MeiG(SZ:002881) 智通财经网·2025-12-20 09:52Company Overview - Meige Intelligent Technology Co., Ltd. (referred to as Meige Intelligent) has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor. This marks the company's second application this year, having previously submitted one on June 18 [1] - Meige Intelligent is a leading global provider of wireless communication modules and solutions, focusing on smart modules, particularly high-performance intelligent modules, to drive the widespread application of AI and 5G communication [2][3] Market Position - According to Frost & Sullivan, Meige Intelligent ranks fourth in the global wireless communication module industry by revenue in 2024, holding a market share of 6.4% [1] - The company is the largest supplier of high-performance intelligent modules, with a projected market share of 29.0% in 2024 [4] Product Development - Meige Intelligent has established a competitive advantage by focusing on high-performance intelligent modules and customized solutions, leading the technological development in the industry [3] - The company was the first globally to launch intelligent module products in 2014 and achieved large-scale deployment of 5G intelligent modules in new energy vehicles in 2021 [3][4] Financial Performance - The company reported revenues of RMB 2.305 billion in 2022, RMB 2.147 billion in 2023, and projected revenues of RMB 2.941 billion in 2024 [7] - Gross profit for the same periods was RMB 405.375 million, RMB 396.138 million, and projected RMB 484.662 million, with corresponding gross profit margins of 17.6%, 18.4%, and 16.5% [8] - Net profit for 2022 was RMB 126.615 million, decreasing to RMB 62.609 million in 2023, with a projected increase to RMB 134.375 million in 2024 [9] Industry Overview - The global wireless communication module market is expected to grow from RMB 32.3 billion in 2020 to RMB 43.6 billion in 2024, with a compound annual growth rate (CAGR) of 7.7% [10] - The Chinese market is projected to expand from RMB 17.4 billion in 2020 to RMB 24.7 billion in 2024, achieving a CAGR of 9.1% [10] - The demand for high-performance intelligent modules is expected to increase significantly, with the market size projected to grow from RMB 1.4 billion in 2020 to RMB 3.5 billion in 2024, reflecting a CAGR of 29.2% [13] Application Scenarios - The market for wireless communication modules in the Internet of Things (IoT) is expected to grow from RMB 16.8 billion in 2020 to RMB 22.0 billion in 2024, with a CAGR of 6.9% [17] - The smart connected vehicle market is projected to grow from RMB 2.3 billion in 2020 to RMB 5.0 billion in 2024, with a CAGR of 21.3% [20]