Core Viewpoint - Boleton (01333) has seen a significant increase in stock price, reaching a new high of 47 HKD following a partnership announcement with Huawei Digital Energy, focusing on zero-carbon smart mining and new energy mining vehicles [1] Company Summary - Boleton's stock rose by 5.45% to 45.64 HKD with a trading volume of 7.81 million HKD [1] - The partnership with Huawei was officially signed on August 18, aiming to deepen collaboration in areas such as zero-carbon smart mining and supercharging for new energy mining vehicles [1] - According to Zhaoshang Consulting, Boleton ranks third and seventh among all new energy wide-body dump truck and loader manufacturers in China by shipment volume, with market shares of 18.3% and 3.8% respectively, making it the only pure new energy construction machinery manufacturer in these categories [1] Industry Summary - The Hang Seng Index Company is set to release its mid-year review results on August 22, with changes effective from September 8 [1] - Changjiang Securities reports that companies potentially entering the Hong Kong Stock Connect have historically shown a high probability of stock price increases prior to inclusion, particularly in sectors like power equipment, defense, agriculture, and retail [1] - Following inclusion in the Hong Kong Stock Connect, there is a likelihood of continued stock price appreciation as the number of shares held through the connect increases [1] - Boleton and several other companies are expected to be candidates for inclusion in the Hong Kong Stock Connect [1]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Views - The company is a pioneer in the non-road wide-body dump truck sector, with a solid industry position and a focus on large-scale, electric, and unmanned vehicles driving demand for mining truck replacements [6][7]. - The company has shown impressive revenue growth, with projected revenues of 6.145 billion yuan in 2024 and 6.961 billion yuan in 2025, reflecting a year-on-year growth rate of 4.9% and 13.3% respectively [2][6]. - The report highlights the significant market potential for electric and unmanned mining trucks, with the market for new energy wide-body dump trucks expected to grow from 1.7 billion yuan in 2023 to 11.2 billion yuan in 2028, representing a CAGR of 45.7% [6][7]. Summary by Sections 1. Company Overview - The company, established in 2005, is the first in China to develop and manufacture non-road wide-body dump trucks, with products widely used in various mining and large engineering projects [6][16]. - The company has maintained a high revenue growth rate, with a CAGR of 22.4% for revenue and 24.15% for net profit from 2020 to 2024 [26]. 2. Market Trends - The trend towards larger, electric, and unmanned vehicles is reshaping the industry, driven by policy changes and economic efficiency [6][37]. - The report emphasizes that the demand for new energy and unmanned mining trucks is expected to increase, with the market for unmanned mining trucks projected to grow significantly from 2025 to 2030 [9][56]. 3. Financial Projections - The company is expected to achieve net profits of 868 million yuan, 963 million yuan, and 1.087 billion yuan for the years 2025 to 2027, respectively [2][7]. - The report anticipates that the company's revenue will reach 69.61 billion yuan in 2025, with a growth rate of 13.3% [7][8]. 4. Competitive Advantages - The company has a strong first-mover advantage in the non-road wide-body dump truck market, with a focus on R&D and collaboration with key partners [6][22]. - The report notes that the company's wide-body dump trucks have a lower unit weight cost compared to traditional mining trucks, making them a more economical choice for mining operations [46][48].

Investment Rating - The report initiates coverage with a "Buy" rating for the company [6][7]. Core Viewpoints - The company is a pioneer in the non-road wide-body dump truck sector, focusing on large-scale, electric, and unmanned vehicles, which are driving the demand for mining trucks [6][14]. - The company has a strong market position and is expected to benefit from the trends of large-scale, electrification, and automation in the mining industry, with significant growth in revenue and net profit projected for the coming years [6][7][22]. Financial Data and Profit Forecast - Total revenue (in million yuan) is projected to be 6,145 in 2024, with a year-on-year growth rate of 4.9%. For 2025, the revenue is expected to reach 6,961, reflecting a growth rate of 13.3% [2]. - The net profit attributable to the parent company is forecasted to be 793 million yuan in 2024, with a year-on-year growth of 29.0%. By 2025, it is expected to increase to 868 million yuan, a growth of 9.4% [2]. - Earnings per share are projected to be 1.79 yuan in 2024 and 1.88 yuan in 2025 [2]. - The gross profit margin is expected to improve from 21.4% in 2024 to 23.1% in 2027 [2]. Market Data - As of August 13, 2025, the closing price of the company's stock is 23.20 yuan, with a market capitalization of 8,064 million yuan [3]. - The company has a price-to-book ratio of 3.3 and a dividend yield of 3.02% [3]. Industry Trends - The demand for non-road wide-body dump trucks is expected to grow significantly, with the market size for electric wide-body dump trucks projected to increase from 1.7 billion yuan in 2023 to 11.2 billion yuan by 2028, reflecting a compound annual growth rate (CAGR) of 45.7% [6][9]. - The report highlights that the transition to electric and unmanned mining trucks is becoming a necessity due to economic benefits and policy support, with the market for unmanned mining trucks expected to grow significantly in the coming years [6][9][49]. Company Overview - The company was established in 2005 and is recognized as the first in China to develop and manufacture non-road wide-body dump trucks, with a strong focus on research and development [6][14]. - The company has established partnerships with key players in the industry, such as Yikong Zhijia, to enhance its product offerings and market reach [6][14].

