3年亏9.4亿元，超八成收入依赖五大客户，1400台无人矿卡能撑起易控智驾的IPO吗？

Core Viewpoint - 易控智驾科技股份有限公司 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on autonomous driving in mining areas, with a projected revenue growth from 59.9 million RMB in 2022 to 986.2 million RMB in 2024, reflecting a compound annual growth rate of 305.6% [1][6] Financial Performance - Revenue is expected to grow from 59.9 million RMB in 2022 to 986.2 million RMB in 2024, with a compound annual growth rate of 305.6% [1][6] - The company reported net losses of 216 million RMB in 2022, 333 million RMB in 2023, and 391 million RMB in 2024, totaling over 940 million RMB in three years [7] - Gross margin improved from -29.5% in 2022 to 7.6% in 2024, marking the first positive gross margin, while net margin remained negative at -39.5% in 2024 [7][8] Market Position - 易控智驾 is the largest L4 autonomous driving company globally based on projected 2024 revenue, holding a 49.2% market share in domestic mining autonomous driving solutions [3][4] - The company has deployed over 1,400 active autonomous mining trucks, making it the largest provider of autonomous solutions in mining [4] Customer and Supplier Concentration - The company has a high concentration of customers, with the top five customers accounting for 99.9%, 94.4%, and 83.7% of revenue from 2022 to 2024, respectively [10] - The largest single customer contributed 51.8% of revenue in 2022, 41.7% in 2023, and 54.5% in 2024, amounting to 537 million RMB in 2024 [10] - Supplier concentration is also high, with the top five suppliers accounting for 53.5%, 62.7%, and 54.3% of procurement from 2022 to 2024 [12] Business Model Transition - The company is transitioning from a heavy asset TaaS model to a lighter asset ATaaS model, where customers purchase their own mining trucks, and 易控智驾 provides technology and services, with the ATaaS model expected to account for 46% of revenue in 2024 [10] - R&D expenses totaled 494 million RMB from 2022 to 2024, representing 21.1% of revenue in 2024 [10] Funding and Future Plans - To alleviate financial pressure, the company completed a 400 million RMB D-round financing led by CATL, with funds aimed at enhancing software and hardware R&D, global expansion, and talent development [13] - The market for autonomous mining solutions in China is projected to grow from approximately 5.1 billion RMB in 2025 to 30.1 billion RMB by 2030, with a compound annual growth rate of 57.4% [13][14]