作为中国市场份额最大、多年蝉联中科院《互联网周刊》数字营销公司排行榜榜首，且具备全链路服务 能力的AI数字营销龙头，利欧股份（002131）（002131.SZ）近日递表港交所，保荐人为华泰国际及中 国银河（601881）国际。 首先是市场地位：双维度第一，头部优势显著。根据弗若斯特沙利文数据，以2024年收入计，利欧在中 国数字营销市场规模排名第一，市场份额1.29%，较第二名高出32%；在数字广告代理细分领域，更以 8.72%的市场份额稳居行业首位，领先第二名29%，双维度印证龙头身份。同时，该公司多次获上海市 广告协会"数字广告领军企业"荣誉，多年蝉联行业权威榜单榜首，品牌与话语权稳居第一梯队。 其次是业务模式：全链路闭环，垂直领域精准突破。该公司以"品—效—销"一体化全链路模式打通营销 生态，下设整合营销与数字广告代理两大板块，精准覆盖核心行业客户：整合营销在汽车行业垂直领域 优势突出，服务头部汽车品牌，提供"品牌咨询到销售转化"定制方案；数字广告代理聚焦网络服务、游 戏领域，与国内头部媒体及主流手机厂商深度合作，甚至参与技术共建。 稳健的业务模式支撑收入持续领先，2022-2024年该板块收入分别达 ...

作为中国市场份额最大、多年蝉联中科院《互联网周刊》数字营销公司排行榜榜首，且具备全链路服务 能力的AI数字营销龙头，利欧股份（002131.SZ）近日递表港交所，保荐人为华泰国际及中国银河国 际。 此次赴港上市不仅是该公司"资本国际化"的关键一步，更依托"AI数字营销+智能泵与系统"双核心业务 的技术优势与全球化布局，构建起独特投资价值，引发市场高度关注。而在A股市场，利欧已获价值投 资者深度认可，近一年市值持续突破，截至2025年9月30日，市值为381.93亿元，较2024年9月30日市值 大幅提升约210%。 实际上，今年各行业龙头纷纷谋求AH双上市，赤峰黄金（06693）等标的上市后均获资本青睐，而利欧 凭借"AI数字营销龙头+资本国际化+全球化布局"三重属性，较同类标的投资吸引力更突出——其通过 AI技术全面赋能双核心业务，既打开行业成长空间，又以全球化运营搭建新增长曲线，此次港股上市 亮点十足，或将为投资者带来全新机遇。 AI数字营销：稳居行业龙头位置，以"地位+模式+技术"构建不可替代竞争优势 智通财经APP了解到，利欧自2014年布局数字营销业务，经10余年深耕，已成为国内AI数字营销领域的 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company has initiated a plan for H-share listing to accelerate global expansion and enhance capital internationalization, aiming to strengthen capital strength and competitiveness while building an international brand image [7] - The company is expected to achieve significant revenue growth, with projected total revenue reaching 3,014 million yuan in 2025, representing a year-on-year growth rate of 70.7% [6] - The company’s net profit is forecasted to be 180 million yuan in 2025, with a year-on-year growth rate of 70.6% [6] - The company is focusing on the Southeast Asian market, where the cleaning products sector is expected to grow at a compound annual growth rate of no less than 5% [7] - The company’s new brands, VitaOcean and Nuibay, are anticipated to open new growth avenues in the high-end health supplement and affordable ingredient markets, respectively [7] Financial Data and Profit Forecast - Total revenue for 2024 is projected at 1,766 million yuan, with a year-on-year growth rate of 29.3% [6] - The company’s gross profit margin is expected to be 49.4% in 2025, with a return on equity (ROE) of 14.3% [6] - The earnings per share (EPS) is forecasted to be 0.82 yuan in 2025, with a price-to-earnings (PE) ratio of 59 [6]

Core Viewpoint - The recent surge in stock prices of pig farming companies in A-shares and H-shares, particularly Decon Agriculture (02419.HK), which saw a year-to-date increase of 162%, highlights the potential for valuation recovery in the sector, especially as major players like Muyuan Foods (002714.SZ) plan to list in Hong Kong [1][6][9]. Group 1: Market Performance - Decon Agriculture's stock price increased by over 15% in a single day, with a current valuation of approximately 6.3 times earnings for 2024, significantly lower than leading companies like Muyuan Foods and Wens Foodstuff (300498.SZ), which have P/E ratios above 12 [1][6]. - The number of H-share pig farming companies is limited, with Decon Agriculture being one of the few comparable firms, suggesting that the market may reference its valuation when pricing Muyuan Foods' H-share [1][2]. Group 2: Competitive Position - Decon Agriculture is projected to have a pig output of 8.78 million heads in 2024, second only to industry leaders like Muyuan Foods and Wens Foodstuff, indicating a strong competitive position [3]. - The company has achieved significant cost advantages, with its breeding program reportedly reducing costs to below 13 yuan per kilogram, placing it among the industry's top tier [3][4]. Group 3: Valuation Trends - Despite a strong operational performance, Decon Agriculture faced low market valuations since its listing in December 2023, with a P/E ratio dropping to around 3 times before recovering to 6.3 times following recent stock price increases [6][7]. - In contrast, other H-share companies like COFCO Joycome (01618.HK) have not experienced similar market performance, with a modest year-to-date increase of only 7% [7]. Group 4: Muyuan Foods' Strategy - Muyuan Foods is pursuing an H-share listing to enhance its international capital presence, aiming to attract long-term investors and improve its corporate governance [1][9]. - The company plans to use the funds raised from the H-share listing for global expansion, R&D investments, and working capital, which could help reduce its debt levels [11]. Group 5: Market Outlook - The domestic pig farming industry is expected to see a tightening supply as the number of breeding sows peaks and begins to decline, potentially leading to improved pricing conditions in the second half of the year [12]. - If pig prices rebound, it could provide additional support for the valuation of Muyuan Foods' H-shares [12].