Group 1: IPO Information - The company XianDao Intelligent (00470.HK) is set to launch its IPO from February 3 to February 6, with a total issuance of 93.616 million shares, where 10% is for public sale and 90% for international placement [1] - The offering price is set at a maximum of 45.8 HKD per share, with a minimum subscription amount of 4,626 HKD [1] - The company has a market capitalization of 76.018 billion HKD and a price-to-earnings ratio of 249 times [1] Group 2: Company Overview - Founded in 2002, XianDao Intelligent is a leading provider of intelligent manufacturing solutions in the new energy sector, focusing on lithium batteries, photovoltaics, 3C, hydrogen energy, and intelligent logistics [2] - The company holds a 15.5% global market share in lithium battery intelligent equipment, with a 19.0% share in the Chinese market, making it the largest supplier in this segment [2] - XianDao Intelligent's client base includes major players in the new energy industry such as CATL, Tesla, Volkswagen, and BYD, ensuring stable order demand and continuous technological advancement [2] Group 3: Financial Performance - In 2024, XianDao Intelligent's revenue is projected to decline to 11.773 billion RMB, with a significant drop in net profit to 268 million RMB due to overcapacity in the lithium battery industry and reduced capital expenditures from downstream clients [3] - However, in the first three quarters of 2025, the company expects a strong rebound with revenue reaching 10.439 billion RMB, a year-on-year increase of 14.56%, and net profit of 1.186 billion RMB, up 94.97% [4] - The overseas revenue for the first three quarters of 2025 accounted for 20.15 billion RMB, representing 19.4% of total revenue, with a gross margin of 39.3%, significantly higher than domestic operations [4] Group 4: Market Position and Competition - The global lithium battery equipment industry has entered an "oligopoly" phase, with Chinese companies like XianDao Intelligent gaining a dominant position as Japanese and Korean firms lag in cost and iteration speed [6] - The acceleration of battery autonomy in Europe and the US is expected to favor equipment manufacturers that can provide comprehensive solutions, positioning XianDao Intelligent to capture a significant share of new overseas capacity orders [6] Group 5: Future Outlook - The company forecasts a net profit of 1.5 billion to 1.8 billion RMB for 2025, representing a year-on-year growth of 424.29% to 529.15%, driven by a recovery in the global power battery market and increased demand in the energy storage sector [7] - The current A-share market capitalization is 89.6 billion RMB, with a forward valuation of 54 times, which is considered high compared to the average dynamic PE of 30-40 times in the same sector [7] - If the profit growth can be sustained, the current PE ratio is expected to decrease to 20-30 times within a year, indicating that the market is pricing in the certainty of performance reversal [7]