深圳承泰科技股份有限公司拟在H股上市：2024年营收达3.48亿元同比增123%净亏损2177万元

Core Viewpoint - Chengtai Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to expand its international capital market presence and enhance competitiveness in the intelligent driving perception system sector [1] Group 1: Financial Performance - Chengtai Technology has shown rapid revenue growth, achieving revenues of 57.65 million yuan, 157 million yuan, and 348 million yuan in 2022, 2023, and 2024 respectively, with a compound annual growth rate (CAGR) of 146.3% [1] - The company achieved its first operating profit in 2024, amounting to 15.07 million yuan, compared to operating losses of 70.57 million yuan and 72.02 million yuan in 2022 and 2023 [1] - Despite the operating profit, the net loss for 2024 was 21.77 million yuan, a significant reduction from the 96.6 million yuan loss in 2023 [1] Group 2: Product and Market Position - Chengtai Technology is a leading supplier of millimeter-wave radar in China, with a product matrix covering L0 to L2+ intelligent driving needs [2] - In 2024, the company held a market share of 9.3% in the domestic forward millimeter-wave radar market and 4.5% in the overall vehicle-mounted millimeter-wave radar market [2] - The sales revenue from forward millimeter-wave radar was 223 million yuan, accounting for 63.9% of total revenue, while corner millimeter-wave radar contributed 123 million yuan, or 35.3% [2] Group 3: Customer Base and Collaboration - The company has a high customer concentration, with revenue from its largest customer accounting for 81.9%, 91.3%, and 93.6% of total revenue in 2022, 2023, and 2024 respectively [3] - The top five customers contributed 92.1%, 96.4%, and 98.3% of total revenue in the same years [3] - Chengtai Technology has established production bases in Shenzhen and Suzhou, along with R&D centers in Shenzhen, Suzhou, and Wuhan, strategically located near major OEM customers [3] Group 4: Industry Outlook - The Chinese vehicle-mounted millimeter-wave radar market is projected to grow from 4.4 billion yuan in 2020 to 8.2 billion yuan in 2024, with a CAGR of 16.6% [4] - The global vehicle-mounted millimeter-wave radar market is expected to increase from 15.6 billion yuan in 2020 to 24.8 billion yuan in 2024, with a projected CAGR of 15.1% [4] - Chengtai Technology's strategy focuses on core technology R&D, deepening collaborations with leading OEMs, enhancing organizational efficiency, and strengthening supply chain and manufacturing capabilities [4]