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博泰车联网通过港交所聆讯 智能座舱解决方案为第一大营收来源
Zhi Tong Cai Jing·2025-09-15 00:08

Core Viewpoint - 博泰车联网 is preparing for an IPO on the Hong Kong Stock Exchange, with several major financial institutions acting as joint sponsors [1] Company Overview - 博泰车联网 is a supplier of smart cockpit solutions in China, providing these solutions and connected services to OEMs and tier-one customers [3] - The majority of the company's revenue comes from smart cockpit solutions, which have shown consistent growth in both absolute amounts and as a percentage of total revenue [3] Market Position - According to Zhaoshang Consulting, 博泰车联网 ranks as the third-largest supplier of domain controller solutions for passenger car smart cockpits in China, holding a market share of 7.3% as of 2024 [3] - The smart cockpit solutions are essential for the automotive industry's digital transformation, enhancing user experience through advanced technology [3] Industry Growth - The market for passenger car smart cockpit solutions in China is expected to grow from RMB 129 billion in 2024 to RMB 299.5 billion by 2029, representing a compound annual growth rate (CAGR) of 18.4% [4] - The shift towards high-end vehicles with advanced smart features is anticipated to drive higher demand for smart cockpit solutions [4] Product Offering - The core product of 博泰车联网 is the domain controller, which serves as the backbone of smart cockpits, allowing customers to customize solutions based on their vehicle designs [4] Financial Performance - The company's revenue for the years 2022, 2023, and 2024 was approximately RMB 1.22 billion, RMB 1.50 billion, and RMB 2.56 billion, respectively, with a loss of RMB 4.52 billion, RMB 2.84 billion, and RMB 5.41 billion during the same periods [6][7] - The revenue for the first five months of 2025 was approximately RMB 753 million, with a loss of RMB 2.2 billion [6][7] Dependency on Suppliers - 博泰车联网 has a significant reliance on Qualcomm for its System on Chip (SoC) purchases, with percentages of total SoC purchases being 67.3%, 44.2%, 87.0%, and 80.5% for the years 2022, 2023, 2024, and the first five months of 2025, respectively [4]