新股前瞻|重投研发竞逐汽车智能化赛道，四维智联背靠大树好不好乘凉？

Core Viewpoint - Four-dimensional Zhihui (Nanjing) Technology Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange after receiving strategic investment from Didi Technology last year, despite facing challenges in revenue stability and increasing net losses [1][2]. Company Overview - Four-dimensional Zhihui was established in 2020, evolving from a previous entity and has strategic backing from major shareholders including Didi Technology, MTK, Tencent Mobility, and NIO Capital [2]. - The company has delivered over 15.9 million intelligent cockpit software solutions and over 1.55 million integrated solutions to approximately 20% of domestic vehicle manufacturers [1]. Financial Performance - Revenue projections for Four-dimensional Zhihui from 2022 to 2024 are 539 million RMB, 477 million RMB, and 479 million RMB respectively, with a significant portion of revenue coming from integrated solutions, which is currently in decline [3][4]. - The company's gross profit for the same period is 163 million RMB, 140 million RMB, and 140 million RMB, with net losses increasing from 204 million RMB to 378 million RMB [4][9]. Market Position - In 2024, Four-dimensional Zhihui ranks tenth among domestic primary intelligent cockpit solution providers with a market share of 0.1%, and third among global software-driven Chinese suppliers [1]. - The intelligent cockpit solutions market in China is projected to reach 132.2 billion RMB by 2024, with a compound annual growth rate of 23.3% from 2020 to 2024 [6][8]. Competitive Landscape - The competitive landscape in the intelligent cockpit solutions industry remains fragmented, with the top ten suppliers holding less than 15% of the market share, indicating opportunities for growth and market positioning for Four-dimensional Zhihui [8]. - The company has increased its R&D spending significantly, from 21% of revenue in 2022 to 43.8% in 2024, focusing on enhancing its integrated solutions and intelligent cockpit experiences [9][10].