Company Overview - Miro Technology (920036.BJ) has launched its subscription on February 26, with an issue price of 21.52 CNY per share and a subscription limit of 612,200 shares, reflecting a price-to-earnings ratio of 14.99 times. The company is listed on the Beijing Stock Exchange, with Guosen Securities as its sponsor [1] - Miro Technology specializes in smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI in its offerings. The company has a comprehensive product line catering to various applications, including outdoor and indoor security, smart home entry, baby monitoring, smart gardens, pet companionship, outdoor scenarios, and small and medium-sized businesses (SMBs) [1] - The company's products and services are available in North America, Europe, Asia, and Oceania, reaching major online and offline channels, including Walmart, Amazon, and Target. Miro Technology has received several awards, including the 2021 iF Design Award and the 2021 Red Dot Award [1] Industry Insights - The global civil security market is projected to reach approximately 23.68 billion USD in 2024, with expectations to grow to 35.95 billion USD by 2028, representing a compound annual growth rate (CAGR) of 15.16% from 2019 to 2028 [2] - The civil video surveillance sector is a subfield of the smart civil security market, with smart network cameras being the primary product type. The market for civil video surveillance has shown strong growth in both market size and household user numbers, with significant room for increased market penetration. The global smart camera market was valued at 5.94 billion USD in 2021 and is expected to reach 12.47 billion USD by 2030, with a CAGR of 8.50% during this period [4] Financial Performance - Miro Technology's projected revenues for 2022, 2023, and 2024 are approximately 549 million CNY, 673 million CNY, and 743 million CNY, respectively. The net profits for the same years are estimated to be around 39.07 million CNY, 71.46 million CNY, and 81.63 million CNY [5] - The company's total assets as of December 31 for 2022, 2023, and 2024 are reported at approximately 2.62 billion CNY, 3.54 billion CNY, and 4.50 billion CNY, respectively. Shareholder equity has also increased significantly, with figures of about 1.60 billion CNY, 1.80 billion CNY, and 2.95 billion CNY for the same years [7] - The weighted average return on equity (ROE) for Miro Technology is projected to decline, with figures of 24.41%, 37.42%, and 35.26% for the years 2022, 2023, and 2024, respectively, indicating a potential risk following the increase in net assets post-IPO [5][7]

Group 1: Company Overview - MiRui Technology (920036.BJ) is a high-tech enterprise focused on smart network cameras and IoT video products, integrating hardware, software, cloud services, and AI [1][3] - Tongbao Optoelectronics (920168.BJ) is an automotive electronic component manufacturer specializing in automotive lighting systems, electronic control systems, and energy management systems [6][7] Group 2: Financial Information - MiRui Technology's IPO price is set at 21.52 CNY per share, with a projected P/E ratio of 14.99, while the industry average P/E is 65.47 [3] - Tongbao Optoelectronics has an IPO price of 16.17 CNY per share, with a projected P/E ratio of 14.99, compared to the industry average of 30.50 [7] Group 3: Market Position and Achievements - MiRui Technology is recognized as a national-level "specialized and innovative" small giant enterprise, ranking 29th in the "2024 Global Security 50" list published by a&s [4] - Tongbao Optoelectronics has established itself as a strategic core supplier for SAIC-GM-Wuling and has developed strong relationships with leading automotive brands [8] Group 4: Research and Development - MiRui Technology has a R&D personnel ratio exceeding 35% from 2022 to mid-2025, with total R&D investment reaching 230 million CNY, accounting for over 9% of revenue [3][4] - Tongbao Optoelectronics has obtained 79 patents, including 18 invention patents, and has led the drafting of industry standards for automotive LED modules [8] Group 5: Sales and Distribution - MiRui Technology employs a hybrid sales model, with ODM products sold through offline direct sales and proprietary brand products sold online, covering major global markets [4] - Tongbao Optoelectronics' automotive lighting products are used in popular models from major automotive brands, achieving high customer concentration with significant sales to SAIC-GM-Wuling [8][9]