新股前瞻｜瞄准四百亿空间感知赛道，欢创科技冲刺港股

Core Viewpoint - The Hong Kong stock market is experiencing a surge in robot company listings, with Shenzhen Huanchuang Technology Co., Ltd. being a leading player in the laser radar solutions sector for robotic applications, having filed for an IPO on September 29 [1][10]. Company Overview - Huanchuang Technology is recognized as a leader in the global space perception solutions for robotic vacuum cleaners, holding over 50% market share in laser radar product shipments, with approximately 8 million units shipped [1][2]. - The company has established a comprehensive product line in the intelligent robot sector, including various types of laser radar and line laser sensors, applicable in multiple scenarios such as smart robots and industrial detection [2][3]. Financial Performance - Revenue is projected to grow from 146 million RMB in 2022 to 433 million RMB in 2024, with a significant increase to 292 million RMB in the first half of 2025; however, the company has faced fluctuating losses during this period [1][4][6]. - The gross margin has shown volatility, ranging from 13.2% to 21.5%, influenced by the introduction of new products and competitive pricing strategies [4][6]. Research and Development - The company has invested heavily in R&D, with costs rising from 36.5 million RMB in 2022 to 76.7 million RMB in 2024, indicating a commitment to innovation and product competitiveness [6][10]. - Huanchuang Technology has developed proprietary AI algorithms and sub-millimeter AI spatial data processing chips, enhancing the performance of its products under varying environmental conditions [3][6]. Market Dynamics - The global market for space perception solutions is expected to grow from 10.1 billion RMB in 2020 to 16.1 billion RMB in 2024, with a compound annual growth rate (CAGR) of 12.3% [7][9]. - The Chinese market for intelligent robot space perception solutions is projected to expand from 4.7 billion RMB in 2020 to 10.8 billion RMB in 2024, with a CAGR of 22.8% [9]. Competitive Landscape - Despite being the top player in the intelligent robot space perception solutions market, Huanchuang Technology holds only a 1.7% market share, indicating a highly fragmented competitive environment [9][10]. - The company ranks first in the laser radar solutions market for robotic vacuum cleaners, with approximately 70% of such devices utilizing laser radar technology [9][10].