易控智驾冲击"矿区无人驾驶第一股"！营收暴增305%却累亏9.4亿元

Core Insights - 易控智驾科技股份有限公司 aims to become the "first stock of unmanned driving in mining areas" by submitting its prospectus to the Hong Kong Stock Exchange on June 25 [1] - The company, established in 2018, specializes in L4-level unmanned driving solutions for mining, ranking first globally in terms of projected revenue for 2024 and holding a 49.2% market share in domestic unmanned driving solutions for mining [1] Revenue Growth and Losses - 易控智驾 has experienced explosive revenue growth over the past three years, with revenues of 60 million, 271 million, and 986 million yuan for 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate of 305.71% [3] - Despite the revenue surge, the company has faced increasing losses, with net losses of 216 million, 334 million, and 390 million yuan over the same period, totaling approximately 940 million yuan [3] - Adjusted net losses were 154 million, 284 million, and 300 million yuan, accumulating to over 700 million yuan [3] - The gross margin turned positive only in 2024, with figures of -29.52%, -18.63%, and 7.58% for the respective years [3] - High losses are attributed to significant investments in technology R&D and commercial infrastructure, with R&D expenses accounting for approximately 50.54%, 53.13%, and 53.44% of losses during the reporting period [3] Financing and Strategic Partnerships - Just before submitting the prospectus, 易控智驾 completed a Series D financing round exceeding 400 million yuan, led by 宁德时代 through its investment platform and own funds [4] - The funding will primarily support R&D for unmanned driving products and market expansion, including internationalization efforts in Australia [4] - The partnership with 宁德时代 signifies strong recognition from both the industry and capital markets regarding the commercialization of unmanned driving in mining [4] - The company's client base includes major mining companies and contractors, maintaining a 100% retention rate among its 11 client groups from 2022 to 2024 [4]