新股前瞻|手握10亿L4订单，天瞳威视能否成为自动驾驶赛道破局者？

Core Viewpoint - The company, Suzhou Tiantong Weishi Electronic Technology Co., Ltd., has submitted its listing application to the Hong Kong Stock Exchange, marking its entry into the public market amid a rapidly evolving autonomous driving industry. The company has experienced significant revenue growth but continues to face challenges in achieving profitability [1][12]. Financial Performance - The company's revenue for 2022, 2023, and 2024 was 172 million, 204 million, and 483 million RMB respectively, with a notable increase in 2024 driven by L4 solution sales [2][3]. - In the first half of 2025, the company reported revenue of 157 million RMB, a 182.1% increase compared to 56 million RMB in the same period of 2024, indicating accelerated growth [2][3]. - Despite revenue growth, the company has faced continuous losses, with net losses of 325 million, 231 million, 463 million, and 193 million RMB for the years 2022, 2023, 2024, and the first half of 2025 respectively, totaling over 1.2 billion RMB in cumulative losses [2][3]. Business Structure - The company primarily offers three types of solutions: L2 solutions (including parking and driving solutions), L4 solutions (including Robotruck, Robobus, and Robotaxi), and engineering services [3][4]. - The L4 solutions accounted for over 50% of total revenue in 2024, with revenue from L4 solutions reaching 243 million RMB, a more than threefold increase from previous years [4][5]. Market Position and Strategy - Tiantong Weishi is recognized as the second-largest provider of L2-L2+ solutions in China by installed volume and is also the largest overseas supplier of such solutions [4][6]. - The company has established partnerships with over 24 automotive manufacturers, including nine of the top ten in China, and has secured 1 billion RMB in intention orders for L4 solutions [6][12]. - The strategic shift towards L4 solutions is a response to increasing competition in the L2 market, with L4 solutions expected to drive future growth [4][12]. Industry Trends - The year 2025 is viewed as a critical point for the commercialization of L3 autonomous driving, with policies being implemented to support this transition [1][11]. - The global automotive industry is rapidly moving towards intelligent driving technologies, with significant growth expected in the penetration rates of L1-L4 vehicles [7][10]. - The competitive landscape is intensifying, with a potential consolidation of players in the market, highlighting the need for companies like Tiantong Weishi to establish a sustainable competitive advantage [11][12].