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挚达科技:3年累亏逾3亿、负债率900%,家充桩一哥“三递表”
Zhi Tong Cai Jing·2025-07-27 04:28

Core Viewpoint - The global electric vehicle (EV) market is experiencing rapid growth, with sales expected to reach 17.9 million units in 2024 and 54.9 million units by 2030, reflecting a compound annual growth rate (CAGR) of 20.2% [1] - The charging infrastructure, particularly home charging solutions, is also expanding significantly, with revenues projected to grow from 1.5 billion RMB in 2020 to 14.2 billion RMB by 2024, a CAGR of 75.3% [1] - Despite the industry's growth, charging pile companies face profitability challenges and require financing to sustain operations [1] Company Overview - Zhida Technology, established in November 2010 and restructured into a joint-stock company in September 2022, focuses on smart home EV charging piles and has built a comprehensive charging solution encompassing products, services, and a digital platform [2] - The company has developed the largest EV charging pile service network in China, covering over 360 cities as of March 31, 2025 [2] - Revenue sources for Zhida Technology include 67% from product sales and 33% from service provision in Q1 2025 [2] Financial Performance - Zhida Technology's revenue for the fiscal years 2022, 2023, and 2024 was approximately 697 million RMB, 671 million RMB, and 593 million RMB, respectively, with a cumulative loss of about 336 million RMB since 2022 [7][8] - The gross profit margins have been under pressure, with rates of 20.4%, 20.5%, 14.9%, and 16.5% for the respective years [7][12] - The average selling price of charging piles has decreased from 791.4 RMB in 2023 to 780.3 RMB in Q1 2025, indicating a negative correlation between price and sales volume [9] Market Position - Zhida Technology ranks first in global home EV charging pile sales, holding a market share of approximately 9.0% [4] - In China, the company leads both in sales volume and revenue, with market shares of about 13.6% and 10.3%, respectively [4] - The global home EV charging pile market is projected to grow significantly, with sales expected to reach 14.4 million units by 2029, driven by the increasing adoption of electric vehicles [13] Strategic Initiatives - The company plans to use funds raised from its IPO for overseas expansion, R&D investment, and potential acquisitions to strengthen its core competitiveness [13] - Zhida Technology has introduced innovative products such as EV charging robots and energy management systems, with R&D expenditures accounting for 9.4% of revenue in 2024 [15] - The company aims to optimize its cost structure and improve operational efficiency while expanding its global market presence, as overseas revenue share increased from 1.9% in 2022 to 12.1% in 2024 [15][16]