Sou Hu Cai Jing·2025-06-20 17:50Core Insights - 华大北斗's business model relies heavily on third-party manufacturing and distribution, leading to low profit margins despite significant revenue from integrated chips and modules [1][3][5] - The company has not achieved profitability, accumulating losses exceeding 500 million yuan, while its revenue has shown fluctuations over the reporting period [5][7] Revenue Breakdown - Revenue from self-developed GNSS chips and modules for the years 2022 to 2024 was 193 million, 167 million, and 238 million yuan, accounting for 27.7%, 26%, and 28.3% of total revenue respectively [1] - Integrated chip and module business generated revenues of 505 million, 478 million, and 602 million yuan during the same period, representing 72.3%, 74%, and 71.7% of total revenue [1] Profitability and Margins - The overall gross margin for 华大北斗 was 12%, 10.5%, and 9.8% over the reporting period, indicating a downward trend [3] - The gross margin for the integrated chip and module business was particularly low, at 2.8%, 3.1%, and 2.8% [3] - In contrast, the gross margin for self-developed GNSS chips was significantly higher at 36%, 31.7%, and 27.3%, although still lower than competitors like 海格通信 [3] Financial Performance - 华大北斗's total operating revenue for the reporting period was 698 million, 645 million, and 840 million yuan, with no profits reported [5] - The company has attracted significant investment from major shareholders, including 中电光谷 and 比亚迪, indicating strong market potential despite financial challenges [5][7] Shareholding Structure - As of the IPO, 中电光谷 remained the largest shareholder with a 9.224% stake, while 比亚迪 held 4.12% [7] - The company's shareholding structure has become large and dispersed due to multiple rounds of financing, lacking a single controlling shareholder [5][7]