IPO申购指南：嘀嗒出行

Investment Rating - The report suggests a cautious subscription for Dida Chuxing (2559.HK) [1] Core Viewpoints - Dida Chuxing is a technology-driven platform in China providing ride-sharing and smart taxi services, aiming to create more transportation capacity while reducing environmental impact [1] - The company operates the second-largest ride-sharing platform in China, with a transaction volume of RMB 8.6 billion and 130 million rides in 2023, capturing a market share of 31.8% based on transaction volume [1] - Dida Chuxing offers services in 366 cities nationwide, with approximately 15.6 million certified private car owners, of which 32.0% were active in 2023 [1] - The company generates revenue primarily from service fees charged to private car owners and taxi drivers, as well as from advertising and other services [1] - Revenue figures for 2021, 2022, and 2023 were RMB 780 million, RMB 570 million, and RMB 820 million respectively, with adjusted net profits of RMB 240 million, RMB 84 million, and RMB 230 million [1] - The estimated market capitalization post-IPO is approximately HKD 7 billion, with a price-to-sales (PS) ratio of about 7.7 times and a price-to-earnings (PE) ratio of about 27 times, indicating reasonable valuation [1] Company Overview - Dida Chuxing aims to popularize ride-sharing by allowing private car owners to share their underutilized vehicle capacity with passengers, providing alternative transportation options in low-density urban areas or regions with insufficient public transport [1] - The IPO price range is set between HKD 5.00 and HKD 7.00, with a total fundraising amount of HKD 147 million based on a median price of HKD 6.00 per share [1] - The total number of shares offered is 39.09 million, with 35.18 million shares allocated for international placement and 3.90 million shares for public offering, representing approximately 90% and 10% respectively [1]