SIASUN(SZ:300024) Mei Ri Jing Ji Xin Wen·2025-06-25 13:00Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. is planning to pursue an IPO in Hong Kong, focusing on both its core business of LiDAR technology and its expansion into the lawn mowing robot sector [1][4]. Group 1: Company Overview - Ledong Robot is currently the leading company in the dToF LiDAR market, with over 720,000 units shipped last year [2][4]. - The company has achieved a compound annual growth rate (CAGR) of 41.4%, with total revenue increasing from 233 million yuan in 2022 to 467.3 million yuan in 2024 [2]. - Despite revenue growth, the company reported net losses of 73.1 million yuan in 2022, 68.5 million yuan in 2023, and 56.5 million yuan in 2024 [2]. Group 2: Product and Technology - Ledong Robot's LiDAR products include various types such as dToF, triangulation LiDAR, solid-state linear LiDAR, single-point LiDAR, 3D structured light sensors, ultrasonic sensors, and four-eye matrix vision sensors [2]. - The dToF LiDAR technology has achieved a 40% reduction in size and a 25% decrease in power consumption, meeting the design needs for lightweight and low-power robots [2]. Group 3: Market Position and Strategy - The company serves seven out of the top ten global household service robot companies and five out of the top five commercial service robot companies [2]. - Ledong Robot is positioning itself as the first provider of consumer-grade MINI dToF LiDAR, focusing on applications in household, commercial, and industrial robots [4]. - The company is also entering the lawn mowing robot market, with revenue from this segment increasing from 63,000 yuan in 2023 to 2.327 million yuan in 2024, accounting for 5% of total revenue [5]. Group 4: Industry Trends - The global lawn mowing robot market is expected to exceed $1.5 billion in 2024 and reach $3.9 billion by 2029, with a CAGR of 21% [6]. - Other LiDAR companies, such as Suteng Juchuang, are also entering the lawn mowing robot sector, indicating a competitive landscape [6].