On February 2nd, Isvision (Hangzhou) Technology Co.,Ltd. (688816.SH) commenced its subscription period, setting an issue price of 55.95 yuan per share. The maximum subscription limit is 6,000 shares, with a price-to-earnings (P/E) ratio of 90.39 times. The listing is on the Shanghai Stock Exchange, with SDIC Securities acting as the sponsor.
According to its prospectus, Isvision specializes in the research and development, production, and sales of machine vision equipment for automotive manufacturing. It provides machine vision solutions for various process stages in the manufacturing of complete vehicles and components, holding the top domestic market share in this segment. As a nationally designated "Little Giant" enterprise, it has successfully broken the long-term monopoly of foreign manufacturers while accelerating the digital and intelligent transformation of China's automotive industry.
Furthermore, the company has initiated business layouts in rail transit operation and maintenance, as well as the aviation sector, continuously exploring new application scenarios for its technology.
By the end of 2024, the company's products had been deployed in volume at mainstream joint venture brands such as FAW-Volkswagen, SAIC Volkswagen, GAC Toyota, SAIC General Motors, and Beijing Benz; traditional domestic brands including BYD, JAC, Chery, GAC, and Dongfeng; new energy vehicle makers like Leapmotor, NIO, Li Auto, Xiaomi, and XPeng; as well as renowned domestic and international automotive component suppliers such as Gestamp, Cosma, Benteler, Tuopu, Huaxiang, and Huizhong.
In recent years, the company's products have also been exported and applied at major global factories of international automakers, including Company B, Volvo, and Rivian, while also being utilized in overseas plants of leading Chinese automakers like BYD and Chery.
Statistics from Frost & Sullivan indicate that in 2024, Isvision achieved a market share of 22.5% in machine vision products for China's complete vehicle manufacturing, surpassing foreign competitors like Isra Vision and Borsai to rank first in the industry. It is also the sole Chinese company in this field with annual revenue exceeding 100 million yuan.
Financially, for the years 2022, 2023, and 2024, the company reported operating revenues of approximately 223 million yuan, 355 million yuan, and 392 million yuan, respectively. Net profit for the same periods was approximately 5.1042 million yuan, 57.7648 million yuan, and 84.5153 million yuan, respectively.
Isvision noted in its prospectus that it incurred a loss for the period January to June 2025, primarily due to seasonal influences. Owing to the industry practice of "year-end settlements" among domestic automakers and their supporting industries, a significant portion of the company's sales revenue is concentrated in the fourth quarter.
Overall, despite the seasonal impact resulting in a net profit attributable to owners of the parent company after deducting non-recurring losses of -10.1159 million yuan, the scale of the loss has decreased significantly compared to the same period last year. With the gradual completion and revenue recognition of projects in progress during the second half of the year, the company anticipates maintaining a relatively high level of profitability for the full year.
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