HK/China Healthcare Analyst (ex-Fosun Pharma)

Xinyao (Criss) Wang

Over 15 years' experience in both finance and healthcare, covering clinic operations, investment and equity research in both China and overseas.

Pre-IPO Luxshare Precision Industry (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Foundation Healthcare - The IPO Pricing Is Reasonable

Pre-IPO BioRay Biopharmaceutical - The Core Business Is Facing Challenges

Pre-IPO Qdama International Holding - The Business Model Is Not Sustainable

Pre-IPO Junlebao Dairy Group - The Strength and the Concerns

Equity Capital Markets

Guangdong Dtech Technology / Equity Capital Markets

<ul>
<li>Dtech’s performance is highly dependent on the large-scale production of mid-to-low-end affordable drill bits. The high-end coated micro-drill technology lags behind that of Japanese and Taiwanese competitors</li>
<li>If demand for AI in next 2-3 years fails to meet optimistic expectations, concentrated release of new production capacity will lead to price war, thereby squeezing the overall profit level.</li>
<li>Neutral scenario is 30-35x P/E, based on 80%+ net profit growth in 2026, 40%+ gross margin, and the AI-related sentiment does not significantly fade during HK IPO period.</li>
</ul>


Dtech’s performance is highly dependent on the large-scale production of mid-to-low-end affordable drill bits. The high-end coated micro-drill technology lags behind that of Japanese and Taiwanese competitors
If demand for AI in next 2-3 years fails to meet optimistic expectations, concentrated release of new production capacity will lead to price war, thereby squeezing the overall profit level.
Neutral scenario is 30-35x P/E, based on 80%+ net profit growth in 2026, 40%+ gross margin, and the AI-related sentiment does not significantly fade during HK IPO period.


Pre-IPO Guangdong Dtech Technology (PHIP Updates) - Some Points Worth the Attention