New Stock Preview|Robotechnik Intelligent Technology(300757.SZ) is nurturing a second growth pole to hedge the decline in its main business. Can the CPO concept make the Hong Kong stock market excited?

Since September 24, 2024, the Chinese capital market has been surging. When discussing the main theme of this bull market, technology is undoubtedly the most prominent. And among them, the CPO of optical modules may be considered the "pearl on the crown", especially the performance of the "Yi Zhongtian" three giants of optical modules in the A-share market. The most recognizable target stock prices have already skyrocketed, but it seems that not all concept stocks can continue to attract funds. Take Robotechnik Intelligent Technology (300757.SZ), which recently submitted an application for listing on the Hong Kong Stock Exchange, for example. This company, which deals with silicon photonics and CPO, has shown significant fluctuations in its stock price performance this year, which is a far cry from the several-fold increase recorded in 2024. In the years 2022-2024, Robotechnik Intelligent Technology's revenues were 9.01 billion yuan, 15.7 billion yuan, and 11.04 billion yuan, with net profits of 25.6 million yuan, 79.47 million yuan, and 63.176 million yuan, respectively. According to the company's latest quarterly report, Robotechnik Intelligent Technology's revenue for the first three quarters of this year was 4.16 billion yuan, with a net loss of 74.7489 million yuan for shareholders, and core financial data showing negative growth year-on-year. Now, by seeking a Hong Kong listing, can Robotechnik Intelligent Technology capitalize on this "springboard" to achieve breakthrough growth? If the A+H listing is successfully completed in the future, will there be new changes in the company's investment value? Is the main business growth stagnating to cultivate new growth? Robotechnik Intelligent Technology is a high-precision intelligent manufacturing equipment and system supplier, specializing in automation equipment and intelligent factory solutions for manufacturing optical interconnect, optical sensing, optical computing products, and key equipment and core support for photovoltaic cells. It's worth mentioning that a milestone event in the development history of Robotechnik Intelligent Technology is the investment and eventual acquisition of ficonTEC. Through the acquisition of the global leading high-precision coupling equipment company ficonTEC, Robotechnik Intelligent Technology has acquired proprietary and non-replicable core technology and proprietary technology for the assembly and testing of silicon photonic devices, covering the entire high-precision manufacturing process and meeting specific application requirements in the fields of communications, telecommunications, and other markets. According to Zheshang's in-depth report, ficonTEC is expected to have a fee rate of around 29% during 2025, gradually decreasing to 20% by 2028; net profit margins are estimated at 13.1% in 2025, potentially rising to 22.6% by 2028. Although the strategic acquisition has raised further growth expectations for Robotechnik Intelligent Technology, considering the company's current performance, it appears that Robotechnik Intelligent Technology is urgently awaiting a turning point in performance. Breaking down the revenue structure, the majority of Robotechnik Intelligent Technology's revenue comes from the photovoltaic manufacturing solutions, accounting for 92.8%, 95%, 92.5%, and 72.6% respectively in the years 2022-2025. At the same time that the core business revenue weight has been declining, the silicon photonics assembly and testing equipment business of Robotechnik Intelligent Technology is beginning to show potential. This business only started contributing revenue in 2024, but by the first half of this year, its share of business had risen to 18.7%. In the first half of this year, a decrease in revenue from photovoltaic manufacturing solutions has dragged down Robotechnik Intelligent Technology's overall revenue performance. According to information disclosed by Robotechnik Intelligent Technology, the main reason for the company's performance decline this year is the oversupply of downstream capacity in the photovoltaic industry, leading to an overall contraction in demand. This challenging industry situation has transmitted downstream issues to companies in the photovoltaic automation equipment industry, including Robotechnik Intelligent Technology, creating significant challenges and pressures. Under pressure, Robotechnik Intelligent Technology is actively cultivating new growth points to offset the decline in its main business as much as possible. For example, the company has been active in the international market in recent years, expanding its overseas business, with a focus on the rapidly growing Indian market. Additionally, the company plans to introduce high-efficiency battery core equipment and integrated solutions tailored to the specific needs of some overseas markets. Furthermore, after completing the acquisition of ficonTEC, the optoelectronics and semiconductor packaging and testing business is gradually contributing to helping Robotechnik Intelligent Technology break through the bottleneck of a single main business. When will the growth prospects in the hot racetrack be realized? Globally, there are few suppliers that can provide intelligent photonics and silicon photonics manufacturing. Including the revenue from ficonTEC, which Robotechnik Intelligent Technology invested in 2020 and completed the acquisition this year, Robotechnik Intelligent Technology has a market share of 25.5% in the silicon photonics intelligent manufacturing equipment market in 2024, ranking first globally. As of now, Robotechnik Intelligent Technology is the only supplier able to provide end-to-end solutions. Additionally, at ultra-high precision levels of 10 nanometers and below, Robotechnik Intelligent Technology is also the only supplier in the world providing super high-precision silicon photonics assembly and testing equipment for mass production environments, with a linear motion accuracy of up to 5 nanometers. According to Zheshang's research report, ficonTEC has few competitors in high-end coupling equipment, with main foreign competitors including ADS Tech from Korea, and domestic competitors including Shenzhen Leishen and Suzhou Lieqi (both behind ficonTEC in terms of technology). With technological advantages, ficonTEC is the sole supplier of Broadcom's CPO product coupling equipment, helping Broadcom create the world's first CPO product for switch side. These have already delivered at least 14 devices. Moreover, ficonTEC has entered Nvidia's coupling equipment supply chain, with an outstanding order balance of 24.38 million euros (approximately 170 million yuan) as of July 31, 2024. As silicon photonics technology and CPO rapidly develop, market expectations for automatic packaging and coupling equipment are expected to continue increasing. In this field, the relevant business of Robotechnik Intelligent Technology is naturally set to benefit significantly. According to the interim report, as of the review date of the interim report, Robotechnik Intelligent Technology's orders in the optoelectronics and semiconductor sector amount to 662 million yuan, with additional projects still in discussion. Beyond their traditional core business, cultivating potential new businesses is undoubtedly one of the key reasons A-share investors had high expectations for Robotechnik Intelligent Technology. However, it is undeniable that the continued decline in the scale of the photovoltaic manufacturing solutions business this year has significantly pressured the company's overall performance. Presently, the incremental income generated by the silicon photonics assembly and testing equipment business is not sufficient to fully offset the decline in Robotechnik Intelligent Technology's traditional main business. In the short term, the outcome of the turning point in Robotechnik Intelligent Technology's performance is likely dependent on when the photovoltaic equipment business can stabilize and rebound. Looking at a longer-term perspective, if the company's positioning in the silicon photonics and CPO racetracks pays off significantly, the fundamental prospects of the company are expected to significantly improve. In the process of this strategic "reinforcement", a Hong Kong listing may also be an important part, as Hong Kong, as an important international financial center, is expected to help Robotechnik Intelligent Technology better utilize its production capabilities in Germany and Estonia, and accelerate the construction of an expandable integrated network to support global customers. As for whether Hong Kong investors will cast their "trust vote" in gold and silver after its listing, GMTEight will continue to monitor closely.