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 Shanghai Xizhi Technology (PHIP Update)-The Business, Peer Comparison, Thoughts on Valuation

Pre-IPO Mabwell (Shanghai) Bioscience (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Star Sports Medicine (PHIP Updates) - Some Points Worth the Attention

Equity Capital Markets

Robotphoenix Intelligent Technology / Equity Capital Markets

Robotphoenix Intelligent Technology (6871 HK)

<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