Autel(SH:688208) Jin Rong Jie·2025-12-21 10:58Core Viewpoint - Daotong Technology has submitted an application for listing on the Hong Kong Stock Exchange, with CICC as the sole sponsor [1] Company Overview - Daotong Technology is a leading provider of intelligent vehicle diagnostics and smart charging solutions, ranked first globally in intelligent vehicle diagnostics by revenue for 2022, 2023, and 2024, with a market share increase from 9.1% in 2022 to 11.1% in 2024 [2] - The company is the largest Chinese smart charging solution provider by overseas revenue in 2024 and the fourth largest in North America [2] - With over 20 years of industry experience, Daotong has developed a comprehensive solution portfolio based on strong technical capabilities and synergy [2] Sales Network - The company has established a global sales network covering approximately 100 countries and regions, collaborating with over 800 distributors [3] - Daotong directly serves top energy companies, mainstream charging facility operators, automotive diagnostic equipment distributors, and Fortune 500 companies [3] - The business model combines one-time hardware revenue with ongoing software revenue, creating a scalable and sustainable approach [3] Financial Data - Revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, is approximately CNY 2.266 billion, CNY 3.251 billion, CNY 3.932 billion, and CNY 2.345 billion respectively [4] - Net profit for the same periods is approximately CNY 81.609 million, CNY 140 million, CNY 560 million, and CNY 455 million respectively [5] - Gross profit for these periods is approximately CNY 1.264 billion, CNY 1.703 billion, CNY 2.082 billion, and CNY 1.260 billion respectively [6] Industry Overview - Intelligent vehicle diagnostics provide vehicle status assessment, fault detection, and performance analysis, becoming essential for safe and environmentally friendly vehicle operation [7] - The global intelligent vehicle diagnostics market is projected to grow from approximately USD 2.809 billion in 2020 to about USD 3.832 billion by 2024, with a compound annual growth rate (CAGR) of 8.1% [8] - By 2030, the market size is expected to reach approximately USD 8.004 billion, with a CAGR of 13.1% from 2024 to 2030 [8] - The share of software solutions in the industry is expected to rise significantly, from 16.8% in 2024 to 26.7% by 2030, indicating a shift towards integrated hardware, software, and service solutions [8]