被单一客户拿捏命脉？承泰科技3年半亏超2亿元

Core Viewpoint - Chengtai Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading supplier of millimeter-wave radar in China's automotive market, despite ongoing financial losses and reliance on a single major client [1][2]. Group 1: Company Overview - Chengtai Technology was established in 2016 and is recognized as the largest domestic supplier of forward-looking millimeter-wave radar in China by shipment volume, according to Zhaoshang Consulting [1]. - The company is co-founded by Chen Chengwen and Zhou Ke, who hold 15.48% and 4.98% of the equity, respectively, and have backgrounds in Huawei Technologies [1]. Group 2: Financial Performance - Chengtai Technology's revenue for the reporting periods (2022 to 2024, and the first half of 2025) is projected to be approximately RMB 57.65 million, RMB 156.52 million, RMB 348.09 million, and RMB 539.18 million [2][3]. - Despite rapid revenue growth, the company has not achieved profitability, reporting losses of RMB 79.17 million, RMB 96.60 million, RMB 21.77 million, and RMB 14.43 million over the same periods, totaling approximately RMB 212 million in cumulative losses [2][3]. Group 3: Client Dependency and Risks - A significant portion of Chengtai Technology's revenue is derived from a single client, referred to as Client A, accounting for 81.9%, 91.3%, 93.6%, and 97.4% of total revenue across the reporting periods [3]. - The company faces substantial pricing pressure and unfavorable contract terms due to Client A's large purchasing volume, which could adversely affect its business if Client A reduces orders or changes procurement strategies [4]. Group 4: Cash Flow and Operational Challenges - Chengtai Technology has reported negative net cash flow from operating activities, with figures of RMB -97.60 million, RMB -61.89 million, RMB -6.98 million, and RMB -84.13 million for the respective periods [5]. - The company attributes its cash outflows primarily to inventory procurement for new products and increased investments in procurement and inventory management as it scales operations [5].