SIASUN(SZ:300024) Zhong Guo Jing Ying Bao·2025-12-26 19:30Core Viewpoint - The surge in robot companies seeking to list in Hong Kong reflects a growing interest in the sector, with approximately 30 companies having submitted applications this year. Ledong Robotics, a leader in visual perception technology, is facing challenges with declining profit margins and is betting on smart lawn mowers as a new growth avenue [2][3]. Company Overview - Ledong Robotics is primarily focused on two business segments: visual perception products, which are expected to account for 94% of total revenue in 2024, and smart lawn mowers, projected to contribute 5% [2]. - The company provides critical perception and navigation solutions to robot manufacturers, with core products including various types of LiDAR and visual sensor modules [2]. Market Dynamics - The global smart robot market is projected to grow from 158.3 billion yuan in 2020 to 369 billion yuan in 2024, with a compound annual growth rate (CAGR) of 23.6%. The visual perception technology segment is expected to grow from 13.6 billion yuan in 2020 to 28.5 billion yuan in 2024 [3][4]. - Ledong Robotics holds a 1.6% market share in the highly fragmented visual perception market, with its products expected to be used in over 6 million smart robots by 2024 [4]. Financial Performance - Revenue for Ledong Robotics is projected to grow from 234 million yuan in 2022 to 467 million yuan in 2024, with a CAGR of 41.4%. However, net losses are also expected to decrease from 73.1 million yuan in 2022 to 56.5 million yuan in 2024 [4][5]. - The company's gross margin is declining, from 27.3% in 2022 to an anticipated 19.5% in 2024, attributed to a pricing strategy aimed at maintaining market share [4][5]. Competitive Landscape - The company faces increasing competition from major players entering the market with advanced technologies. For instance, Hesai Technology has significantly increased its LiDAR delivery volumes in the robot sector [5][6]. - Ledong Robotics' customer base includes seven of the top ten home service robot companies globally, but the revenue contribution from its largest customer has decreased from nearly 30% in 2022 to 15% in 2024 [6]. Growth Strategy - To counteract the pressures on its core business, Ledong Robotics is pursuing a dual strategy: reinforcing its technology in visual perception and investing in smart lawn mowers as a secondary growth line [7]. - The smart lawn mower market is expected to grow significantly, with projections indicating a market size reaching several billion dollars by 2029 [7][8]. Recent Developments - The new lawn mower business has shown rapid growth, with revenue expected to reach 23.3 million yuan in 2024 and 77.5 million yuan in the first half of 2025, with gross margins improving from 33.6% in 2024 to 45.6% in 2025 [8]. - However, this segment also faces challenges, including potential anti-dumping investigations by the EU that could impact competitiveness [8]. IPO and Future Plans - The upcoming IPO aims to raise funds for enhancing visual perception technology, expanding brand presence, optimizing production capacity, exploring investment opportunities, and supplementing working capital [10]. - The ability of Ledong Robotics to maintain its market share and successfully grow its lawn mower business will be critical for its future trajectory [10].