Group 1 - Boleton (01333) has seen a stock increase of over 5%, currently trading at 31.62 HKD with a transaction volume of 12.46 million HKD [1] - The sales revenue for China's new energy construction machinery is projected to reach 1.8 billion USD in 2024, with forecasts of 3.2 billion USD in 2025 and 15.8 billion USD by 2030, indicating strong growth in the sector [1] - The Vice President of the China Construction Machinery Industry Association emphasized the importance of technological collaboration and the establishment of key technology initiatives to enhance China's position in the global green wave [1] Group 2 - The Hang Seng Index Company will release its mid-year review results on August 22, with changes effective from September 8, which may include Boleton in the Hong Kong Stock Connect investment scope [1] - According to research, Boleton ranks third and seventh among all new energy wide-body dump truck and loader manufacturers in China by shipment volume, holding market shares of 18.3% and 3.8% respectively, making it the only pure new energy construction machinery manufacturer among the leading companies [1]

Group 1 - Boreton Technology Co., Ltd. was listed on the Hong Kong Stock Exchange on May 7, with the stock code 01333, becoming the first "zero-carbon mining robot" stock in Hong Kong, driven by its three core businesses: "new energy wide-body dump trucks, electric loaders, and unmanned driving" [1] - On its first trading day, Boreton's stock price opened with a 50% increase, closing at 24.9 HKD per share in the afternoon [1] - Boreton is recognized as a national-level specialized and innovative "little giant" enterprise and a high-tech enterprise, having established its largest new energy engineering machinery production base in Wuhan Economic Development Zone [3] Group 2 - Wuhan Economic Development Investment Group has successfully nurtured 12 listed companies, including Boreton, which received capital support during its Pre-IPO financing round [3] - The group has established a comprehensive investment system covering "angel investment, venture capital, industry, special funds, and mother funds," aimed at promoting high-quality economic development in the Wuhan Economic Development Zone [3] - The group manages 14 funds with a total scale exceeding 48 billion RMB, having invested in over 200 projects across key industries such as new energy, intelligent connected vehicles, and semiconductors [3][6] Group 3 - In April, the group, in collaboration with the district's technology innovation bureau, set up a 1 billion RMB Wuhan Chegu Science and Technology Innovation Investment Fund to promote early-stage and innovative investments [6] - The group aims to enhance the modern industrial system in the Wuhan Economic Development Zone and attract quality enterprises and projects to establish and grow in the area [6] - The strategic investments in companies like Lantu Automotive and Lotus Technology are part of the effort to build a comprehensive automotive industry ecosystem in Wuhan [3][6]

Company Overview - Boreton Technology Co., Ltd. (referred to as "Boreton") was listed on the Hong Kong Stock Exchange on May 7, 2025, with a first-day increase of 49.17%, closing at HKD 26.85 per share [2] - On the opening day, Boreton's stock rose by 63.89%, reaching HKD 29.5 per share, with a total market capitalization of approximately HKD 160.76 billion [3] IPO Details - Boreton's IPO involved the issuance of 13 million shares, with the Hong Kong public offering being oversubscribed by 198.72 times [3] - The company secured cornerstone investors, including Xinwangda and Changfeng Fund, which collectively subscribed approximately HKD 63.5 million [3] Fund Utilization - The funds raised from the IPO will be allocated for technology advancement, new product and service development, establishing manufacturing facilities, enhancing manufacturing capabilities, expanding sales and service networks, increasing brand awareness, and general corporate purposes [3] Business Strategy - Boreton's chairman, Chen Fangming, emphasized the company's commitment to advancing new productivity through the "unmanned smart mining" solution, integrating autonomous driving technology with energy management systems to achieve zero-carbon and automated operations in mining [3] - The company aims to explore emerging markets in Southeast Asia, the Middle East, and Africa, leveraging differentiated competitiveness for global expansion [3] Market Position - In 2024, Boreton held a market share of 18.3% in the Chinese new energy wide-body dump truck sector and 3.8% in the new energy loader sector, ranking third and seventh respectively [3] - Boreton is the only pure new energy construction machinery manufacturer among the top five manufacturers in these categories, focusing exclusively on the research and production of pure new energy construction machinery [3] Financial Performance - Boreton's revenue for the years 2022 to 2024 was RMB 360 million, RMB 464 million, and RMB 635 million, respectively, with annual losses of RMB 178 million, RMB 229 million, and RMB 275 million [4] - The adjusted net losses (non-IFRS measures) for the same period were RMB 143 million, RMB 190 million, and RMB 218 million [4] - Despite current losses, the company anticipates potential profitability in the future due to the expanding market for zero-carbon mining robots and ongoing technological advancements [4]