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02272通訊2026-06-27 · Listed

Xiamen Ketuo Communication Technology Co., Ltd.

廈門科拓通訊技術

Offer Price

HK$39.55

Market Cap

HK$40.0B

Listing Date

2026-06-27

Sector

通訊

📊 Valuation Analysis

P/S ratio

4.5x

合理 — 接近行業平均

通訊 sector P/S benchmark: 5x – 10x

Revenue growth (YoY)

3.9%

Gross margin

46.4%

Net margin

11.3%

Profitability

Profitable

Fair value range by sector P/S benchmark: HK$44.16 – HK$88.32

💰 Financial Summary (FY2025)

Revenue

RMB8.31B

Prior revenue

RMB8.00B

Gross profit

RMB3.85B

Net profit

RMB0.94B

Figures in RMB (some companies converted from their prospectus reporting currency — see notes below).

📝 Key Notes

通訊技術方案商,增速較慢但已盈利

🏢 Company Overview

廈門科拓通訊技術股份有限公司,中國領先的通訊技術方案及物聯網產品提供商。業務涵蓋三大板塊:(1) 通訊網絡覆蓋方案(5G室內分佈系統、軌道交通隧道漏纜方案),主要服務中國移動、中國電信、中國聯通三大運營商;(2) 物聯網智能硬件(智慧停車傳感器、車位引導系統),品牌「科拓停車」在中國商業停車場覆蓋率排名前三;(3) 通訊基礎設施運維服務(基站巡檢、網絡優化)。客戶群穩定但行業增速趨緩,近年重點轉向海外東南亞市場拓展。

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⚠️ For educational reference only and not investment advice. IPO pricing, listing dates and financial data are subject to change — always refer to HKEX announcements and the prospectus. Investing involves risk.