Core Viewpoint - Guangdong Audiwei Sensor Technology Co., Ltd. (920491.BJ) is preparing for an IPO on the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1]. Company Overview - Audiwei was established in Guangzhou in 1999 as Panyu Audiwei Electronics Co., Ltd. and underwent a share reform in 2014 [3][4]. - The company was listed on the New Third Board in 2015 and transitioned to the Beijing Stock Exchange in June 2022 [4]. - Audiwei specializes in the research, design, production, and sales of smart sensors and actuators, with products used in automotive electronics, smart instruments, smart home, security, and consumer electronics [5]. Market Position - Audiwei ranks second in China for smart home product sensor revenue and third globally for automotive ultrasonic sensors and actuators in 2024 [5]. - The company has three domestic production bases in Guangzhou, Zhaoqing, and Jingdezhen, and one overseas base in Selangor, Malaysia, serving over 46 countries and regions [5]. Financial Performance - Revenue for the years 2022 to 2025 (first half) is projected at 378 million, 467 million, 617 million, and 327 million CNY, respectively, with a compound annual growth rate (CAGR) of approximately 27.75% [6]. - Net profit for the same period is expected to be 52.6 million, 76.98 million, 93.95 million, and 46.96 million CNY, with a CAGR of about 33.6% [6]. - In the first half of 2025, revenue increased by 15.1% year-on-year, while net profit grew by 3.9% [6]. Business Focus - Audiwei focuses on four core solution scenarios: smart home solutions, smart automotive solutions, smart terminal solutions, and smart manufacturing solutions, with smart home and automotive solutions being the primary revenue sources [7]. - The revenue share from smart home solutions has shown a growth trend, accounting for 53%, 54.6%, 55.7%, and 56.9% over the reporting period [7]. Shareholding Structure - The largest shareholder group consists of Executive Director, Chairman, and General Manager Zhang Shuguang and his spouse, holding approximately 17.19% of the company's issued share capital [7]. IPO Fund Utilization - The funds raised from the IPO will be used to increase production capacity in Malaysia, build a new high-performance sensor production base in China, invest in R&D and digitalization, and for working capital and general corporate purposes [7].
这家“中国第二”申请港股上市