年初以来，中国科技资产的重估成为主线市场行情。 近期中信证券的报告也提到，自2024年"924行情"以来，特别是在春节后DeepSeek引发的中国科技资产 重估浪潮中，港股已成为中国核心资产价值发现的主战场。 从互联网大厂到硬科技企业，市场都在重新打量它们的价值。而就在这个当口，凌雄科技(02436.HK， 小熊U租母公司)以其独特的业务模式与布局进入到笔者的观察名单当中。 当下来看，无论是追求稳健基本面，还是布局估值修复，凌雄科技的价值潜力理应得到重视。 不妨从下面三个维度挖掘其价值成长潜力。 1· 技术壁垒与潜在科技价值重估 如今伴随科技的不断进步，各行各业的竞争日益加剧，企业对各类设备利用效率的要求正变得越来越 高。反映到资本市场，那些能提升资源利用效率、降低成本的模式也正愈发受到市场的关注。 很显然，凌雄科技的业务模式就契合了上述趋势。 作为DaaS(Device as a Service，设备即服务)行业头部服务商，凌雄科技聚焦IT办公设备运营和管理，通 过打造 IT设备全生命周期管理解决方案，其实现了资源的优化配置与高效利用，切实帮助所服务企业 降低运营成本，提升竞争力。 从公司具体的业务实践来看 ...

中国物资再生协会秘书长于可利致辞时表示，当前，我国循环经济发展正处于关键转型期。在"双碳"目 标的引领下，越来越多的企业开始将绿色发展从"选择题"变成"必答题"。凌雄科技用创新的DaaS模式， 让IT设备在全生命周期中持续创造价值，这不仅是商业模式的突破，更是对"资源有限、循环无限"理念 的生动诠释。同时，也要清醒认识到，企业要实现高质量发展，还需要在技术创新、标准建设、商业模 式等方面持续发力，这些需要大家共同破解。绿色发展不是一场独舞，而需要全社会的合奏。 本报讯(记者丁蓉)6月5日，我国DaaS(设备即服务)行业首场六五环境日主题论坛在深圳国际金融科技城 举行。论坛以"全绿以赴—以科技创新赋能可持续发展"为主题，邀请DaaS行业和可持续发展领域的知 名专家、企业、媒体，聚焦科技创新，深入探讨绿色低碳经济、低碳产业的新模式和新路径，展现产业 创新实践成果，凝聚产业共识，共话可持续发展。 论坛上，中国中小企业协会DaaS服务专业委员会主任、凌雄科技董事会主席胡祚雄致辞时表示，绿色 是时代的命题，更是企业的责任。DaaS模式从诞生之初就带着"循环经济"的基因：通过设备全生命周 期管理、再制造技术、数字化运营， ...

Core Viewpoint - Lingxiong Technology (02436.HK) has reported a record revenue of approximately 2.372 billion RMB for 2024, marking a year-on-year growth of about 32.3%, showcasing its resilience in a challenging macroeconomic environment [1] Group 1: Financial Performance - Revenue for 2024 reached approximately 2.372 billion RMB, a year-on-year increase of 32.3% [1] - Gross profit increased by 33% to approximately 196 million RMB [1] - Adjusted EBITDA grew by 17.6% to approximately 283 million RMB [1] - Equipment recycling business revenue rose by 42.7% to approximately 1.836 billion RMB [2] - Equipment subscription service revenue increased by 9.1% to approximately 380 million RMB [2] - Total equipment subscription volume grew by 7.5% to approximately 6.176 million units [2] Group 2: Business Model and Strategy - The DaaS business model demonstrates strong resilience and operational excellence, allowing the company to navigate complex economic cycles [1][3] - Lingxiong Technology focuses on enhancing customer service and experience, which is crucial for maintaining its competitive edge [1][3] - The company has built a closed-loop DaaS ecosystem that generates significant synergies and supports its subscription services [3] Group 3: Digital Transformation and Innovation - Lingxiong Technology is advancing its digital transformation, enhancing operational efficiency through a fully integrated digital chain [4] - The launch of the Xiaoxiong Ubao APP improves internal operational efficiency by facilitating customer maintenance actions [4] - The integration of AI technology is expected to significantly enhance customer service efficiency and quality [4][5] Group 4: Market Outlook and Growth Potential - The DaaS industry is experiencing a favorable window of opportunity due to increasing enterprise demand and supportive government policies [6][7] - The market penetration rate for DaaS services is projected to rise from approximately 5% to 10% over the next five years [7] - Lingxiong Technology is well-positioned to benefit from the anticipated growth in the DaaS market, with significant potential for revenue and profit expansion [7]

机构数据显示，与传统做法相比，DaaS服务模式可帮助企业减少97.4%的首期投入，在三年内将运营成 本降低约10%至30%。因常年让企业客户充分感受到实实在在的"获得感"，凌雄科技深受客户信任和赞 誉，由此进一步增强了品牌和客户粘性，稳步扩大了客户数量，进而推动核心主营业务总体继续保持高 质量增长态势。其中，设备回收业务营收同比增长42.7%至约18.36亿元，设备订阅服务营收同比增长 9.1%至约3.8亿元，IT技术服务继续保持稳健发展并实现营收约1.56亿元；受益于企业客户对设备订阅 服务的刚需度持续增强，总设备订阅量同比增长7.5%至约617.6万台。 近日，中国DaaS（Device as a service，设备即服务）行业第一股凌雄科技（02436.HK，小熊U租母公 司）发布2024年度业绩公告。公告显示，凌雄科技2024年营收约23.72亿元（人民币，下同），同比增 长约32.3%；毛利同比大幅增长33%至约1.96亿元；经调整EBITDA（税息折旧及摊销前利润）同比增长 17.6%至约2.83亿元。据悉，若以2024年收入计，凌雄科技的营收再创历史新高，连续多年稳居行业第 一。 2024年以 ...