Core Viewpoint - The IPO of Shenzhen Haoying Technology Co., Ltd. has been accepted by the Shanghai Stock Exchange, marking a significant milestone for the leading domestic enterprise in the drone power system sector as the industry experiences rapid growth driven by low-altitude economic policies [1][3]. Industry Overview - The global drone power system market is projected to grow from 4.311 billion yuan in 2019 to 10.308 billion yuan by 2024, with a compound annual growth rate (CAGR) of 19.05%. By 2029, the market size is expected to reach 21.593 billion yuan, maintaining a CAGR of 16.26% from 2025 to 2029 [4]. - The competitive landscape of the drone power system industry is characterized by low market concentration and numerous participants, leading to ongoing price wars, technology battles, and patent disputes [4][6]. Company Positioning - Haoying Technology holds a 4.12% global market share among third-party suppliers, placing it in the first tier of the industry. However, this leading position is not secure in a highly fragmented market [6][7]. - The company faces competition from two main camps: first, the self-research camp represented by leading manufacturers like DJI, which have developed their own power systems, and second, the professional third-party suppliers, where Haoying Technology is positioned [4][6]. Financial Performance - Haoying Technology's revenue is projected to grow from 468.0182 million yuan in 2022 to 739.9737 million yuan in 2024, reflecting a growth rate of 35.3% compared to 2023 [8][9]. - The company has expanded its workforce from 859 to 1,407 employees, a growth of 63.8%, raising concerns about whether this rapid expansion aligns with revenue growth and the impact of labor costs on profits [9][10]. Strategic Challenges - The company holds 306 patents, including 86 invention patents, but the quality and coverage of these patents may not be sufficient to withstand competition from larger players [7]. - High customer dependency on major clients could weaken bargaining power, as these clients may consider developing their own power systems for reasons of supply chain security and cost efficiency [7][12]. Future Outlook - Haoying Technology aims to transition from being a pure technology supplier to an ecosystem builder, focusing on establishing irreplaceable technological advantages in specific niches and fostering deeper collaborations with manufacturers [12][13]. - The company's IPO is seen as a strategic opportunity for transformation, with the potential to evolve into a key player in the low-altitude economy [13].
好盈科技闯关科创板：无人机心脏能否跳出低空红海？
3 6 Ke·2025-10-31 05:11