Core Viewpoint - Meig Smart is a leading global provider of wireless communication modules and solutions, recently submitted an application for listing on the Hong Kong Stock Exchange, with CICC as its sole sponsor. The company ranks fourth in the global wireless communication module industry with a market share of 6.4% and holds the top position in high-performance intelligent modules with a market share of 29% [1][2]. Group 1: Company Performance - The company has shown strong performance over the past two years, with revenue growth rates of -6.9%, 36.98%, and 73.57% from 2023 to Q1 2025, while net profit growth rates were -49.5%, 110.6%, and 616% respectively [1][2]. - The intelligent module business has seen a compound annual growth rate (CAGR) of 39% from 2022 to 2024, with its revenue share increasing by 21.4 percentage points to 62.9% [5][6]. Group 2: Market Trends - The global edge AI market is expected to reach a scale of 251.7 billion yuan in 2024, with a five-year CAGR of 29.3%, projected to grow to 1.22 trillion yuan by 2029, with a CAGR of 39.6% [1][2]. - The high-performance intelligent module market is projected to grow from 2.4 billion yuan in 2024 to 11.5 billion yuan by 2029, benefiting from the explosion of edge AI applications [3][4]. Group 3: Competitive Position - The global wireless communication module market is relatively concentrated, with the top five manufacturers holding 76.8% of the market share. Meig Smart ranks fourth with a 6.4% market share [3][4]. - The company leads in specific segments, holding a 35.1% market share in 5G vehicle-mounted modules and a 29% market share in high-performance intelligent modules [3][4]. Group 4: Financial Health - The company maintains a stable gross margin between 16% and 18% over the past three years, with the intelligent module business contributing over 70% of gross profit [8][9]. - As of March 2025, the company has a debt-to-asset ratio of 47.6% and cash reserves of 460 million yuan, although it has experienced negative cash flow in recent years [8][9]. Group 5: Investment Outlook - The company is well-positioned to capitalize on the AI development wave, with strong product offerings in 5G vehicle-mounted modules and high-performance intelligent modules expected to drive sustained revenue growth [9][10]. - The average dividend payout ratio from 2022 to 2024 is 26.4%, indicating a commitment to returning value to shareholders [9].

6月18日，美格智能技术股份有限公司正式递表港交所，拟港股IPO上市。 美格智能是全球领先的无线通信模块及解决方案提供商，以智能模块（尤其是高算力智能模块）为核心，推动智能化、端侧AI 及5G通信的广泛应用。根据弗若斯特沙利文的资料，于2024年，按无线通信模块业务收入计，美格智能在全球无线通信模块行 业中排名第四，占全球市场份额的6.4%。 美格智能尤其在智能模块、特别是高算力智能模块方面具有显著优势。随着行业对智能化和算力需求的不断提升，美格智能率 先将高算力智能模块作为核心业务方向，并通过技术创新和产品迭代，持续引领行业发展。根据弗若斯特沙利文的资料： 智能模块方面，美格智能是全球首家推出智能模块产品的公司；是全球首家实现5G智能模块在新能源汽车上实现大规模搭载的 公司。 美格智能的产品和解决方案广泛应用于泛物联网、智能网联车和无线宽带三大核心领域，支持智能化、端侧AI及5G通信在多种 应用场景的落地。尤其在智能网联车方面，美格智能占据行业领先地位。根据弗若斯特沙利文的资料，于2024年，以5G车载模 块出货量计，美格智能位列行业第一，占同年全球市场规模总额的35.1%。 2022年、2023年及202 ...