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 Top Numerical Control Technology (PHIP Updates) - Some Points Worth the Attention

Pre-IPO Pharmeyes Cayman Holding - The Technical Barriers Are Not High

Pre-IPO Yuen Kee Food Group - The Business Model, the Concerns and the Outlook

Equity Capital Markets

<ul>
<li>SDMC’s core business model is "ODM hardware export+Google ecosystem binding+AI system platform extension", but there’s a significant deviation between its commercial essence and the narrative of "AI Home solution provider".</li>
<li>The business structure makes it difficult for SDMC to maintain a consistently high growth rate. It is more akin to a "project-based manufacturer" rather than a "platform-based technology company".</li>
<li>SDMC's growth was not a true internal expansion, but rather a "periodic peak" driven by concentrated orders. Based on 2026 forecast, a comfortable valuation range could be 15x- 22x P/E.</li>
</ul>


SDMC’s core business model is "ODM hardware export+Google ecosystem binding+AI system platform extension", but there’s a significant deviation between its commercial essence and the narrative of "AI Home solution provider".
The business structure makes it difficult for SDMC to maintain a consistently high growth rate. It is more akin to a "project-based manufacturer" rather than a "platform-based technology company".
SDMC's growth was not a true internal expansion, but rather a "periodic peak" driven by concentrated orders. Based on 2026 forecast, a comfortable valuation range could be 15x- 22x P/E.


Pre-IPO Shenzhen SDMC Technology (PHIP Updates) - Some Points Worth the Attention