琻捷电子赴港IPO：三年半亏损超10亿，汽车芯片独角兽面临多重挑战

Company Overview - The company, Panjie Electronics Technology (Jiangsu) Co., Ltd., submitted its listing application to the Hong Kong Stock Exchange on September 5, 2025, aiming to be listed on the main board [1] - Established in 2015, the company focuses on the research, design, and sales of high-performance automotive wireless sensor SoCs [1] - By 2024 revenue, it has become the largest automotive wireless sensor SoC company in China and the third largest globally [2] Financial Performance - The company's revenue has shown rapid growth, with figures of 104 million yuan, 223 million yuan, and 348 million yuan from 2022 to 2024, reflecting a compound annual growth rate (CAGR) of 83% [1] - Despite revenue growth, the company reported significant losses during the same period, with losses of approximately 205 million yuan, 356 million yuan, and 351 million yuan [1] - In the first half of 2025, the company generated revenue of 157 million yuan but incurred a loss of 143 million yuan, accumulating total losses of 1.055 billion yuan over three and a half years [1] Market Position and Product Leadership - Panjie Electronics is a leader in several sub-sectors, being the first Chinese company to achieve mass production of TPMS chips in 2018 [2] - By 2024, the company ranked first in China and third globally in TPMS SoC product shipments, with its Bluetooth tire pressure chip (BLE TPMS) being the top seller worldwide [2] - The company also leads in battery management chips, with its BPS sensing monitoring chip ranking first globally in revenue in 2024 [2] Industry Outlook - The global wireless sensor SoC industry is projected to grow from 7 billion yuan in 2025 to 50.7 billion yuan by 2030, with a CAGR of 48.7% [3] - The Chinese market is expected to grow even faster, from 2.5 billion yuan in 2025 to 26.6 billion yuan by 2030, with a CAGR of 60.2% [3] - Despite the large market potential, the company faces intense international competition, holding a 7.3% market share in the global wireless sensor SoC industry and 7.8% in the wireless TPMS SoC sector as of 2024 [3] Challenges and Considerations - The company is in a phase of rapid growth and expansion in the wireless sensor SoC industry, requiring continuous investment in research and development, which poses challenges for a non-profitable company [3] - The business may be affected by seasonal fluctuations, with higher revenue typically recognized in the second half of the year due to automotive industry procurement patterns [3] - The company's reliance on the automotive industry makes it vulnerable to cyclical fluctuations in that sector, which could directly impact its operational performance [3] Investor Sentiment - The valuation of technology companies in the Hong Kong market is becoming more rational, and the company's ability to gain investor recognition will depend not only on its market position but also on its ability to establish a clear path to profitability [4]