新股前瞻| 三年累亏24亿，“AI新秀”滴普科技能否顺利闯关18C？

Core Viewpoint - Dipu Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to become the first enterprise-level AI company listed in Hong Kong by 2025, despite facing significant profitability challenges [1][2]. Company Overview - Dipu Technology has completed approximately 9 rounds of financing, raising around 2 billion RMB, with investors including Hillhouse Capital, IDG Capital, and Guotai Junan [1]. - The company focuses on providing cutting-edge AI solutions to help enterprises efficiently integrate data, decision-making, and operations [2]. Financial Performance - Revenue for 2022, 2023, and 2024 is projected to be approximately 100 million RMB, 129 million RMB, and 243 million RMB, respectively, with a compound annual growth rate (CAGR) of 55.5% [2][3]. - The company has incurred significant losses, totaling 2.4 billion RMB over three years, with losses of approximately 655 million RMB, 503 million RMB, and 1.26 billion RMB for the respective years [2][3]. Revenue Breakdown - For 2024, the revenue from FastData and FastAGI solutions is expected to account for 62.8% and 37.2% of total revenue, respectively [3]. - The gross profit margin is projected to improve from 29.4% in 2022 to 51.9% in 2024 [3]. R&D Investment - R&D expenses are substantial, accounting for 93.7%, 63.8%, and 33.5% of total revenue from 2022 to 2024 [5]. - The number of clients has increased significantly, with 245 clients expected by the end of 2024, of which 33.1% are repeat customers [5]. Market Context - The enterprise-level AI application solutions market in China is growing rapidly, with a market size projected to increase from 10.7 billion RMB in 2020 to 38.6 billion RMB in 2024, reflecting a CAGR of 37.8% [6]. - The competitive landscape is concentrated, with the top five providers holding 39.1% of the market share, and Dipu Technology ranked fifth with a market share of 4.2% [12][13]. Commercialization Challenges - Despite the growth in AI applications, many companies face difficulties in commercialization, with examples of other AI firms struggling to achieve profitability [10]. - Dipu Technology has implemented various AI solutions across multiple industries, including retail, manufacturing, and healthcare, but must continue to demonstrate value to clients to sustain growth [11][12].