科创板IPO终止！删除5亿元募资补流计划，去年扣非净利润同比下滑45.60%

Core Viewpoint - The sustainability of Haichuang Optoelectronics' lidar business growth and market space is under scrutiny due to intense market competition and the introduction of alternative suppliers by major clients, leading to a significant decline in the company's performance in 2024 [1][3][9]. Financial Performance - In 2024, Haichuang Optoelectronics experienced a revenue decline of 20.75% year-on-year, with a non-recurring net profit decrease of 45.60% [3][9]. - The company's revenue structure has shifted, with lidar business becoming the primary revenue source, accounting for 48.96% of total revenue in 2024 [11][12]. IPO and Fundraising - The company initially planned to raise 12.60 billion yuan through its IPO, with 5 billion yuan allocated for working capital, which has since been removed from the fundraising plan [4][8]. - The Shanghai Stock Exchange has terminated the review of Haichuang Optoelectronics' IPO application due to concerns over the sustainability of its business model and the stability of customer collaborations [1][3]. Production Capacity and Utilization - The production capacity utilization rates for 2023 were 94.39% for optical components, 63.33% for lidar light source modules, and 46.33% for lidar receiving modules, with a significant drop expected in 2024 [7][9]. - The company anticipates a further decline in utilization rates due to lower-than-expected demand and the introduction of alternative suppliers by clients [7][9]. Market Competition and Pricing - The lidar market is facing intense competition, leading to a significant drop in product prices; for instance, the average price of lidar light source modules fell from 1,281.72 yuan to 945.08 yuan from 2022 to 2024 [18][19]. - The company is positioned in a competitive landscape with two main technology routes in autonomous driving, which could impact its market share and revenue [19][20]. Customer Relationships - The company's revenue is highly concentrated, with two major clients, Tudatong and Luminar, contributing 78.40% to its lidar business revenue [17]. - There are uncertainties regarding the stability of relationships with major clients, as Tudatong has introduced alternative suppliers, and Luminar faces operational challenges [17][20].