A-share subscription | Mirui Technology (920036.BJ) opens subscription. The product is used in indoor and outdoor security, as well as intelligent pet companionship scenes.

On February 26th, Mirui Technology (920036.BJ) started its IPO with an issuance price of 21.52 yuan per share, with a subscription limit of 612,200 shares and a P/E ratio of 14.99 times. It is listed on the Beijing Stock Exchange, with Guosen serving as its sponsoring institution. According to the prospectus, Mirui Technology is a high-tech enterprise focusing on the development, design, production, and sales of intelligent network cameras and IoT video products that integrate hardware, software, cloud services, and AI. The company has a complete product line mainly used in outdoor security, indoor security, smart home, baby monitoring, intelligent yard, smart pet companion, outdoor scenarios, and small and medium-sized businesses (SMBs). Currently, Mirui Technology's products and services cover North America, Europe, Asia, Oceania, and other regions, and are available through mainstream online and offline channels including Walmart, Amazon, Target, and other well-known supermarkets and online shopping platforms. The company's products have won the 2021 German iF Design Award, 2021 Red Dot Award, and its self-owned brand Optic series smart doorbell was named one of the "Top Ten Emerging Security Products in China in 2020". Data from Statista shows that the global civil security market is estimated to be around $23.68 billion by 2024, and is projected to reach $35.95 billion by 2028, with an expected compound annual growth rate of 15.16% between 2019 and 2028. Civil video surveillance is one of the subfields of the smart civil security market, with intelligent network cameras being the main product type in the civil video surveillance market. In recent years, the civil video surveillance market size and number of household users have shown robust growth, with significant room for further market penetration. According to VerifiedMarket Research, the global smart camera market was worth $5.94 billion in 2021 and is expected to reach $12.47 billion by 2030, with a projected CAGR of 8.50% during this period. In terms of finances, Mirui Technology is expected to achieve operating revenues of approximately 549 million, 673 million, and 743 million RMB in 2022, 2023, and 2024 respectively, with net profits of approximately 39.07 million, 71.46 million, and 81.63 million RMB during the same period. Mirui Technology has disclosed in their prospectus the risk of a decrease in net asset return. During the reporting period, the weighted average net asset return attributable to common shareholders after deducting non-recurring gains and losses was 24.41%, 37.42%, 35.26%, and 11.18% respectively. After the funds raised from this issuance are in place, the company's net assets are expected to increase significantly, posing a risk of a decrease in net asset return in the short term.