四维智联IPO：盈利难、份额低，智能座舱故事难讲

Core Viewpoint - The company Siwei Zhiliang is facing a dual situation of market presence and financial struggles, having established itself as a supplier for major automotive manufacturers while simultaneously experiencing stagnant revenue, increasing losses, and a heavy reliance on shareholder support [1][4]. Market Position - Siwei Zhiliang has successfully entered the supply chains of major automotive companies, being listed among the top ten suppliers in China and having its products featured in 12 of the best-selling models in 2024 [1][5]. - Despite this, the company holds only a 0.1% market share in the 130 billion RMB smart cockpit market, with its revenue stagnating around 500 million RMB for three consecutive years [7][8]. Revenue Composition - The company's revenue is primarily derived from two segments: smart cockpit software solutions and integrated hardware-software solutions, with the former showing a 49% growth over three years, while the latter has declined by 37% [12][14]. - The software solutions have seen a decrease in gross margin from 63% to 46%, attributed to lower profit margins from new customer projects [12][14]. Financial Performance - Siwei Zhiliang has accumulated losses of 847 million RMB over three years, with a single-year loss of 378 million RMB in 2024 [14][16]. - The adjusted net loss has increased over tenfold from 13.59 million RMB in 2022 to 133 million RMB in 2024, indicating worsening financial health [14][16]. Cost Structure - The company's R&D expenses have significantly outpaced sales and administrative costs, reaching 209 million RMB in 2024, which constitutes 43.8% of its revenue [16][18]. - High procurement costs, particularly for automotive-grade chips, have further strained profitability, with raw material costs reaching 182 million RMB in 2024 [19][20]. Competitive Landscape - The smart cockpit market is highly fragmented, with no single supplier holding more than 6% market share, leading to intense price competition among hundreds of suppliers [4][26]. - Major clients contribute significantly to Siwei Zhiliang's revenue, with over 92% of its income coming from the top five clients, including a substantial portion from its controlling shareholder [26][28]. Strategic Challenges - The company is heavily reliant on a few major clients, raising concerns about its core competitiveness and the sustainability of its revenue model [28][29]. - Siwei Zhiliang's strategy to build its own factory aims to regain cost control and create differentiation in a competitive market, but this comes with significant financial risks given its current debt levels [22][29].