HK/China Equity Long-Short

Osbert Tang, CFA

Equity Capital Markets

Robotphoenix Intelligent Technology / Equity Capital Markets

Robotphoenix Intelligent Technology (6871 HK)

<ul>
<li>To raise HK$679.2m of net proceeds, <a href="https://www.smartkarma.com/entities/robotphoenix-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48807:1" rel="noopener">Robotphoenix Intelligent Technology (6871 HK)</a>'s IPO is small. But this dedicated industrial robotics company is worth a bet.</li>
<li>Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.</li>
<li>We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price. </li>
</ul>


To raise HK$679.2m of net proceeds, Robotphoenix Intelligent Technology (6871 HK)'s IPO is small. But this dedicated industrial robotics company is worth a bet.
Although losses have been increasing for FY23-25, with a 3-year forward revenue CAGR of 35.2%, they should peak in FY27 and start to reduce in FY28.
We calculate a fair P/S of 13.7-15.5x for FY26, translating into a price of HK$34.3-38.6, or 12.5-26.5% upside from the IPO price. 


HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

<ul>
<li>ROBOTPHOENIX is a typical engineering robot company oriented towards light-industry scenarios.It has established "core component R&amp;D + solution delivery" full-chain business model, which is different from traditional industrial robot enterprises.</li>
<li>The concern is the inherent instability of "engineering revenue model", resulting in large fluctuations in gross margin and unstable cash flow. There are challenges in terms of scale and replicability.</li>
<li>Conservative scenario is P/S of 5-7x (or RMB2.6-3.7 billion market value).Neutral scenario is P/S 7-10x (or RMB3.7-5.2 billion market value).Optimistic scenario is P/S of 12-15x (or RMB6.3-7.8 billion market value).</li>
</ul>


ROBOTPHOENIX is a typical engineering robot company oriented towards light-industry scenarios.It has established "core component R&amp;D + solution delivery" full-chain business model, which is different from traditional industrial robot enterprises.
The concern is the inherent instability of "engineering revenue model", resulting in large fluctuations in gross margin and unstable cash flow. There are challenges in terms of scale and replicability.
Conservative scenario is P/S of 5-7x (or RMB2.6-3.7 billion market value).Neutral scenario is P/S 7-10x (or RMB3.7-5.2 billion market value).Optimistic scenario is P/S of 12-15x (or RMB6.3-7.8 billion market value).


Pre-IPO Robotphoenix Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

Global Healthcare Analyst

Tina Banerjee

<ul>
<li>
<a href="https://www.smartkarma.com/entities/robotphoenix-intelligent-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:48807:1" rel="noopener">Robotphoenix Intelligent Technology (6871 HK)</a> launched Hongkong IPO to raise up to HK$ 750.3M. They are an industrial robotics company in China, specializing in industrial robots and integrated robotics solutions.</li>
<li>Robotphoenix intends to use the IPO proceeds for expanding production facilities, overseas business development, enhance R&amp;D capabilities and working capital.</li>
<li>Robotphoenix 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>



Robotphoenix Intelligent Technology (6871 HK) launched Hongkong IPO to raise up to HK$ 750.3M. They are an industrial robotics company in China, specializing in industrial robots and integrated robotics solutions.
Robotphoenix intends to use the IPO proceeds for expanding production facilities, overseas business development, enhance R&amp;D capabilities and working capital.
Robotphoenix is a long-term growth story. We would recommend investors with a long-term investment horizon to consider the name, given the potential.


Robotphoenix IPO: Sustained Demand, Capacity Expansion Makes It Worth A Look

Thematic (Sector/Industry)

<ul>
<li>The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.</li>
<li>The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like <a href="https://www.smartkarma.com/entities/knowledge-atlas-technology-joint-stock-company-limited-class-h" target="_blank" data-smartkarma-citation="entities:44500:1" rel="noopener">Knowledge Atlas Technology (2513 HK)</a> and Beijing Deepzero Technology (2723 HK).</li>
<li>
<a href="https://www.smartkarma.com/entities/giga-device-semiconductor-inc-class-h" target="_blank" data-smartkarma-citation="entities:46238:1" rel="noopener">GigaDevice Semiconductor (3986 HK)</a>, <a href="https://www.smartkarma.com/entities/montage-technology-co-ltd-class-h" target="_blank" data-smartkarma-citation="entities:46333:1" rel="noopener">Montage Technology (6809 HK)</a>, and <a href="https://www.smartkarma.com/entities/minimax-group-inc" target="_blank" data-smartkarma-citation="entities:46185:1" rel="noopener">MiniMax (100 HK)</a> are also riskier names in the current market environment. </li>
</ul>


The collapse of the US markets on Friday, following better-than-expected nonfarm payrolls in May, is expected to send the Asian markets into panic on Monday.
The IPOs in Hong Kong this year are vulnerable, especially those that performed well, like Knowledge Atlas Technology (2513 HK) and Beijing Deepzero Technology (2723 HK).

GigaDevice Semiconductor (3986 HK), Montage Technology (6809 HK), and MiniMax (100 HK) are also riskier names in the current market environment. 


HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

China

Robotphoenix Intelligent Technology Co., Ltd. manufactures automation equipment. The Company develops and provides industrial robots, controllers, and related solutions. Robotphoenix Intelligent Technology conducts businesses in China.

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Robotphoenix Intelligent Technology (6871 HK)

Robotphoenix (6871) IPO: Worth a Bet

Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Osbert Tang, CFA

Pre-IPO Robotphoenix Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

The IPO pricing is HK$30.5, with market value of RMB6.5bn. Based on 2026 forecast, P/S is 12.4x, which is optimistic scenario.The HK market even...

Xinyao (Criss) Wang

Robotphoenix IPO: Sustained Demand, Capacity Expansion Makes It Worth A Look

Robotphoenix (6871 HK) launched an IPO in Hong Kong to raise funds for expansion and development, positioning themselves as a long-term growth...

Tina Banerjee

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Robotphoenix (6871) IPO: Worth a Bet

​Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Osbert Tang, CFA

Pre-IPO Robotphoenix Intelligent Technology (PHIP Updates) - Some Points Worth the Attention

The IPO pricing is HK$30.5, with market value of RMB6.5bn. Based on 2026 forecast, P/S is 12.4x, which is optimistic scenario.The HK market even...

Xinyao (Criss) Wang

Robotphoenix IPO: Sustained Demand, Capacity Expansion Makes It Worth A Look

​Robotphoenix (6871 HK) launched an IPO in Hong Kong to raise funds for expansion and development, positioning themselves as a long-term growth...

Tina Banerjee

HK Strategy: The Imminent Sell-Off - What IPOs Are More Vulnerable?

​The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...

Osbert Tang, CFA

Robotphoenix's small IPO aims to raise HK$679.2m, but with a promising future in industrial robotics and a leadership position in the industry, it...

Robotphoenix (6871 HK) launched an IPO in Hong Kong to raise funds for expansion and development, positioning themselves as a long-term growth...

The US market collapse on Friday will trigger panic in Asian markets. HK IPOs like Knowledge Atlas, Beijing Deepzero, GigaDevice Semiconductor,...