MeiG(SZ:002881) 智通财经网·2026-02-18 11:29Core Viewpoint - The listing of Meige Intelligent Technology Co., Ltd. on the Hong Kong Stock Exchange is driven by two main logic lines: the industry dividend logic from the explosive growth of edge AI, and the financial logic showcasing continuous optimization of its financial structure [1][8]. Industry Growth - The global edge AI market is experiencing explosive growth, with a projected market size of 251.7 billion yuan in 2024 and a compound annual growth rate (CAGR) of 29.3% over the past five years, expected to exceed 1.22 trillion yuan by 2029 with an increased CAGR of 39.6% [2][4]. - The trend of AI models moving to the edge is evident, with mainstream large models launching smaller versions that allow for faster inference, lower memory usage, and reduced power consumption, enabling AI capabilities to be deployed directly on devices like smartphones and IoT terminals [4]. Company Positioning - Meige Intelligent is one of the earliest companies to enter the smart module sector, with a significant shift in its business structure over the past three years. The revenue share from smart modules and solutions surged from 41.5% in 2022 to 66.1% in the first nine months of 2025, while traditional data transmission modules declined from 55.1% to 31% [4][6]. - The revenue from high-performance smart modules skyrocketed from 35.1 million yuan in 2022 to 1.018 billion yuan in 2024, representing an increase of over 28 times and a CAGR of 449% [4][6]. Financial Performance - After a downturn in 2023, where revenue fell by 6.9% and net profit halved to 62.6 million yuan, the company rebounded in 2024 with revenue reaching 2.941 billion yuan, a 37% increase year-on-year, and net profit rising to 134 million yuan, up 114.6% [7][8]. - In the first three quarters of 2025, the company continued its growth trajectory, achieving revenue of 2.821 billion yuan, a 29.3% increase, and a net profit of 113 million yuan, up 23.88% [7]. Market Leadership - Meige Intelligent holds a leading position in several niche markets, with a projected global market share of 29% for high-performance smart modules in 2024, ranking first, and a 35.1% share in the 5G vehicle-mounted module market [6]. - The company has maintained a high level of R&D investment, with expenditures of 190 million yuan, 210 million yuan, and 210 million yuan from 2022 to 2024, representing 7%-10% of revenue [6][9]. Cash Flow and Client Relationships - The company has improved its cash flow management, achieving positive operating cash flow of 41.33 million yuan in the third quarter of 2025, attributed to better accounts receivable management and optimized working capital [8]. - The concentration of clients has increased, with revenue from the largest client reaching 955 million yuan in 2024, reflecting strong recognition of the company's product technology [8][9]. Supply Chain and Cost Management - As a Fabless model representative, the company collaborates with leading EMS manufacturers like Foxconn, with the top five suppliers accounting for 63.8% of procurement, which helps reduce costs [9]. - The company has established a robust supply chain risk management mechanism to mitigate risks associated with U.S. suppliers and has effectively controlled the impact of raw material price fluctuations [9]. Overall Outlook - Meige Intelligent is in a high growth phase, with positive trends in revenue, profit, cash flow, and high-margin product ratios, indicating a strong potential for quality growth as edge AI applications expand [10].