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 has demonstrated significant growth in business and profitability during the reporting period, with almost all revenue generated from overseas [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 CAGR of 8.1% [2] - The high-performance network hardware market (100G and above) is expected to grow from USD 14 billion in 2020 to USD 33.7 billion by 2024, with a CAGR of 24.6% [2] - The company's revenue is expected to increase 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 2022, 2023, and 2024 respectively [3] - The estimated market capitalization post-IPO is approximately HKD 16.6 billion, with a valuation of around 28.0X adjusted net profit for 2025, indicating a reasonable valuation [3]
IPO申购指南：飞速创新
Guoyuan International·2026-03-13 14:24