SIASUN(SZ:300024) Ge Long Hui·2025-10-19 07:22Core Viewpoint - The evolution of artificial intelligence (AI) has progressed from specialized intelligence to embodied intelligence, with the recent IPO of Changzhou Weiyi Intelligent Manufacturing Technology Co., Ltd. (Weiyi Intelligent) in Hong Kong highlighting the growth in the industrial embodied intelligence robot sector [1][2]. Group 1: Company Overview - Weiyi Intelligent focuses on the industrial embodied intelligence robot (EIIR) sector, integrating advanced AI technologies such as deep reinforcement learning and multimodal fusion into physical entities [1][4]. - The company aims to provide EIIR products and solutions across various industries, including 3C electronics, automotive manufacturing, new energy, fast-moving consumer goods, and semiconductors [4][9]. - The revenue from EIIR products has significantly increased from 15.3% in 2022 to 53.6% in 2025, indicating its importance as a revenue source for the company [4]. Group 2: Financial Performance - Weiyi Intelligent's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 221 million, 434 million, 600 million, and 412 million respectively, with corresponding gross margins of 32.5%, 42.4%, 47.9%, and 49.4% [9][10]. - The company turned profitable in 2024, with a net profit of approximately 15.73 million, following a loss in previous years [9]. - The increase in revenue in 2023 was driven by strong market demand for EIIR products and enhanced technical capabilities following a merger [9][10]. Group 3: Industry Landscape - The global market for industrial embodied intelligence robots is projected to exceed 8 trillion, with China accounting for over 2.5 trillion, representing 33.6% of the global market [16]. - The industry is currently in the early stages of development, with significant competition from both traditional robot companies and emerging enterprises in the embodied intelligence sector [16]. - The industry is characterized by a wide range of applications, including automotive manufacturing, 3C electronics, and semiconductors, with companies that can optimize and integrate technologies across the supply chain being more competitive [12][13]. Group 4: Supply Chain and Customer Dynamics - Weiyi Intelligent relies heavily on a few suppliers, with the top five suppliers accounting for 74.2% to 46.6% of total procurement over the reporting period, which poses supply chain risks [14]. - The company faces customer concentration risk, as the top five customers contributed 59.1% to 28.3% of total revenue during the same period [14]. - The long payment cycles in the manufacturing sector create credit risks related to delayed payments from customers and distributors [16]. Group 5: Future Outlook - The company plans to use the funds raised from its IPO for core technology research and development, establishing a localized overseas sales and service network, strategic investments, and expanding production capacity [20]. - Continuous R&D investment is crucial for the company to keep pace with rapid technological advancements and evolving customer preferences [10][20].