SIASUN(SZ:300024) 3 6 Ke·2025-12-29 13:40Core Viewpoint - Underwater robots are becoming a significant tool in the digital economy, with the industry expected to grow due to government support and increasing market demand for underwater technology [1][21]. Company Overview - Deep Blue Ocean Technology Co., Ltd. (referred to as "Deep Blue") has submitted its IPO application for listing on the Sci-Tech Innovation Board, with CICC as the sponsor [1]. - The company focuses on the research, production, sales, and service of underwater robot products, projecting revenue of over 250 million yuan in 2024, but is currently operating at a loss [1][21]. Product Breakdown - Deep Blue's main products include cable-controlled underwater robots, autonomous underwater vehicles, underwater gliders, automatic profiling buoys, and underwater propulsion robots [2]. - Revenue contributions from various products in 2024 are as follows: cable-controlled underwater robots (29.18%), autonomous underwater robots (36.74%), underwater propulsion robots (25.24%), and technical services (8.84%) [2]. 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, but the company has incurred cumulative losses nearing 300 million yuan over three years [9][21]. - The company’s net profit for 2022, 2023, 2024, and the first half of 2025 were approximately -134 million yuan, -92.6 million yuan, -65.8 million yuan, and -2.08 million yuan, respectively [9]. Market Outlook - The global underwater robot market is projected to grow from 9.4 billion USD in 2024 to 12.3 billion USD in 2025, with a compound annual growth rate (CAGR) of approximately 37.29% from 2025 to 2030 [11][12]. - The Chinese underwater robot market is expected 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 [12]. Competitive Landscape - The underwater robot industry is currently dominated by foreign companies, particularly in high-end cable-controlled and autonomous underwater vehicles, while domestic companies are still in the development phase [15]. - Deep Blue holds advantages in operational scale, product range, and R&D capabilities compared to other domestic private enterprises, leading in the observation and light-duty cable-controlled underwater robot sectors [16]. Management and Structure - Deep Blue was established in 2013 and has a workforce of 444 employees, with 69 in R&D [17][20]. - The company plans to raise approximately 1.5 billion yuan through its IPO to fund the expansion of its underwater robot production base and upgrade its technology research and experimental center [20].