SIASUN(SZ:300024) 3 6 Ke·2025-09-01 23:31Core Viewpoint - Several companies in the robotics industry chain are attempting IPOs, including Shenzhen Bomengwei Technology Co., Ltd., which focuses on special space robots for pipeline networks and has faced significant accounts receivable pressure despite revenue growth over recent years [1][16]. Company Overview - Bomengwei Technology was established in January 2014 and is headquartered in Longhua District, Shenzhen. The company completed its share reform in December 2021 [2]. - The main shareholders include Dai Yi, who controls 45.10% of the voting rights, along with several limited partnerships [2]. - The company specializes in providing robots and AI platforms, engineering technical solutions, and UV curing repair hoses for various pipeline networks [4]. Financial Performance - The company's revenue has shown growth, with figures of 162 million RMB in 2022, 214 million RMB in 2023, 249 million RMB in 2024, and 62.36 million RMB in the first quarter of 2025. Net profits for the same periods were 22.39 million RMB, 30.64 million RMB, 40.15 million RMB, and 10.05 million RMB respectively [6][7]. - The gross profit margins have been relatively stable, with rates of 46.4%, 48.1%, 49.5%, and 48.1% during the same periods [6][7]. Revenue Composition - The revenue structure indicates a decline in the proportion of income from robots and AI platforms from 73.8% in 2022 to 58.4% in 2024, while income from engineering technical solutions increased from 23.2% to 29.6% [8][9]. - The company has a diverse client base, serving over 4,000 clients across 15 countries and regions, with significant reliance on public sector clients [9]. Market Position and Industry Dynamics - The global market for special space robots is projected to grow from 3 billion USD in 2024 to 8.4 billion USD by 2030, with a compound annual growth rate (CAGR) of approximately 19.0% [11]. - In China, the market for special space robots is expected to expand from 700 million USD in 2024 to 2.1 billion USD by 2030, with a CAGR of 21.5% [12]. - Bomengwei Technology ranks first among Chinese companies in the special space robot sector, with a global market share of approximately 1.4% and revenue of 2.03 million USD in 2024 [15][16].