估值增4倍，这家龙头冲刺上市！

Core Viewpoint - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. (referred to as "Haiqing Zhiyuan") has submitted an application for an IPO on the Hong Kong Stock Exchange, indicating its growth and potential in the multispectral AI technology sector [1][3]. Company Overview - Haiqing Zhiyuan, established in 2013, is a leading company in the domestic multispectral AI technology field, providing products and services that detect both visible and invisible physical information [5]. - The company has developed a comprehensive product and service portfolio, including multispectral AI modules, perception terminals, and large model services, covering various technical fields such as AI, optical electronics, and cloud computing [5]. - As of July 28, 2025, the company has registered 95 invention patents and 43 software copyrights, with its lightweight edge AI computing technology adaptable to various edge devices [6]. Market Position - According to Frost & Sullivan, Haiqing Zhiyuan holds the top market share in the multispectral AI industry at approximately 3.5% and ranks first in the multispectral AI large model service sector with a market share of about 11.8% [5][6]. - The Chinese multispectral AI market is projected to reach approximately 20 billion yuan by 2025 and 58.8 billion yuan by 2029, with a compound annual growth rate of 31% [6]. Financial Performance - The company reported revenues of 225 million yuan, 117 million yuan, and 523 million yuan for the years 2022, 2023, and 2024, respectively, with a significant 347% year-on-year growth in 2024 after a decline in 2023 [7]. - Haiqing Zhiyuan achieved profitability in 2024, with a net profit of 40.41 million yuan, compared to losses in the previous years [7][8]. - In Q1 2025, the company generated revenue of 82.42 million yuan, a 2.84 times increase from the same period last year, and reported a profit of 14.14 million yuan [7][8]. R&D and Future Plans - The company has maintained a high R&D expense ratio, with rates of 15.7%, 26.3%, and 10.6% over the past three years, significantly higher than its peers [9]. - Haiqing Zhiyuan plans to use the funds raised from the IPO to enhance R&D capabilities, expand production capacity, and accelerate global market penetration [9]. Valuation and Market Comparison - Haiqing Zhiyuan's post-investment valuation has increased to 3.55 billion yuan, a 4.4 times growth over four years, with a projected price-to-sales ratio of approximately 6.7 times for 2024, lower than the average of comparable companies on the Sci-Tech Innovation Board [11][13].