LEAD INTELLIGENT(SZ:300450) Zhi Tong Cai Jing·2026-02-02 23:04Core Viewpoint - The company, Xian Dao Intelligent (300450), is set to launch an IPO for 93.616 million H-shares, with a maximum price of HKD 45.80 per share, aiming to raise approximately HKD 4.166 billion for global expansion and R&D initiatives [1][4]. Group 1: Company Overview - The company specializes in intelligent equipment, providing solutions across various emerging industries, including lithium batteries, photovoltaic cells, and smart logistics [1]. - It has established a strong market position in the new energy sector, being the second-largest supplier of new energy intelligent equipment globally, with a market share of 2.9% [2]. Group 2: Financial Performance - The company's revenue has shown volatility, with figures of RMB 138.361 billion, RMB 164.833 billion, RMB 117.734 billion, RMB 90.384 billion, and RMB 103.875 billion for the years ending December 31 from 2022 to 2024, and for the nine months ending September 30, 2025 [3]. - Net profit for the same periods was RMB 23.181 billion, RMB 17.708 billion, RMB 2.68 billion, RMB 5.87 billion, and RMB 11.613 billion, indicating a significant decline in 2024 due to weak downstream industry performance [3]. Group 3: Use of Proceeds - Approximately 40% of the net proceeds from the IPO will be allocated to expanding the global R&D, sales, and service network, while 30% will focus on enhancing the company's platform strategy [4]. - The company plans to invest 10% in optimizing product design and manufacturing processes to improve performance and reduce energy consumption [4]. Group 4: Strategic Partnerships - The company has secured cornerstone investment agreements totaling approximately USD 275 million, with notable investors including Oaktree Capital Management and Morgan Stanley [5].