德风新征程：年营收5亿亏2亿，AIoT光环也逃不脱战略性亏损

Core Insights - The article highlights the significance of digitalization and intelligence in the future of industrial development, with a focus on the industrial internet as a key application area benefiting from government policies aimed at achieving "smart manufacturing" and digital upgrades [1][2] Company Overview - Beijing Defeng New Journey Technology Co., Ltd. (referred to as "Defeng New Journey") has submitted its IPO application to the Hong Kong Stock Exchange, aiming to leverage its position in the AIoT (Artificial Intelligence of Things) sector [1][2] - Defeng New Journey is recognized as the fifth largest independent AIoT service provider in China, with a market share of approximately 1.8%, and the third largest in the energy sector with a market share of about 9.9% [1] Financial Performance - The company has shown rapid revenue growth, with revenues of 313 million yuan in 2022, 442 million yuan in 2023, and projected revenues of 525 million yuan in 2024, reflecting significant year-on-year increases [3][4] - Despite revenue growth, Defeng New Journey has faced strategic losses, reporting losses of 165 million yuan in 2022, 297 million yuan in 2023, and 228 million yuan in 2024, with a cumulative loss of 729 million yuan over three and a half years [5][6] Market Potential - The AIoT market in China is projected to grow from approximately 54.1 billion yuan in 2020 to about 111.9 billion yuan by 2024, with an expected market size of around 220.9 billion yuan by 2029, driven by policy support and increasing demand for digital transformation in manufacturing [7][8] - The energy sector, where Defeng New Journey has a strong presence, is expected to see its AIoT solutions market grow from about 1.8 billion yuan in 2020 to approximately 3.7 billion yuan by 2024, with a compound annual growth rate of 19.7% [8] Competitive Landscape - The AIoT industry is characterized by a fragmented and competitive landscape, with over 1,000 domestic providers, none of which dominate the market [8] - Defeng New Journey aims to differentiate itself by providing customized AIoT solutions to leading state-owned enterprises, particularly in the energy sector, which may enhance its competitive edge [9] Investment Highlights - Defeng New Journey is positioned as an "invisible champion" in its niche, with potential for value re-evaluation if it can resolve its profitability issues [9] - The company operates in a high-growth sector supported by national strategies, indicating substantial long-term investment value [9]