【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 [1][4]. Group 1: Company Overview - Guoyi Quantum was established in 2016 and focuses on the research and development of high-end scientific instruments, providing essential equipment and solutions for quantum technology, materials science, chemical engineering, biomedical fields, and more [2]. - The company's actual controllers are He Yu and Rong Xing, who indirectly control 34.87% of the voting rights through various entities [2]. Group 2: Financial Performance - The company has shown significant revenue growth, with a compound annual growth rate (CAGR) of 81.94% from 2022 to 2024, although it has incurred losses during this period [4][7]. - Revenue figures for the years 2022 to 2025 (first half) are as follows: 151.50 million, 399.62 million, 501.47 million, and 171.21 million [4]. - The company expects to narrow its net profit loss significantly by 2025 and potentially achieve profitability by 2026 [7]. Group 3: Customer Base and Market Challenges - The customer base is relatively dispersed, with the top five customers contributing a decreasing percentage of total revenue from 26.62% in 2022 to 13.41% in the first half of 2025 [8][11]. - The high unit price and long lifespan of the products (5 to 10 years) result in low short-term repurchase rates from the same customers, complicating market expansion and customer maintenance [11]. - The industry is highly competitive, with established international firms holding significant market share, posing challenges for Guoyi Quantum in terms of brand recognition and product performance [11].