新股前瞻|从封闭场景到全域覆盖，主线科技如何讲好“高阶智驾”故事？

Core Viewpoint - The company, Mainline Technology, is poised to become a significant player in the L4 autonomous driving truck sector in China, leveraging its early advantages in closed scenarios and technological accumulation to accelerate commercialization through capital market empowerment [1][2]. Company Overview - Mainline Technology, established in 2017, is a leading provider of L4 autonomous trucks and solutions in China, with a comprehensive "vehicle-edge-cloud" integrated product ecosystem covering logistics hubs, highway logistics, and urban traffic [2][4]. - The company holds a market share of 31.8% in the closed-road scenario for L4 autonomous trucks, significantly surpassing the second-place competitor's 21.1% [2]. Business Structure - The core product matrix includes AiTruck (smart trucks), AiBox (smart terminals), and AiCloud (smart cloud services), corresponding to three main application scenarios: TrunkPort (logistics hubs), TrunkPilot (highway logistics), and TrunkCity (urban traffic) [4]. - Revenue contributions for 2024 are projected at 1.82 billion RMB from logistics hubs (71.6% of total revenue), 421 million RMB from highway logistics (16.6%), and approximately 566 million RMB from urban traffic, which is still in the early commercialization stage [4]. Financial Performance - The company is experiencing rapid revenue growth but has not yet achieved profitability, with revenues increasing from 112 million RMB in 2022 to 254 million RMB in 2024, reflecting a compound annual growth rate (CAGR) of over 50% [5][6]. - The gross profit margin is expected to rise from 3.7% in 2022 to 22.7% in 2024 and reach 30.3% in the first half of 2025, driven by increased adoption of its solutions [6][7]. Investment and Financial Structure - Research and development expenditures totaled 382 million RMB from 2022 to 2024, with 60.9% of the first half of 2025's revenue allocated to R&D [8]. - As of June 30, 2025, the company had total liabilities exceeding 1.3 billion RMB, with net liabilities around 1.08 billion RMB, indicating a high reliance on external financing [9][10]. Market Opportunities - The commercial vehicle autonomous driving industry is entering a golden development period, with the closed-road market projected to grow from 400 million RMB in 2021 to 1.3 billion RMB in 2024, and the open-road market expected to expand from 100 million RMB to 2.3 billion RMB in the same period [12][15]. - Government policies are increasingly supportive of autonomous driving technology, facilitating testing and deployment, which is expected to enhance market growth [15][16]. Challenges - The industry faces challenges such as the complexity of open-road scenarios, varying customer acceptance of new technologies, and ongoing regulatory developments regarding liability and data security [16]. - The company must navigate high customer and supplier concentration risks, with the top five customers accounting for 67.9% of revenue in 2024, which could impact negotiation power and operational stability [10].