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.

2026 High Conviction Update: Innovent (1801.HK) - The Cooperation with Lilly and the Concerns Behind

Wuxi Lead Intelligent Equipment - The Concerns On Fundamentals and the Valuation Outlook

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

Muyuan Foods (2714.HK) - Thoughts on IPO Pricing and Valuation Outlook

Pre-IPO Pre-IPO Ridge Outdoor International (PHIP Updates) - Some Points Worth the Attention

Wuxi Lead Intelligent Equipment Hong Kong IPO Valuation Analysis

Wuxi Lead Intelligent Equipment Hong Kong IPO Preview

Wuxi Lead A/H Listing: Charged Up for Growth, Valuation Seems Cheap Given Its Market Leader Profile

Equity Capital Markets

Wuxi Lead Intelligent Equipmen / Equity Capital Markets

Wuxi Lead Intelligent Equipmen (300450 CH)

<ul>
<li>The “comprehensive technical expertise+ whole-line delivery capability+global top-tier customer ecosystem” forms unique barrier of WUXI LEAD. The competitive logic has evolved from "equipment cost-effectiveness" to "technological gap" and "solution capability".</li>
<li>The IPO pricing is HK$45.8/share, with market value of HK$76 billion (or RMB67.5 billion). Based on the net profit forecast of 2025, 2026, 2027, P/E is 42.2x, 29.4x, 22.5x, respectively.</li>
<li>35-40x P/E is acceptable range. The IPO pricing may have partially reflected the expectations for future growth. Considering WUXI LEAD’s growth certainty is higher, it can enjoy certain valuation premium.</li>
</ul>


The “comprehensive technical expertise+ whole-line delivery capability+global top-tier customer ecosystem” forms unique barrier of WUXI LEAD. The competitive logic has evolved from "equipment cost-effectiveness" to "technological gap" and "solution capability".
The IPO pricing is HK$45.8/share, with market value of HK$76 billion (or RMB67.5 billion). Based on the net profit forecast of 2025, 2026, 2027, P/E is 42.2x, 29.4x, 22.5x, respectively.
35-40x P/E is acceptable range. The IPO pricing may have partially reflected the expectations for future growth. Considering WUXI LEAD’s growth certainty is higher, it can enjoy certain valuation premium.


Guangdong Lyric Robot Automati (688499 CH)

Pre-IPO Wuxi Lead Intelligent Equipment (A/H Listing) - The Core Strength and Thoughts on Valuation