新股前瞻|站在智驾风口上的魔视智能：市场份额仅0.3%，上市或为补血

Core Insights - The article discusses the rapid development of the smart driving industry driven by artificial intelligence, highlighting the sacrifices made by participants in terms of profits to gain market share. The focus is on Magic Vision, a smart driving solution provider that has incurred significant losses since 2022 and is now seeking to go public in Hong Kong to raise funds [1][12]. Company Overview - Magic Vision has accumulated losses exceeding 700 million yuan since 2022 and is ranked eighth among third-party solution providers in China's smart driving solutions market, with a projected revenue compound annual growth rate (CAGR) of 73.9% from 2022 to 2024 [1][12]. - The company has developed its own AI algorithms since its establishment in 2015, with its solutions supporting driving functions from L0 to L4 levels [1][5]. Business Segments - The company operates three main business segments: Magic Drive (61.8% of revenue), Magic Parking (27.3%), and Magic Safety (10.9%) as of the first half of 2025. The revenue share of Magic Safety has been declining, while Magic Parking has been compensating for this decline [2][3]. Financial Performance - The company's revenue for 2022 was 117.8 million yuan, which increased to 146.5 million yuan in 2023, with a projected revenue of 356.8 million yuan for 2024. However, the company has faced continuous net losses, with a cumulative loss of 773 million yuan by mid-2025 [3][6]. - The gross margin has decreased from 25.6% in 2022 to 14.2% in 2024, but improved to 20.1% in the first half of 2025. The company has made significant improvements in its expense ratios, particularly in R&D [6][12]. Market Dynamics - The global smart driving solutions market is projected to reach 320 billion yuan by 2024, with China being a major market. The CAGR for the Chinese market is expected to be 43.3%, indicating strong growth potential [6][7]. - The competition in the smart driving industry is intense, with a shift towards in-house development by automotive companies reducing the demand for third-party solutions. Magic Vision holds a market share of only 0.4% [10][12]. Investment Landscape - Magic Vision has undergone multiple rounds of financing, with its valuation increasing from 434 million yuan in 2017 to 2.543 billion yuan in 2025. The company has attracted significant investment interest due to its technological capabilities [10][11]. - The upcoming IPO is seen as a means to replenish cash flow, as the company has limited cash reserves and is facing high operational costs [1][12].