【看新股】国仪量子拟科创板IPO：近三年营收复合增长率超80% 尚未实现盈利

Core Viewpoint - Guoyi Quantum Technology (Hefei) Co., Ltd. is planning to go public on the Sci-Tech Innovation Board, with rapid revenue growth but has not yet achieved profitability. The company expects to narrow its losses significantly by 2025 and potentially achieve profitability by 2026 [1][5]. Group 1: Financial Performance - The company has experienced a compound annual growth rate (CAGR) of over 80% in revenue from 2022 to 2024, with revenues of 151.50 million yuan, 399.62 million yuan, 501.47 million yuan, and 171.21 million yuan for the respective years [5][8]. - Despite the revenue growth, the company reported net losses of 168.29 million yuan, 169.32 million yuan, 104.24 million yuan, and 73.94 million yuan during the same period, indicating ongoing financial challenges [5][8]. - The company anticipates a significant reduction in net losses by 2025 and expects to achieve profitability in 2026, with cumulative unabsorbed losses gradually decreasing [5][8]. Group 2: Business Model and Market Position - Guoyi Quantum focuses on the research and development of high-end scientific instruments, serving a diverse clientele including universities, research institutes, and enterprises across various fields such as quantum technology, materials science, and biomedical applications [1][8]. - The customer base is relatively dispersed, with the top five customers contributing only 26.62%, 24.62%, 17.02%, and 13.41% to the main business revenue from 2022 to mid-2025, indicating a low concentration of sales [8][11]. - The high price and long lifespan of the products (5 to 10 years) result in low short-term repeat purchases from the same customers, posing challenges in market expansion and customer maintenance [8][11]. Group 3: Competitive Landscape - The industry is characterized by intense competition, with international instrument manufacturers holding a dominant market position due to their historical advantages, scale, financial strength, and brand recognition [8][11]. - Guoyi Quantum is currently in a catch-up position against these international giants, facing challenges in product performance, stability, and market penetration [8][11]. - The company must continue to innovate and improve product performance and cost-effectiveness to maintain its competitive edge and avoid a decline in market position and revenue [8][11].