HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Equity Capital Markets

<ul>
<li>The core business model of Huayan can be summarized as "self-developed core components as the basis, dual circulation of domestic and foreign markets, and deep cultivation of segmented application scenarios".</li>
<li>Huayan emphasizes "full-stack self-R&amp;D of core components" (motors, drives, encoders, controllers). In the high-growth field of collaborative robots, companies that can self-develop core components have a higher vertical integration premium.</li>
<li>Huayan’s valuation is expected to be higher than Estun. A comfortanble range is 5-7x P/S at least, which is also a valuation range that can provide safety margin for investors。</li>
</ul>


The core business model of Huayan can be summarized as "self-developed core components as the basis, dual circulation of domestic and foreign markets, and deep cultivation of segmented application scenarios".
Huayan emphasizes "full-stack self-R&amp;D of core components" (motors, drives, encoders, controllers). In the high-growth field of collaborative robots, companies that can self-develop core components have a higher vertical integration premium.
Huayan’s valuation is expected to be higher than Estun. A comfortanble range is 5-7x P/S at least, which is also a valuation range that can provide safety margin for investors。


Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics</a> (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
We have covered various aspects of the deal in our previous notes. In this note, we will talk about the demand and trading dynamics.


Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics</a> (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>We have looked at the company's past performance in our previous note. In this note, we talk about valuations.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
We have looked at the company's past performance in our previous note. In this note, we talk about valuations.


Aequitas: Guangdong Huayan Robotics IPO - Some Doubts but Relative Pricing Isn’t Expensive

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>Guangdong Huayan Robotics launched its Hongkong IPO aiming to raise up to HK$1.4B (~ US$ 175M). They are collaborative robotics company who development, manufacturing and sale collaborative robots and components.  </li>
<li>Guangdong Huayan Robotics intends to use the IPO proceeds for expanding production facilities, overseas business development and enhance R&amp;D capabilities.</li>
<li>Guangdong Huayan Robotics is a long-term growth story. We would recommend investors with a long-term investment horizon to consider the name, given the potential.</li>
</ul>


Guangdong Huayan Robotics launched its Hongkong IPO aiming to raise up to HK$1.4B (~ US$ 175M). They are collaborative robotics company who development, manufacturing and sale collaborative robots and components.  
Guangdong Huayan Robotics intends to use the IPO proceeds for expanding production facilities, overseas business development and enhance R&amp;D capabilities.
Guangdong Huayan Robotics is a long-term growth story. We would recommend investors with a long-term investment horizon to consider the name, given the potential.


Guangdong Huayan Robotics IPO: Investors With A Long Term Collaborative Mindset Must Consider

<ul>
<li>
<a href="https://www.smartkarma.com/entities/guangdong-huayan-robotics-co-ltd" target="_blank" data-smartkarma-citation="entities:47616:1" rel="noopener">Guangdong Huayan Robotics </a>(GHR), a collaborative robotics company, is looking to raise around US$200m in its upcoming Hong Kong IPO.</li>
<li>GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.</li>
<li>In this note, we talk about the not-so-positive aspects of the deal.</li>
</ul>



Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$200m in its upcoming Hong Kong IPO.
GHR is a collaborative robotics (cobot) company engaged in the development, manufacturing and sale of cobots and core motion components for industrial automation applications.
In this note, we talk about the not-so-positive aspects of the deal.


Aequitas: Guangdong Huayan Robotics Pre-IPO - The Negatives - Most of the Revenue Comes from Related

China

Estun Automation Co., Ltd. develops and manufactures mechanical equipment. The Company focuses on metal forming and electro-hydraulic robotic machines. Estun operates in China.

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Estun Automation (002747 CH)

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Based on IPO pricing of HK$17 (or RMB8bn market value), PS is 18x if based on our 2026 forecast, much higher than the valuation of Estun (2.3x PS)....

Xinyao (Criss) Wang

Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Aequitas: Guangdong Huayan Robotics IPO - Some Doubts but Relative Pricing Isn’t Expensive

Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO. In this note, we talk...

Sumeet Singh

Guangdong Huayan Robotics IPO: Investors With A Long Term Collaborative Mindset Must Consider

Guangdong Huayan Robotics launched Hong Kong IPO to raise up to HK$1.4B for R&D, overseas business development and expand production. Investors...

Tina Banerjee

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Pre-IPO Guangdong Huayan Robotics (PHIP Updates) - Some Points Worth the Attention

Based on IPO pricing of HK$17 (or RMB8bn market value), PS is 18x if based on our 2026 forecast, much higher than the valuation of Estun (2.3x PS)....

Xinyao (Criss) Wang

Aequitas: Huayan Robotics Trading-Largest Customer Has Humanoid & Funding, Strongest Retail of Late

Guangdong Huayan Robotics (GHR), a collaborative robotics company, raised around US$231m in its Hong Kong IPO. In this note, we talk about the...

Sumeet Singh

Aequitas: Guangdong Huayan Robotics IPO - Some Doubts but Relative Pricing Isn’t Expensive

Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$175m in its Hong Kong IPO. In this note, we talk...

Sumeet Singh

Guangdong Huayan Robotics IPO: Investors With A Long Term Collaborative Mindset Must Consider

​Guangdong Huayan Robotics launched Hong Kong IPO to raise up to HK$1.4B for R&D, overseas business development and expand production. Investors...

Tina Banerjee

Aequitas: Guangdong Huayan Robotics Pre-IPO - The Negatives - Most of the Revenue Comes from Related

Guangdong Huayan Robotics (GHR), a collaborative robotics company, is looking to raise around US$200m in its Hong Kong IPO. In this note, we talk...

Sumeet Singh

Guangdong Huayan Robotics launched Hong Kong IPO to raise up to HK$1.4B for R&D, overseas business development and expand production. Investors...