SIASUN(SZ:300024) Xin Lang Zheng Quan·2025-12-08 10:08Core Viewpoint - Shenzhen Ledong Robot Co., Ltd. has submitted a second application for IPO on the Hong Kong Stock Exchange after its first application lapsed in May 2023, despite significant order and revenue growth, the company continues to face substantial losses and increasing competition in the robotics sector [1][3]. Group 1: Company Performance - Ledong Robot's revenue increased from 234 million in 2022 to 467 million in 2024, with a 97.03% year-on-year growth in the first half of this year, reaching 386 million [3]. - The company reported net losses of 73 million, 68 million, and 56 million for the years 2022 to 2024, with an additional loss of 14 million in the first half of this year [3]. - The gross margin for the sensor business has dropped to 15.2%, significantly lower than comparable companies [3]. Group 2: Research and Development - Ledong Robot has been reducing its R&D spending, with the proportion of R&D expenses to revenue declining from 41% in 2022 to an estimated 13% in the first half of 2025, approaching the 15% threshold set by the Hong Kong Stock Exchange for IPO eligibility [3][6][7]. - The company plans to use IPO proceeds to enhance R&D in intelligent robot visual perception technology, optimize products, and expand internationally [2]. Group 3: Competitive Landscape - The company faces increased pressure from downstream clients who are developing their own technologies and reducing reliance on external suppliers, as well as competition from traditional lidar manufacturers entering the robotics market [7][9]. - Competitors like Stone Technology and Chasing Technology are showcasing advanced technologies that diminish the demand for Ledong Robot's products [8][9]. Group 4: Financial Health - Ledong Robot's debt ratio has risen from 16% in 2022 to 49% by mid-2023, with accounts payable exceeding 316 million, a 64% increase from the previous period [10][12]. - The company has reported negative operating cash flow, with a cumulative outflow of 224 million, despite raising over 600 million in external financing [10][12]. - The concentration of procurement and sales is high, with over 70% of components sourced externally and significant reliance on a few major suppliers and customers [12].