海致科技集团：新股预览：海致科技-20260206

Investment Rating - The investment rating for the company is set at ★★★☆☆, indicating a moderate level of confidence in its performance and growth potential [4]. Core Insights - The company is a leading player in the mainland market, focusing on developing Atlas graph solutions and industry-grade AI solutions through graph-model fusion technology. It ranks fifth among industry-grade AI providers in mainland China with a market share of 2.8% and holds the first position among graph-centric AI providers with approximately 50% market share [2][3]. - The company has achieved a breakthrough in reducing hallucinations in AI systems by leveraging its expertise in knowledge graph construction across multiple application scenarios, supported by controlled and verified datasets from clients [2]. - The industry for industry-grade AI solutions in mainland China is projected to grow significantly, with the market size expected to increase from approximately RMB 65.4 billion in 2025 to about RMB 286.1 billion by 2029, reflecting a compound annual growth rate (CAGR) of 44.6%. Specifically, the market for integrated knowledge graph AI systems is anticipated to grow from RMB 200 million in 2024 to RMB 13.2 billion by 2029, with a CAGR of 140.0% [3]. Financial Summary - The company's financial performance shows a revenue increase from RMB 3.13 billion in 2022 to RMB 3.76 billion in 2023, with a projected revenue of RMB 5.03 billion in 2024. However, the net profit is expected to remain negative, with losses of RMB 1.76 billion in 2022, RMB 2.66 billion in 2023, and a reduced loss of RMB 0.94 billion in 2024 [4]. Offering Details - The company plans to issue 0.28 billion shares, with a price range of HKD 25.6 to 28.0, aiming for a maximum fundraising amount of HKD 7.85 billion. The offering period is from February 5 to February 10, with the listing date set for February 13 [5].