3 6 Ke·2026-01-21 10:44Core Viewpoint - The competition in AI between China and the US is driving significant investments in power infrastructure, with China focusing on renewable energy sources and the US tech giants facing challenges due to aging power infrastructure [1]. Group 1: Company Overview - Keda Intelligent Technology Co., Ltd. (科大智能) is seeking a dual listing on the Hong Kong Stock Exchange, having previously listed on the Shenzhen Stock Exchange in 2011 [1]. - As of January 21, 2026, Keda Intelligent's stock price was 12.29 CNY per share, with a market capitalization of 9.565 billion CNY [1]. - The company operates in two main business segments: Digital Energy and Intelligent Robotics, focusing on the digitalization and intelligent upgrade of China's energy system [10]. Group 2: Financial Performance - Keda Intelligent's revenue for 2023 was 3.025 billion CNY, with a net profit of -171 million CNY, indicating financial challenges [13]. - The revenue breakdown shows that Digital Energy accounted for 66.1% of total revenue in 2023, while Intelligent Robotics contributed 33.9% [15]. - The company has faced pressure from accounts receivable, with trade receivables amounting to 1.776 billion CNY at the end of 2023 [19]. Group 3: Market Dynamics - The digital energy sector is expected to grow significantly, with China's digital energy market projected to expand from 292.6 billion CNY in 2020 to 408.7 billion CNY by 2024, reflecting a CAGR of 8.7% [27]. - Keda Intelligent ranks second in the market for integrated circuit breakers in China, with a market share of 3.7% [30]. - The company faces competition from major players in the industry, including Nanjing Nari Technology, Pinggao Electric, and Xi'an Xidian Automation [31]. Group 4: Future Outlook - The integration of AI and digital technologies in the power sector is expected to drive demand for smart power distribution equipment, presenting growth opportunities for Keda Intelligent [22]. - The company aims to enhance its market share in the power equipment sector and expand its robotics business to achieve stable growth [32].