觅睿科技（920036）：北交所新股申购策略报告之一百六十四：物联网设备国家级“小巨人”-20260225

Investment Rating - The report assigns a positive investment rating, suggesting active participation in the stock offering due to its low initial valuation and low proportion of existing shares [26]. Core Insights - The company, MiRui Technology, is recognized as a national-level "little giant" in the IoT sector, focusing on smart network cameras and IoT video products, with a strong emphasis on quality and innovation [4][8]. - The company has established long-term partnerships with major clients such as Walmart, Amazon, and Target, ensuring a stable order flow and enhancing brand recognition [4][8]. - The revenue and net profit are projected to grow significantly, with a 2024 revenue forecast of 743 million yuan and a net profit of approximately 81.66 million yuan, reflecting a compound annual growth rate (CAGR) of 16.38% and 44.43% respectively over the past three years [9][15]. Summary by Sections Company Overview - MiRui Technology was founded on February 15, 2017, and specializes in the R&D, manufacturing, and sales of smart network cameras and IoT video products, along with cloud storage and AI services [4][8]. - The company has a robust patent portfolio with 98 domestic patents and 100 international patents, indicating strong technological capabilities [9]. Issuance Plan - The new stock issuance will involve a direct pricing method at 21.52 yuan per share, with an initial offering of 13.61 million shares, representing 25% of the total post-issue share capital [14][15]. - The expected total fundraising is approximately 293 million yuan, with a post-issue market capitalization of 1.171 billion yuan [14][15]. Industry Situation - The smart network camera market is expected to grow rapidly, driven by advancements in AI and machine learning, with a projected CAGR of 28.74% for household users from 2019 to 2028 [19]. - The global market for civil security is anticipated to reach approximately 23.68 billion USD in 2024, increasing to 35.95 billion USD by 2028, with a CAGR of 15.16% [19]. Competitive Advantages - The company has a strong focus on R&D, with over 35% of its workforce dedicated to innovation in IoT video products, which enhances its competitive edge [21]. - MiRui Technology has established a localized supply chain management system, ensuring high-quality and cost-effective production [22]. Subscription Analysis - Given the company's strong market position, product quality, and low initial valuation, the report recommends active participation in the stock offering [26].