The super unicorn is here! Hikvision Robotics takes another step towards GEM IPO!

Recently, Hikvision (002415.SZ) announced that its subsidiary Hangzhou Hikvision Robotics Co., Ltd. (hereinafter referred to as "Hikvision Robotics") submitted an application for initial public offering to the Shenzhen Stock Exchange and formally submitted application materials for listing on the Growth Enterprise Market. On March 7, 2023, it received the "Notice on Acceptance of Application Documents for Initial Public Offering and Listing of Hangzhou Hikvision Robotics Co., Ltd. on the Growth Enterprise Market" issued by the Shenzhen Stock Exchange.

This will mean that in addition to the successful listing of Hikvision and Ezviz, Hikvision Robotics will enter the full IPO stage.

It is worth noting that the type of shares issued by Hikvision this time is RMB common shares (A shares) listed domestically; the number of shares issued shall not exceed 240,000,000 shares and shall not be less than 80,000,000 shares, accounting for no more than 25% and no less than 10% of the total share capital after this issuance. In other words, the valuation will reach 24 billion to 60 billion!

In terms of financial data, the prospectus shows that Hikvision Robotics' revenue in 2019, 2020, 2021, and the first nine months of 2022 was RMB 941 million, RMB 1.525 billion, RMB 2.768 billion, and RMB 2.81 billion, respectively; the corresponding net profits attributable to shareholders of the parent company in the same period were RMB 45.4786 million, RMB 65.0964 million, RMB 482 million, and RMB 428 million, respectively.

Among them, the machine vision business amounted to 170,335.18 million yuan, accounting for 61.14%; the mobile robot business amounted to 102,892.25 million yuan, accounting for 36.93%; the drone and others amounted to 5,352.28 million yuan, accounting for 1.92%.

According to the prospectus, Hikvision Robotics' main business revenue currently comes mainly from machine vision business and mobile robot business. In each period of the reporting period, the two types of business accounted for 89.05%, 92.93%, 96.36% and 98.07% of the main business revenue, accounting for the vast majority of the main business revenue and the proportion has increased year by year.

The prospectus also disclosed that Hikvision Robotics plans to raise 6 billion yuan in this IPO, and CITIC Securities is its sponsor. The proceeds will be used for the Hikvision Robotics Intelligent Manufacturing (Tonglu) Base Project, the Hikvision Robotics Product Industrialization Base Construction Project, the new generation of mobile robot platform technology and product research and development projects, the new generation of machine vision perception technology and product research and development projects, artificial intelligence technology and industrial software platform research and development projects, and to supplement working capital.

According to public information, Hikvision Robotics is a global provider of machine vision and mobile robot products and solutions. Its business mainly focuses on industrial Internet of Things, smart logistics and smart manufacturing. It mainly relies on the company's technical accumulation in related fields and is engaged in the design, research and development, production, sales and value-added services of hardware products and software platforms such as machine vision and mobile robots.

In terms of machine vision, the company mainly focuses on industrial visual sensing to drive industrial digitization and intelligence. The machine vision business already has three major hardware product lines: 2D vision, smart ID, and 3D vision. At the same time, it cultivates a visual application ecosystem with the VM algorithm software platform as the core. The company continues to provide machine vision hardware products and algorithm software platforms to customers in industries such as 3C electronics, new energy, automobiles, pharmaceuticals and medical care, semiconductors, and express logistics, to improve production and manufacturing flexibility and product quality, and to help the development of intelligent manufacturing.

In terms of mobile robots, we mainly focus on internal logistics and promote the automation and intelligence of manufacturing and circulation industries. The mobile robot business relies on the four major hardware product lines of lurking, moving/reloading, fork picking and material box, and the two software platforms of robot dispatching system RCS and intelligent warehousing system iWMS, focusing on covering customers in the automotive, new energy, 3C electronics, pharmaceuticals and medical, e-commerce retail and other sub-industry customers, providing professional intelligent logistics solutions, which can reduce the operating costs of logistics systems for downstream users and improve production efficiency and management quality.

In the domestic AGV/AMR manufacturer market share and machine vision sector, Hikvision Robotics has achieved amazing results for three consecutive years and has always ranked among the top in market share.

As early as December last year, Hikvision announced that it plans to spin off its holding subsidiary Hikvision Robotics to be listed on the Shenzhen Stock Exchange's Growth Enterprise Market. After the spin-off is completed, Hikvision's equity structure will not change, and it will still maintain its controlling stake in Hikvision Robotics.

According to Gaogong Mobile Robotics' observation, Hikvision Robotics has solid technical strength, outstanding production, channel, software and hardware, and supply chain capabilities, a broad and deep domestic market layout, and a steady and solid approach. These are all very important standards in the listing process.

This time, Hikvision Robotics has taken another step forward on its IPO journey.

We will continue to pay attention to Hikvision Robotics' IPO.