IPO雷达｜3年亏近8亿元！视涯科技携“豪华”辅导团冲刺科创板，大客户依赖症待解

Core Viewpoint - The company, Visionary Technology Co., Ltd., has had its IPO application accepted by the Shanghai Stock Exchange, indicating a significant step towards public listing despite ongoing financial losses and high customer concentration risks [1][3]. Financial Performance - For the reporting period from 2022 to 2024, Visionary Technology is projected to achieve revenues of approximately 190 million yuan, 215 million yuan, and 280 million yuan respectively, while incurring net losses of 247 million yuan, 304 million yuan, and 247 million yuan, totaling a cumulative loss of about 798 million yuan [1][2]. - The company's total assets are expected to grow from 2.26 billion yuan in 2022 to 3.15 billion yuan by the end of 2024, while the equity attributable to shareholders is projected to decrease from 1.56 billion yuan in 2022 to 2.16 billion yuan in 2024 [2]. - The operating revenue for 2024 is estimated at 280 million yuan, up from 215 million yuan in 2023 and 190 million yuan in 2022 [2]. Cash Flow and Investment - The company has faced negative cash flow from operating activities, with net cash flows of -223 million yuan, -287 million yuan, and -75.62 million yuan over the reporting periods [3]. - A significant portion of revenue is allocated to research and development, with R&D expenses accounting for 95.93% of operating revenue in 2024, indicating a strong focus on innovation [2]. Customer Concentration and Market Position - Visionary Technology has a high customer concentration, with the top five customers contributing 75.59%, 76.62%, and 73.61% of total revenue in the respective years [3]. - The company has established strategic partnerships with key players in the XR field, which are crucial for future financial performance and operational development [3]. Risks and Challenges - The company faces risks related to project completion, production capacity, and market demand fluctuations, which could adversely affect future operations and profitability [4].