SIASUN(SZ:300024) Ge Long Hui·2025-06-16 14:36Core Viewpoint - Beijing Jingzhijia Technology Co., Ltd. is advancing its IPO process, aiming to become the world's first publicly listed company focused on autonomous mobile robots (AMR) for warehousing, following recent regulatory approvals and a surge in the Hong Kong robotics sector [1][10]. Group 1: Financial Performance - The company reported a revenue increase from 790 million yuan in 2021 to 2.41 billion yuan in 2024, achieving a compound annual growth rate (CAGR) of 45% [2]. - The order amount for 2024 reached 3.14 billion yuan, indicating strong demand and market expansion [2]. - The overall gross margin improved to 34.8%, with the core AMR solutions achieving a gross margin of 39.2% [2]. - Adjusted EBITDA losses decreased significantly from 672 million yuan in 2021 to 25 million yuan in 2024, reflecting improved operational efficiency [2]. Group 2: Globalization Strategy - Over 70% of the company's revenue comes from international markets, with clients in over 40 countries, showcasing its competitive edge in the global market [4]. - The company has established over 48 service stations and 13 spare parts centers worldwide, enabling rapid response capabilities [5]. - Customer repurchase rates are approximately 75%, with key clients showing even higher rates, indicating strong customer loyalty and product integration into supply chains [6]. Group 3: Technological Advancements - The company has been recognized multiple times in the RBR50 global robotics innovation list, highlighting its technological leadership [8]. - It has developed a universal technology platform, Robot Matrix, which enhances research and development efficiency and system compatibility [8]. - The company’s comprehensive robotic solutions cover all warehousing processes, establishing significant technical barriers in the industry [8]. Group 4: Market Potential - The global AMR market is projected to grow from 38.7 billion yuan in 2024 to 162.1 billion yuan by 2029, with a CAGR of 33.1% [10]. - The company’s established business model and global operations position it well to capitalize on this market growth [10]. - Successful IPO and subsequent funding could further accelerate the company's expansion and enhance its investment value [10].