For stock trading, please read Jin Qilin analyst research reports. They are authoritative, professional, timely and comprehensive, helping you to tap potential theme opportunities! Source: Financial Investment News Financial Investment News reporter He Menglu When AIGC (generative artificial intelligence) became a global focus, Mobvoi Co., Ltd. (hereinafter referred to as: Mobvoi) followed the trend and actively embraced the capital market.
On April 24, Mobvoi (02438.HK) officially landed on the Hong Kong Stock Exchange, completing its gorgeous transformation from a \”star company\” to \”the first AIGC stock\”.
It passed through the AI development cycle and finally knocked on the door of capital. However, it suffered a break in the first day of listing, causing industry insiders to worry about its future.
The IPO broke on the first day of listing. The prospectus shows that Mobvoi is an AI company with generative AI and voice interaction technology as its core business.
The CIC Consulting Industry Report shows that in terms of revenue in 2022, Mobvoi ranks third in China\’s AI voice technology and natural language processing software solutions, with a market share of 1.4%; in 2022, among other market players in China Among them, Mobvoi AIGC solution generated the most revenue.
Jinbao AI Studio Drawing Obviously, Mobvoi is like the “top student” in the domestic AIGC field, and its market position in this field is self-evident.
Therefore, investors have also shown strong interest in the \”AIGC First Stock\”.
The allotment results announced by Mobvoi showed that it sold 84.568 million shares globally and 42.284 million shares in the public offering. Among them, the public offering was subscribed 117.39 times.
But what is unexpected is that Mobvovo, which subscribed more than 100 times before the listing, could not escape the fate of breaking the stock price on the first day of listing.
On April 24, Mobvoi opened at HK$2.98 per share, a drop of more than 21% from the issue price of HK$3.8 per share, and it broke the stock price upon listing.
As of the first day of listing, it closed at HK$3.68 per share, a decrease of 3.16%.
On April 25, Mobvoi opened sharply, with an intraday increase of more than 8% to HK$3.99, a new listing high.
The stock price fluctuated and fell back in the afternoon, closing at HK$3.36 per share, down 8.7%.
A reporter from the Financial Investment News noticed that the enthusiasm for subscriptions and the first-day breakout may seem contradictory, but in fact they express the two attitudes of the capital market towards Mobvoi, including expectations for its future growth and concerns about its future growth. Profitability concerns.
Laying out AIGC market segments The prospectus shows that from 2021 to 2023, Mobvoi’s revenue will be 397 million yuan, 502 million yuan and 507 million yuan respectively, and its gross profits will be 149 million yuan, 336 million yuan and 326 million yuan respectively.
According to the prospectus, it is worth mentioning that Mobvoi has two main business lines to “make blood” for it, namely AI software solutions, smart devices and other accessories.
Among them, revenue from AI software solutions has grown sharply in recent years.
The prospectus shows that the relevant sectors will grow from 60 million yuan in 2021 to 343 million yuan in 2023, with a compound annual growth rate of 140%, and the revenue proportion will also climb from 15% in 2021 to 67.7% in 2023.
Mobvoi’s AI software solution consists of two aspects, namely AIGC solution and AI enterprise solution.
The prospectus shows that the revenue of its AIGC solution from 2021 to 2023 will be 6.822 million yuan, 39.857 million yuan and 118 million yuan respectively, with a compound annual growth rate of over 300%.
AI enterprise solutions mainly revolve around voice interaction.
For example, in-vehicle AI assistants for automotive customers, as well as intelligent voice customer service and embedded AI software services for financial and TMT customers.
Industry insiders said that Mobvoi is in the AIGC segment of the large AI industry and has high growth potential.
A CIC Consulting report shows that the market size of China\’s AIGC market has increased from 100 million yuan in 2020 to 400 million yuan in 2022, and the market size is expected to reach 32.6 billion yuan in 2027.
Reporter\’s Notes Are you trying to seize the spotlight or are you eager to \”transfuse blood\”? Talking about why AI companies collectively IPO, industry analysts said that in addition to being a shiny business card, the cost of R&D investment in the AI industry is high, and the willingness to raise funds through IPO is relatively urgent.
As a result, Mobvoi will use a large amount of funds raised from this IPO to invest in AI-related research and development.
The prospectus shows that 44.3% of the funds raised by Mobvoi will be used to continuously improve modeling technology for model training; 35.7% of the funds raised will be used for solution development and marketing in the next three years.
In addition, the funds raised will also be used to seek strategic alliances, investments and acquisitions.
A reporter from the Financial Investment News noted that Mobvoi can be called an “advanced player” in the capital market.
Public information shows that since its establishment, Mobvoi has completed seven rounds of financing, with a cumulative financing of more than 255 million US dollars. Behind it are Sequoia Capital, ZhenFund, Google, Perfect Optoelectronics, Goertek and other star capitals.
It is not difficult to find that from multiple rounds of financing to listing, for a technology company under the banner of \”AIGC\” and \”big model\”, it is crucial to replenish cash flow in a timely manner.
On the segmented track, the influx of new players is increasing day by day and is strong, or for Mobvoi, the external environment has changed.
Relevant data shows that there were 201 investment events in the AIGC field last year, with the investment amount exceeding 165.4 billion yuan. Zhipu, Dark Side of the Moon, MiniMax and Baichuan Intelligence, known as the \”New AI Little Dragons\”, have frequently received capital favors this year , the scale of financing has far exceeded that of Wenwen.
