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 Alebund Pharmaceuticals (PHIP Updates) - Some Points Worth the Attention

Pre-IPO SG Micro Corp (A/H Listing) - Some Points Worth the Attention

Pre-IPO Lingyi ITech Guangdong (PHIP Updates) - The Business Model and the Outlook

Pre-IPO New Hope Dairy (A/H Listing) - The Company Has Occupied a Favorable Position

Equity Capital Markets

Shanghai Seer Intelligent Technology / Equity Capital Markets

Shanghai Seer Intelligent Technology (SSIT HK)

<ul>
<li>Seer has a three-in-one composite model consisting of "technology licensing centered on the controller + complete system integration + software platform subscription".The core logic is to achieve downward compatibility/upward extension.</li>
<li>When analyzing the revenue structure in depth, the growth quality is worrying: the high-margin core business is shrinking, and the main driver of growth has become the low-margin hardware sales.</li>
<li>Seer's positioning combines the scarcity of high-tech barriers and growth risk of not being profitable. Valuation would be balanced between the two. A neutral scenario could be P/S of 5-6x.</li>
</ul>


Seer has a three-in-one composite model consisting of "technology licensing centered on the controller + complete system integration + software platform subscription".The core logic is to achieve downward compatibility/upward extension.
When analyzing the revenue structure in depth, the growth quality is worrying: the high-margin core business is shrinking, and the main driver of growth has become the low-margin hardware sales.
Seer's positioning combines the scarcity of high-tech barriers and growth risk of not being profitable. Valuation would be balanced between the two. A neutral scenario could be P/S of 5-6x.


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