A-share subscription | Hao Chuang Ruitong (301668.SZ) launched subscription, focusing on intelligent distribution equipment and digitalization of distribution networks.

On September 11th, Haocruicreating (301668.SZ) began accepting applications. The issue price is 21 yuan per share, with a limit of 0.65 million shares. The price-earnings ratio is 21.02 times, and it belongs to the Shenzhen Stock Exchange, with Changjiang as its sponsor. The prospectus reveals that Haocruicreating is a high-tech enterprise focusing on intelligent distribution equipment and digital solutions for distribution networks. The company is mainly engaged in the research, development, production, and sales of intelligent distribution equipment, including intelligent ring network cabinets, intelligent pole-mounted switches, and box-type substations. According to the "CHINA POWER Industry Annual Development Report 2024," in 2023, China's power grid completed an investment amount of 527.7 billion yuan, a year-on-year increase of 5.4%, of which 292 billion yuan was invested in the distribution network, accounting for 55.33%. According to data from the National Energy Administration, in 2024, the investment in electric power engineering in China reached 608.3 billion yuan, a year-on-year increase of 15.3%. According to data from MARKETSANDMARKETS, the global smart grid market was worth $43.1 billion in 2021, and is expected to reach $103.4 billion by 2026, with a compound annual growth rate of 19.1%. The distribution segment is expected to account for the largest share of the smart grid. With the continuous advancement of China's power grid construction and improvement, total investments in the power grid remain high, with overall investment in smart technology remaining stable. Investments in intelligent distribution technology continue to show growth, with a growing proportion of total smart investments. Currently, the company's main intelligent distribution equipment includes intelligent ring network cabinets, intelligent pole-mounted switches, and box-type substations. The main customers are subsidiaries of the State Grid Corporation of China, which is one of the main users of distribution equipment in China. The State Grid Corporation is also one of the leaders in the construction of smart grids and new power systems in China, and has strict requirements for the quality and technical content of distribution equipment products. Therefore, the market demand for related products from the State Grid Corporation can to some extent reflect the market development of intelligent distribution equipment products. Financially, in 2022, 2023, and 2024, the company achieved operating revenues of approximately 560 million yuan, 672 million yuan, and 867 million yuan, respectively. During the same period, the net profits were approximately 68.76 million yuan, 87.41 million yuan, and 111 million yuan, respectively.