SIASUN(SZ:300024) Ge Long Hui·2025-12-29 11:44Core Viewpoint - Under the backdrop of the "2025 Government Work Report" designating "deep-sea technology" as a strategic emerging industry, the underwater robotics sector is poised for new growth opportunities, with companies like Deep Blue Ocean Technology Co., Ltd. (referred to as "Deep Blue") recently filing for an IPO [1][28]. Company Overview - Deep Blue primarily engages in the research, development, production, sales, and service of underwater robot products, with projected revenue exceeding 250 million yuan in 2024, although the company is still operating at a loss [1][28]. - The company’s main products include cable-controlled underwater robots, autonomous underwater vehicles, underwater gliders, automatic profiling buoys, and underwater propulsion robots [3][5]. Revenue Composition - In 2024, the revenue breakdown for Deep Blue is as follows: cable-controlled underwater robots (29.18%), autonomous underwater robots (36.74%), underwater propulsion robots (25.24%), and technical services (8.84%) [3][4]. Financial Performance - Deep Blue's revenue has shown an upward trend, with figures of approximately 141 million yuan in 2022, 235 million yuan in 2023, and a projected 251 million yuan in 2024. However, the company has incurred cumulative losses nearing 300 million yuan over three years, with expectations to achieve profitability by 2026 [11][12]. - The company's gross profit margins have been higher than comparable companies, with margins of 35.97%, 41.97%, 38.34%, and 43.96% over the past four years [13][14]. Market Outlook - The global underwater robotics market is expected to grow from 9.4 billion USD in 2024 to 12.3 billion USD in 2025, with a projected compound annual growth rate (CAGR) of approximately 37.29% from 2025 to 2030 [15]. - The Chinese underwater robotics market is anticipated to expand from 10.2 billion yuan in 2024 to 14.6 billion yuan in 2025, with a CAGR of about 46.93% from 2025 to 2030 [15]. Competitive Landscape - The underwater robotics industry is characterized by high prices and customization, with significant competition from established international players like Saab Seaeye and Bluefin Robotics, particularly in high-end applications [19]. - Domestic companies, including Deep Blue, are gradually closing the gap in performance and market presence, supported by national strategies promoting marine technology and local production [19][20]. IPO and Future Plans - Deep Blue plans to raise approximately 1.5 billion yuan through its IPO to fund the expansion of its underwater robot production base, upgrade its technology research and experimental center, and supplement working capital [27].