SDICSI 2026 年 3 月 3 日 美格智能(3268.HK) 美格智能 3268.HK-IPO 点评 公司概览 美格智能（下称"公司"）是无线通信模块及解决方案提供商，其模块及解决方 案广泛应用于泛物联网、智能网联车及无线宽带领域，如用于各类终端产品、 物流和仓库的5G条形码扫描仪智能PDA解决方案、质检和生产设施监控的工业 AI box、智能座舱、车载通信终端及移动WiFi终端。公司的无线通信模块产品 组合包括：智能模块，具备片上系统处理器和智能操作系统，又分为高算力智 能模块（侧重支持复杂算法及端侧AI应用）及常规智能模块（侧重支持智能化 应用）；数传模块，侧重数据传输、安全与高吞吐量的数据交换。 财务表现：2022/2023/2024年收入23.06/21.47/29.41亿元（人民币，下同）， 同比增长-6.9%/37.0%，2025年1-9月收入28.21亿元，同比增长29.3%。智能模 块及解决方案在2025年1-9月贡献了约7成收入，同比增长33.8%至18.65亿元， 主要是由于智能网联车应用领域的下游需求增加，带动高算力智能模块及解决 方案的销售增加，以及应用于泛物联网领域的智能模 ...

Group 1: Company Overview - Meige Intelligent Technology Co., Ltd. (referred to as Meige Intelligent) has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as its sole sponsor [1] - This is the second application submitted by the company in 2023, following an earlier submission on June 18 [1] - According to Frost & Sullivan, Meige Intelligent ranks fourth in the global wireless communication module industry by revenue, holding a market share of 6.4% in 2024 [1] Group 2: Business Focus and Product Offerings - Meige Intelligent is a leading provider of wireless communication modules and solutions, focusing on smart modules, particularly high-performance smart modules, to drive the application of AI and 5G communication [3] - The company emphasizes three core application areas: the Internet of Things (IoT), intelligent connected vehicles, and wireless broadband [3] - Meige Intelligent was the first company globally to launch smart module products in 2014 and achieved large-scale deployment of 5G smart modules in new energy vehicles in 2021 [3] Group 3: Market Position and Competitive Advantage - In the high-performance smart module sector, Meige Intelligent is the largest supplier globally, with a market share of 29.0% in 2024 [4] - The company has developed a product matrix of high-performance smart modules with computing power ranging from 8 TOPS to 64 TOPS, supporting various mainstream AI models [4] - Meige Intelligent is recognized as a pioneer in the transition from 4G to 5G in the wireless communication module industry, being among the first to launch 5G data transmission modules [5] Group 4: Financial Performance - The company reported revenues of RMB 2.30 billion in 2022, RMB 2.15 billion in 2023, and projected revenues of RMB 2.94 billion in 2024 [7] - Gross profit for the same periods was RMB 405.38 million, RMB 396.14 million, and projected RMB 484.66 million, with corresponding gross profit margins of 17.6%, 18.4%, and 16.5% [8] - Net profit for 2022 was RMB 126.62 million, decreasing to RMB 62.61 million in 2023, with a projected increase to RMB 134.38 million in 2024 [9] Group 5: Industry Overview - The global wireless communication module market is expected to grow from RMB 32.3 billion in 2020 to RMB 43.6 billion in 2024, with a compound annual growth rate (CAGR) of 7.7% [10] - The Chinese market for wireless communication modules is projected to expand from RMB 17.4 billion in 2020 to RMB 24.7 billion in 2024, achieving a CAGR of 9.1% [10] - The demand for high-performance smart modules is anticipated to increase significantly, with the market size expected to grow from RMB 1.4 billion in 2020 to RMB 3.5 billion in 2024, reflecting a CAGR of 29.2% [13]