承泰科技港股IPO：客户集中度高且持续亏损风险明显

Core Viewpoint - Chengtai Technology is a leading supplier of millimeter-wave radar technology in China, focusing on the automotive industry's transformation towards intelligent driving, with a significant market share in the sector [1][2]. Financial Performance - Chengtai Technology's revenue has shown rapid growth, with earnings of RMB 57.65 million in 2022, RMB 157 million in 2023, and projected RMB 348 million in 2024 [2]. - Sales of millimeter-wave radar products account for the majority of total revenue, comprising 95.4% in 2022, 98.5% in 2023, and 99.3% in 2024 [2]. - Despite revenue growth, the company recorded net losses of RMB 79.17 million in 2022, RMB 96.60 million in 2023, and RMB 21.77 million in 2024, primarily due to redemption liabilities and high R&D, administrative, and sales expenses [2]. Customer Concentration Risk - Chengtai Technology faces significant customer concentration risk, with a large portion of revenue derived from Client A, contributing RMB 47.20 million in 2022, RMB 143 million in 2023, and RMB 326 million in 2024, representing 81.9%, 91.3%, and 93.6% of total revenue respectively [2]. Supply Chain Risks - The company may experience supply shortages, extended delivery times, and increased costs of raw materials and key components, which could disrupt the supply chain, raise production costs, and negatively impact profitability [3].