - The company's gross margin has decreased from 21.1% in 2023 to 19.0% in 2024, with a further decline to 17.6% projected for the first half of 2025, primarily due to reduced margins on digital video devices [2]. - The average selling price of digital video devices dropped from 265 yuan per unit in 2022 to 202 yuan per unit in 2024, impacting gross margins significantly [2].