SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-06-16 03:47Core Viewpoint - The company, Switchbot (Shenzhen) Co., Ltd., is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for R&D, sales expansion, debt repayment, and general operational needs [1]. Company Overview - Switchbot is a leading global provider of AI-enabled home robot systems, holding an 11.9% market share in 2024, making it the largest in this sector [2]. - The company focuses on developing a comprehensive ecosystem centered around smart home robot products, leveraging its integrated R&D, production, and sales capabilities [2]. Financial Performance - Revenue projections for 2022-2024 are approximately RMB 275 million, RMB 457 million, and RMB 610 million, respectively, with losses decreasing from RMB 86.98 million in 2022 to RMB 3.07 million in 2024 [3][5]. - High R&D and sales expenses are significantly impacting profit margins, with R&D costs growing at a CAGR of 29.9% and sales expenses at 34.7% from 2022 to 2024 [5]. Market Dependency - The company heavily relies on the Japanese market, which accounted for 61.4% to 57.7% of total revenue from 2022 to 2024, while overall international sales constituted 95% of revenue [6][7]. - The reliance on overseas markets exposes the company to geopolitical risks and currency fluctuations, with foreign exchange losses reaching RMB 6.49 million in 2024, a 301.11% increase year-on-year [8]. Sales Channel Risks - The company is significantly dependent on Amazon for sales, with revenue from Amazon platforms making up 81.9% to 64.2% of total income from 2022 to 2024 [9][10]. - This reliance poses risks, as any changes in Amazon's policies or negative events could adversely affect the company's revenue and brand image [10].