EAGLERISE(CHINA)(SZ:002922) Sou Hu Cai Jing·2026-02-04 12:23Core Viewpoint - The trend of "dual listing" in A-shares and H-shares continues, with more companies opting for "A+H" listings to establish dual capital platforms. Igor (002922.SZ), a leader in the power equipment sector, has submitted its listing application to the Hong Kong Stock Exchange, reflecting its transformation from a traditional power manufacturer to a highly sought-after stock in the capital market, with a cumulative stock price increase of approximately 150% since 2025 due to the dual demand from renewable energy and AI computing power [2][3]. Group 1: Business Evolution - Igor's business evolution from traditional lighting power to "renewable energy + AI" exemplifies the transition of Chinese power equipment companies into high-growth sectors. Initially focused on lighting power, the company began its global expansion in 2007 and entered the renewable energy market in 2013 with high-frequency magnetic devices [3]. - The acquisition of a 70% stake in Mu Magnetic Technology in 2018 enhanced Igor's R&D capabilities in high-frequency magnetic power devices, which are crucial for innovation in photovoltaic, energy storage, and electric vehicle sectors [3]. - By 2025, Igor's revenue from renewable energy products accounted for 58.6% of total revenue, marking it as the primary driver of growth, while the demand for efficient transformers in data centers surged due to AI computing [3]. Group 2: Global Expansion and Production Capacity - To support its global business strategy, Igor has accelerated the establishment of overseas production facilities, with nine factories built in countries including Malaysia, Thailand, the USA, and Mexico by September 2025. The factory in Fort Worth, USA, commenced production in October 2025, focusing on distribution transformers with an annual capacity of 21,000 units [5]. - The funds raised from the Hong Kong listing are intended for overseas expansion, building a global sales network, and investing in upstream and downstream industries as well as strategic acquisitions [5]. Group 3: Financial Performance - Despite revenue growth, Igor faces the challenge of "increasing revenue without increasing profit." In the first three quarters of 2025, the company reported a profit of 188 million RMB, a year-on-year decline of approximately 13.7% [6]. - Revenue figures for 2023 to the first three quarters of 2025 show continuous growth: 3.616 billion RMB in 2023, 4.603 billion RMB in 2024, and 3.769 billion RMB in 2025 [6][7]. - The overall gross margin has been under pressure, decreasing from 21.7% in 2023 to 17.8% in the first three quarters of 2025, primarily due to intensified competition in the photovoltaic and energy storage sectors and high initial costs associated with overseas factories [9][10]. Group 4: Market Challenges and Future Outlook - The decline in revenue from traditional lighting products, which fell by 6.96% year-on-year in the first three quarters of 2025, has significantly impacted profitability, with the gross margin for this segment dropping to 20% [8][9]. - The data center-related business has also seen a revenue decline of 6.25% year-on-year in the first three quarters of 2025, attributed to international clients slowing down equipment updates due to cost considerations [8]. - Looking ahead, there is potential for gross margin recovery in 2026 as overseas factory utilization improves and high-margin automotive inductors are gradually released. However, uncertainties remain regarding the continuation of price wars in the renewable sector and the pace of recovery in data center demand [10]. Group 5: Strategic Challenges Post-Listing - Igor's upcoming listing on the Hong Kong Stock Exchange will require the company to navigate stricter disclosure requirements and scrutiny from international investors. The company must effectively communicate the growth logic of its "renewable energy + AI" dual track and improve profit quality to support its valuation [11]. - The transition path of Igor is representative of the strategic opportunities for traditional power equipment companies amid global energy structure transformation and the AI computing revolution. Balancing growth with profitability and managing costs and risks in a globalized layout will be critical challenges for all participants in the industry [11].