SIASUN(SZ:300024) 智通财经网·2025-12-01 11:40Core Viewpoint - Company X is seeking a secondary listing on the Hong Kong Stock Exchange, having established itself as a leader in the global robotics controller market, with over 2,000 robot models deployed across more than 20 industries, despite ongoing financial losses [1][11]. Company Overview - Founded in April 2020, Company X has developed a comprehensive product matrix including lifting robots, robot controllers, and intelligent forklifts, becoming a leader in both hardware and software in the industry [2]. - The company employs a "technology + platform" dual strategy, enabling scalable deployment across various industries while continuously evolving its AI-driven robotic brain technology [2][11]. Financial Performance - The company reported a compound annual growth rate (CAGR) of 36% in revenue from 2022 to 2024, with a continued high growth rate of 35% in the first half of 2025 [1]. - Despite strong revenue growth, the company has faced cumulative net losses of 173.5 million RMB since 2022, with a net loss margin of 32.1% in the first half of 2025, although this represents a year-on-year improvement of 5.8 percentage points [1][11]. Product and Revenue Breakdown - In the first half of 2025, revenue from robots and controllers was 110 million RMB and 29 million RMB, respectively, contributing 69.1% and 18.3% to total revenue [2][3]. - The software and accessories segments contributed 5.7% and 6.9% to total revenue, respectively [2]. Market Position and Growth Potential - Company X holds a 6.5% market share in the global industrial robot market, ranking third, and a 23.6% share in the robot controller market, leading the industry [8]. - The global industrial robotics market is projected to grow at a CAGR of 27.8%, reaching 220 billion RMB by 2024, with expectations to expand to 1,150 billion RMB by 2029 [7]. Technological and Competitive Advantages - The company’s robot controllers are compatible with over 300 types of components, significantly more than most competitors, which typically support fewer than 100 [8]. - The upcoming SRC-5000 series controller, set to launch in Q3 2024, will integrate AI capabilities, enhancing the performance of industrial robots [6]. International Expansion and Cost Management - Company X is actively expanding into international markets, with overseas revenue accounting for 14% in the first half of 2025, an increase of 5.1 percentage points from 2022 [11]. - The company has maintained a gross margin of 45-47%, with a slight increase to 45.4% in the first half of 2025, while also reducing sales expenses [11]. Investment and Valuation - The company has seen its post-investment valuation increase nearly tenfold from 300 million RMB in the A round to 3.27 billion RMB in the C round [12][15]. - The current valuation metrics indicate a price-to-sales (PS) ratio of 9.4 and a price-to-book (PB) ratio of 24.6, suggesting a higher valuation compared to secondary market peers [15].