飞速创新（03355）：IPO申购指南

Investment Rating - The report suggests a cautious subscription for the company [1]. Core Insights - The company is the second-largest online DTC network solutions provider globally, holding a market share of 6.9% [1]. - The company offers network solutions that enable global enterprises to achieve efficient digital transformation, with significant growth in both business and profitability during the historical performance period [1]. - The company's revenue is primarily derived from overseas markets, and it provides scalable, cost-effective, and one-stop network solutions through its own online sales platform, FS.com [1]. - The global network solutions market is projected to grow from USD 119.2 billion in 2020 to USD 162.8 billion by 2024, with a compound annual growth rate (CAGR) of 8.1% [2]. - The demand for high-performance network solutions supporting transmission speeds above 100G is increasing, with the high-performance network hardware market expected to grow from USD 14 billion in 2020 to USD 33.7 billion by 2024, reflecting a CAGR of 24.6% [2]. - The company's revenue is expected to grow from CNY 1.988 billion in 2022 to CNY 2.611 billion in 2024, with net profit margins of 18.3%, 20.6%, and 15.2% for the years 2022, 2023, and 2024 respectively [3]. - The estimated market capitalization post-IPO is approximately HKD 16.6 billion, with the offering price corresponding to an adjusted net profit multiple of about 28.0X for 2025, indicating a reasonable valuation [3].