Sou Hu Cai Jing·2026-01-21 02:29Core Viewpoint - Keda Intelligent has initiated its dual listing process on the Hong Kong Stock Exchange after 15 years on the A-share market, aiming to leverage its position in the digital energy and intelligent robotics sectors, despite facing challenges in business adjustments and industry competition [2]. Group 1: Business Overview - Keda Intelligent operates in two key sectors: digital energy and intelligent robotics, aligning with the trends of "new infrastructure" and "industrial intelligence" [3]. - The digital energy segment is the company's foundational business, with a product matrix that includes core devices such as integrated circuit breakers and distribution terminal units. The company ranks first in the FTU market and second in the integrated circuit breaker market in China [3]. - In the intelligent robotics sector, Keda Intelligent provides products like industrial robots and inspection robots, achieving the highest cumulative revenue in the industrial robot market from 2020 to 2024 [5]. Group 2: Financial Performance - Keda Intelligent's revenue has shown significant volatility, with 2023 revenue at 3.025 billion RMB, dropping to 2.687 billion RMB in 2024, and recovering to 1.904 billion RMB in the first three quarters of 2025 [6][7]. - The company recorded a net loss of 171 million RMB in 2023, turning profitable in 2024 with a net profit of 61.57 million RMB, and further increasing to 73.48 million RMB in the first three quarters of 2025 [6]. - The digital energy business accounted for 78.2% of total revenue in 2024, while the intelligent robotics segment saw a significant decline, with a 42.8% drop in revenue in 2024 [6][7]. Group 3: Market Challenges - The decline in the intelligent robotics business is attributed to both industry cycles and strategic adjustments, with a 21.3% actual revenue drop when excluding the impact of divested subsidiaries [8]. - Increased competition from companies like Siasun Robot and Estun in the AI-enabled and high-end customization sectors is further squeezing market space for Keda Intelligent [8]. Group 4: Future Prospects - The upcoming IPO in Hong Kong presents both opportunities and challenges for Keda Intelligent, with the potential to benefit from the 4 trillion RMB investment plan by the State Grid, which is expected to drive demand for digital energy solutions [9]. - The international capital platform of the Hong Kong market may help the company expand its overseas market presence, which currently accounts for less than 2% of its revenue [10]. - The company views the Hong Kong listing as a new starting point for strategic upgrades, focusing on enhancing R&D, optimizing business structure, and expanding market space to achieve a dual-driven growth model [10].