科拓通讯冲击IPO，专注于智慧停车，2022年净利润同比下降超80%

Core Viewpoint - Xiamen Keta Communications Technology Co., Ltd. (Keta Communications) has submitted an IPO application to the Hong Kong Stock Exchange, aiming to leverage its smart parking solutions to enhance operational efficiency for parking lots and provide services for over 300 million vehicles [1][3]. Company Overview - Keta Communications, established in 2006, focuses on smart parking solutions and has supported over 68,000 parking lots globally, covering more than 13 million parking spaces across over 60 countries and regions [7][3]. - The company is controlled by its founders, Sun Longxi and Huang Jinlian, who hold 53.65% of the voting rights as of April 2025 [4]. Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was reported as RMB 649.23 million, RMB 738.02 million, and RMB 799.51 million, respectively, with net profits of RMB 12.30 million, RMB 87.03 million, and RMB 86.71 million [9][10]. - Keta Communications experienced a significant decline in net profit in 2022, with a year-on-year decrease of over 80% [9]. Revenue Composition - The revenue is primarily derived from three segments: smart parking solutions (approximately 60% of total revenue), smart management (around 25%), and smart operations (about 15%) [11][13]. - The gross profit margins for the years 2022, 2023, and 2024 were 43.1%, 46.4%, and 45.9%, respectively, with a noted decline in 2024 due to increased labor costs associated with roadside parking management services [13]. Market Position - Keta Communications ranks second in the smart parking space operation industry in China, holding a market share of 3.3% as of 2024, with the industry leader being Jieshun Technology [19][21]. - The overall market for smart parking space operations in China is projected to grow from RMB 24.5 billion in 2024 to RMB 91.9 billion by 2029, with a compound annual growth rate of 30.3% [18][16]. Competitive Landscape - The parking space operation market in China is characterized by a significant gap between the number of vehicles and available parking spaces, with a ratio of approximately 1:0.5, leading to increased demand for smart parking solutions [15][16]. - The market is competitive and fragmented, with the top five players accounting for only about 17.4% of the market share [19][21].