硬核技术壁垒+多重增长引擎，迅策科技(03317)能否成为“中国版Palantir”?

Core Viewpoint - XunCe Technology, often referred to as the "Chinese version of Palantir," is set to launch its IPO on December 30, aiming to raise approximately HKD 1.2375 billion with a market valuation of around HKD 17.7 billion, backed by prominent investors like Tencent and KKR [1][2]. Group 1: Company Overview - XunCe Technology plans to issue 22,500,000 H-shares, with 2,250,000 shares available for public offering and 20,250,000 for international investors, at a maximum price of HKD 55 per share [1]. - The company is positioned in the high-growth data analytics sector, leveraging strong technological barriers and a leading market position [1][4]. Group 2: Growth Potential - XunCe Technology is expected to replicate Palantir's growth trajectory, which saw its market capitalization soar from USD 19.9 billion at IPO to USD 460.9 billion by December 19, driven by a strategic focus on high-difficulty core scenarios [2][3]. - The company has established a strong foothold in the asset management sector, holding an 11.6% market share in China's real-time data infrastructure and analytics market [8]. Group 3: Strategic Approach - The company adopts a similar market penetration strategy as Palantir, starting with complex data challenges in the financial sector and expanding into telecommunications and urban management [5][6]. - XunCe Technology aims to build a unified data intelligence operating system, integrating various data sources to provide real-time insights for investment decisions [6][7]. Group 4: Financial Performance - The average revenue per user (ARPU) for asset management clients is projected to increase from CNY 158.2 million in 2022 to CNY 272.4 million in 2024, while non-asset management ARPU is expected to rise from CNY 184.6 million to CNY 704.6 million in the same period [10]. - The company's total revenue is anticipated to grow significantly, from CNY 288 million in 2022 to CNY 632 million in 2024, reflecting a more than twofold increase [12]. Group 5: Market Outlook - The asset management market is projected to grow from CNY 75.2 billion in 2024 to CNY 183.9 billion by 2029, with a compound annual growth rate (CAGR) of 19.6% [11]. - The overall market for real-time data infrastructure and analytics in China is expected to expand from CNY 525.2 billion in 2024 to CNY 1,152.9 billion by 2029, with a CAGR of 17.0% [11].