三年半亏损超7.7亿元 魔视智能背水一战赴港IPO

Core Viewpoint - Magic Smart Technology (Shanghai) Co., Ltd. is seeking to go public on the Hong Kong Stock Exchange despite facing challenges such as long-term losses and low market share, aiming to capitalize on the current industry development window and market conditions [3][4]. Company Overview - Founded in 2015, Magic Smart integrates AI algorithms and advanced chips to provide automotive intelligent products and solutions, with aspirations to become the "Huawei of the automotive industry" [5][6]. - The company has developed solutions for 92 vehicle models and delivered over 3.3 million units, ranking third among Chinese intelligent driving solution providers based on revenue for L0 to L2+ solutions in 2024 [5][6]. Financial Performance - Revenue figures for Magic Smart from 2022 to 2024 are as follows: 118 million yuan, 147 million yuan, and 357 million yuan, with a 76.4% year-on-year increase in the first half of 2024 [7][10]. - Despite revenue growth, the company has reported significant losses, totaling approximately 774 million yuan over three and a half years, with adjusted losses of 557 million yuan [10][11]. Market Position - Magic Smart holds a market share of approximately 0.4% in the intelligent driving solutions sector, significantly trailing behind the top three competitors with market shares of 8.0%, 1.4%, and 1.4% [6][10]. - The company aims to differentiate itself through technological strength, commercialization capabilities, and unique market positioning, claiming to be one of the few suppliers with full-stack self-research capabilities [6][12]. Product Solutions - The company's revenue primarily comes from three main solutions: Magic Drive, Magic Parking, and Magic Safety, with Magic Drive being the largest contributor [8][9]. - The revenue breakdown for Magic Drive from 2022 to 2025 (first half) shows it accounted for 60.3%, 47.6%, 63.6%, and 61.8% of total revenue, respectively [8][9]. Production Capacity - Magic Smart's production capacity utilization rates from 2022 to the first half of 2025 were 46.9%, 19.5%, 56.6%, and 79.7%, with fluctuations attributed to business expansion [12]. - The company plans to use funds from its IPO to enhance R&D capabilities, establish a global R&D network, and expand production capacity [11][12].