Core Viewpoint - Deepway, a new player in the smart heavy truck sector backed by Baidu, has submitted its listing application to the Hong Kong Stock Exchange, aiming to become the first smart driving heavy truck stock in Hong Kong [1][4]. Company Overview - Deepway was established in 2020 and focuses on new energy heavy trucks and intelligent road freight solutions. It has raised a total of 1.96 billion RMB in funding from various investors, including Baidu and SoftBank [1][25]. - The company has delivered approximately 2,873 new energy heavy trucks in the first half of 2023, with a total of around 6,400 trucks expected to be delivered by June 30, 2025 [3][11]. Financial Performance - Deepway's revenue for 2023, 2024, and the first half of 2025 is projected to be 426 million RMB, 1.969 billion RMB, and 1.506 billion RMB, respectively [3][12]. - Despite revenue growth, the company reported a loss of 371 million RMB in the first half of 2023, which is an increase of approximately 21.1% compared to the same period last year [3][15]. Market Opportunity - The global road freight market is substantial, projected to reach 3.9 trillion USD by 2024. Deepway aims to address key industry pain points such as high carbon emissions and operational costs through electrification and intelligent technology [7][8]. Strategic Approach - Deepway employs a "two-phase" strategy: the first phase focuses on providing new energy heavy truck solutions, while the second phase aims to enhance operational efficiency through intelligent logistics solutions [8][9]. - The company has developed several intelligent solutions, including the Tianji series, which features advanced driver assistance systems and autonomous driving capabilities [9][11]. Market Position - As of 2024, Deepway ranks tenth in the global new energy heavy truck market with a market share of 2.7%, and it is the leading player in the forward-defined new energy heavy truck segment [11]. Challenges - Deepway faces significant challenges, including high customer concentration, with the top five customers accounting for over 50% of revenue [16]. - The company also has a high asset-liability ratio, with liabilities consistently exceeding assets, indicating potential financial instability [20]. Future Plans - The funds raised from the IPO are intended for research and development, expanding sales networks, and enhancing manufacturing capabilities [27].
三年半营收39亿、亏损17亿，百度系“卡车新势力”流血冲港股
3 6 Ke·2025-11-10 00:06