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 IMPACT Therapeutics (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Cofoe Medical Technology (PHIP Updates) - Some Points Worth the Attention

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

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

Equity Capital Markets

Shenzhen LDRobot / Equity Capital Markets

<ul>
<li>The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.</li>
<li>The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively</li>
<li>Such valuation range based on IPO pricing is also close to peer <a href="https://www.smartkarma.com/entities/robosense-technology-co-ltd" target="_blank" data-smartkarma-citation="entities:39903:1" rel="noopener">Robosense </a>and <a href="https://www.smartkarma.com/entities/beijing-geekplus-technology-co-ltd-geek" target="_blank" data-smartkarma-citation="entities:35636:1" rel="noopener">Geekplus</a>. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.</li>
</ul>


The competition in the field of visual sensors is particularly fierce. This has led to the dilemma of "price war" for LDROBOT's robots, which have not yet achieved large-scale profitability.
The IPO pricing is HK$24-30/share, with market value of HK$8-10 billion, or about RMB7-8.7 billion. If based on 2025 revenue and 2026 revenue forecast, P/S is 9.3-11.6x and 5.23-6.53x, respectively
Such valuation range based on IPO pricing is also close to peer Robosense and Geekplus. So, we think an overall valuation of about 6-7x P/S is relatively reasonable for LDROBOT.


Pre-IPO Shenzhen LDRobot - The IPO Pricing Is Reasonable