驭势科技港股IPO背后：账面资金不够烧？研发实力与同行悬殊

Core Viewpoint - Yushi Technology plans to list on the Hong Kong main board through Chapter 18C, focusing on its R&D capabilities in a competitive landscape with significant disparities among industry leaders. The company targets closed scenarios like airports, but the market ceiling appears lower compared to open scenarios. Additionally, the company is in a cash-burning phase with insufficient funds, indicating a need for external financing [1][2][3]. Group 1: Company Overview - Yushi Technology, established in February 2016, specializes in L4-level autonomous driving technology for closed scenarios such as airports and factories, providing solutions to commercial vehicle and passenger vehicle manufacturers [2]. - The company has experienced rapid revenue growth, with revenues of 0.66 billion, 1.61 billion, and 2.66 billion RMB from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 101.3%. However, it recorded losses of 2.5 billion, 2.13 billion, and 2.12 billion RMB during the same period, indicating ongoing cash burn [2][3]. Group 2: Financial Performance - Despite explosive revenue growth, the quality of growth is average, with continuous negative operating cash flow. The company appears to be using accounts receivable to boost revenue scale [3]. - Accounts receivable and notes receivable were 1.21 billion, 1.4 billion, and 2.43 billion RMB from 2022 to 2024, representing 186%, 87%, and 92% of the corresponding revenues [5]. - Yushi Technology has raised approximately 17.51 billion RMB through multiple financing rounds from angel to C round, but as of the end of 2024, its cash reserves were only 2.22 billion RMB [7]. Group 3: Market Position and Competition - In 2024, the revenue from autonomous vehicle solutions was 1.47 billion RMB, accounting for 55.2% of total revenue, while the revenue from autonomous driving kits and software solutions accounted for 18.4% and 25.4%, respectively [8]. - The company is a leader in the closed scenario market, holding a 91.7% market share in L4-level autonomous driving solutions for commercial vehicles in Greater China [10]. - The market ceiling for closed scenarios is significantly lower than for open scenarios, with a projected market size of approximately 40 billion RMB for closed scenarios by 2030, compared to 1700 billion RMB for open scenarios [10][11]. Group 4: Industry Growth Potential - The market for L4-level autonomous driving solutions in closed scenarios in Greater China is expected to grow from 9 billion RMB in 2021 to 29 billion RMB in 2024, with a CAGR of 47.7%, and is projected to reach 415 billion RMB by 2030 [11]. - The global market for closed scenarios is anticipated to grow from 20 billion RMB in 2021 to 55 billion RMB in 2024, with a CAGR of 40.1%, reaching 1625 billion RMB by 2030 [12]. - The open scenario market is expected to see even more significant growth, with projections of 1749 billion RMB in Greater China and 4096 billion RMB globally by 2030, reflecting CAGRs of 116.2% and 118.1%, respectively [12]. Group 5: R&D and Competitive Landscape - Yushi Technology's R&D expenditures were approximately 1.89 billion, 1.84 billion, and 1.96 billion RMB from 2022 to 2024, with 2024 spending not exceeding 2 billion RMB. In contrast, competitors like Pony.ai spent 17 billion RMB on R&D during the same period [13][14].