Group 1 - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has officially submitted its listing application to the Hong Kong Stock Exchange, marking its accelerated move towards the capital market [1] - One month prior to the listing application, the company successfully completed a D-round financing of 50 million RMB, providing strong momentum for its IPO journey [1] Group 2 - Haiqing Zhiyuan's prospectus reveals its technological strength and market position, with a 3.5% market share in China's multispectral AI market, ranking first in the industry [3] - The company achieved a revenue of 523 million RMB in 2024, representing a year-on-year growth of over 300%, and a net profit of 40.41 million RMB, successfully turning a profit [3] - The strong performance is attributed to increased demand for security application products, new customer orders, and a gross margin of 32.9% from its large model services, which improved the overall gross margin from 12.2% in 2023 to 18.8% [3] Group 3 - Haiqing Zhiyuan has made significant technological breakthroughs with its "multispectral sensing and computing integration," "lightweight edge AI computing," and "multispectral AI large model platform," which have been widely applied in smart cities, data center security, and industrial monitoring [4] - The company has seen an increase in customer concentration, with the top five customers accounting for 64.8% of its revenue, further solidifying its market position [4] Group 4 - The company plans to use the funds raised from the IPO for research and development enhancement, production capacity expansion, strategic acquisitions, and global market penetration [4] - Strategic acquisitions and partnerships are viewed as key methods to enhance technological strength and market competitiveness, allowing the company to integrate resources and technological capabilities from acquired firms and partners [4]

Group 1 - Shenzhen Haiqing Zhiyuan Technology Co., Ltd. has officially submitted its IPO application to the Hong Kong Stock Exchange after completing a Series D financing round of 50 million yuan one month ago [1][3] - The company relies on its self-developed "Optical Sensing and Computing" technology architecture to provide a full-link solution covering multi-spectral AI modules, perception terminals, and large model services [3] - According to Frost & Sullivan's report, Haiqing Zhiyuan holds a 3.5% market share in China's multi-spectral AI enterprise market, ranking first, while its large model services have an 11.8% market share, also leading nationally [3] Group 2 - Financial data indicates that after experiencing an industry adjustment in 2023, Haiqing Zhiyuan's performance rebounded strongly in 2024, achieving an annual revenue of 523 million yuan, a year-on-year increase of over 300% [3] - The company reported a net profit of 40.41 million yuan, successfully turning a profit, driven by increased demand for security application products and a high gross margin of 32.9% from large model services [3] - The overall gross margin improved from 12.2% in 2023 to 18.8% in 2024, reflecting the successful commercialization of its large model services [3] Group 3 - Haiqing Zhiyuan plans to focus its IPO fundraising on four key areas: strengthening R&D, expanding production capacity, strategic acquisitions, and penetrating global markets [4] - The company aims to integrate its technical expertise in multi-spectral sensing, embedded AI, and large model origins with the resources and capabilities of acquired companies and strategic partners [4] - This strategy is expected to accelerate innovation in key areas such as large model training and chip design, enhancing the competitiveness of its multi-spectral AI platform technology [4]

Core Viewpoint - Tianfeng Securities has initiated coverage on Weishi Jiajie (856.HK) with a "Buy" rating and a target price of HKD 11.52 [1] Group 1: Company Overview - Weishi Jiajie is a leading technology product channel developer and integrated service provider in the Asia-Pacific region, focusing on ICT industry solutions, particularly in enterprise systems, consumer electronics, and cloud computing [2] - The company has experienced high growth in recent years, with revenue projected to increase from 63.7 billion to 81.1 billion by 2024, representing a year-on-year growth of 20.6% [2] - The net profit attributable to the parent company is expected to grow from 830 million in 2023 to 958 million in 2024, a year-on-year increase of 14.09% [2] - The operating cash flow is projected to significantly improve to 1.659 billion in 2024, reflecting a year-on-year growth of 185% [2] Group 2: Market Trends - The demand for computing power and AI is driving growth in the Chinese ICT market, with global ICT spending expected to reach approximately USD 5.3 trillion in 2024 and grow to USD 6.9 trillion by 2028, representing a five-year CAGR of 7% [3] - The Chinese ICT market is anticipated to grow from approximately USD 626 billion in 2024 to USD 751.76 billion by 2028, with a CAGR of 6.5% [3] - The enterprise-level ICT market in China is projected to reach approximately USD 269.36 billion in 2024, with a year-on-year growth of 11.7% [3] Group 3: Regional Developments - The data center market is highly concentrated in North America, Asia, and Europe, with Southeast Asia experiencing a digital infrastructure construction boom [4] - By the end of 2024, Asia's data center installed capacity is expected to reach 22,780 MW, accounting for 44% of the global total [4] - Major global tech companies are investing heavily in Southeast Asia's data centers and computing infrastructure, positioning the region as the third-largest new computing power market globally [4] Group 4: Business Strategy - Weishi Jiajie is leveraging its strong ICT channels and financial management to rapidly expand in Southeast Asia, focusing on AI and cloud service upgrades [5] - The company's Southeast Asia business is projected to see a significant revenue increase of 74% in 2024, with net profit contributing approximately 51% [5] - Collaborations with top cloud service providers are enhancing the company's cloud business, covering over 30 intelligent computing centers in China [5] - The company is also advancing its initiatives in electric vehicle solutions and cross-border payment scenarios, which are expected to synergize with its core ICT distribution business [5] Group 5: Financial Projections - Revenue forecasts for Weishi Jiajie from 2025 to 2027 are projected at 103.7 billion, 129.63 billion, and 155.55 billion, with growth rates of approximately 28%, 25%, and 20% respectively [6] - The net profit attributable to the parent company is expected to be 1.251 billion, 1.532 billion, and 1.883 billion from 2025 to 2027, with growth rates of 30%, 22.4%, and 22.9% respectively [6] - Given the ongoing high demand for computing power and the acceleration of digital infrastructure in Southeast Asia, the current valuation is seen to have significant upside potential, with a target price of HKD 11.52 based on a PE of 12x for 2025 [6]