IPO申购指南：赛目科技

Investment Rating - The report suggests a cautious subscription for the company, Saimo Technology (02571.HK) [1] Core Viewpoints - Saimo Technology focuses on simulation testing technology for intelligent connected vehicles (ICV) and provides related testing, validation, and evaluation solutions. The company is the largest market participant in China's ICV testing, validation, and evaluation solutions industry, with a market share of approximately 5.3% as of 2023 [1] - The company has shown significant revenue growth, with revenues of 107 million, 145 million, 176 million, and 55.56 million yuan for the years 2021, 2022, 2023, and the first half of 2024, respectively. The adjusted net profits for the same years are approximately 38.61 million, 50.39 million, and 54.98 million yuan, with a net loss of 4.60 million yuan in the first half of 2024 [1] - The estimated market size for L3 and above ICVs in China is projected to reach approximately 7.1 million units by 2030, representing about 18.8% of the market size for ICVs in that year [1] Summary by Sections IPO Details - The IPO price range is set between 12-18 HKD, with a total fundraising amount of 428 million HKD. The total number of shares available for subscription is 33.3334 million, with 30 million shares allocated for international placement and 3.3334 million shares for public offering [1] - The estimated market capitalization upon listing is approximately 2 billion HKD, corresponding to a PE ratio of 35 times based on 2023 earnings [1] Market Growth - The sales volume of ADAS-level ICVs in China has increased from approximately 7.2 million units in 2019 to about 15.8 million units in 2023, reflecting a compound annual growth rate (CAGR) of approximately 21.8%. It is expected to further grow to about 17.5 million units in 2024 and reach approximately 24.7 million units by 2030, with a CAGR of about 5.9% [1]