新股前瞻|两年9个月累亏5.78亿，已成行业龙头的导远科技仍有待观察

Core Viewpoint - The International Consumer Electronics Show (CES) highlighted the rapid advancement of AI into the physical world, marking the arrival of the physical AI era, which Guangdong Daoyuan Technology Co., Ltd. aims to embrace by initiating its listing process in Hong Kong to capitalize on this industry trend [1][2]. Company Overview - Daoyuan Technology submitted its listing application to the Hong Kong Stock Exchange on January 1, with CICC and CITIC Securities as joint sponsors [2]. - The company is the first globally to mass-produce automotive-grade MEMS spatiotemporal intelligent solutions for smart driving, holding a market share of 27.6% in 2024, surpassing competitors like Huawei and Tesla [2][8]. - Daoyuan Technology has expanded its business into robotics, engineering machinery, and renewable energy systems, establishing a solid foundation for physical AI applications [2][11]. Market Position and Competitive Advantage - The spatiotemporal intelligent solutions are crucial for physical AI's autonomous decision-making and execution, addressing key questions of location, movement, and posture [3][6]. - The company has developed a comprehensive spatiotemporal perception solution, mastering the entire technology chain from chips to algorithms and product design, which constitutes its core competitive advantage [6]. Financial Performance - Revenue for Daoyuan Technology is projected to reach RMB 3.66 billion in 2023 and RMB 4.10 billion in 2024, with a significant increase of 97.29% expected in the first three quarters of 2025 [15][19]. - The company has not yet achieved profitability, with adjusted net losses amounting to RMB 578 million from 2023 to the first three quarters of 2025, although losses are narrowing due to revenue growth and cost reduction measures [19][25]. Growth Potential - The market for spatiotemporal intelligent solutions in automotive, robotics, engineering machinery, and renewable energy systems is expected to grow at compound annual growth rates of 34.6%, 106.5%, 92.6%, and 225% respectively from 2024 to 2030 [20]. - Daoyuan Technology's leading position in the automotive sector and its expansion into other fields position it well to benefit from the physical AI trend [23]. Risks and Challenges - The company faces increasing customer concentration, with the top five customers accounting for over 88% of sales in recent years, raising concerns about revenue stability [25]. - Competition is intensifying, particularly from major players like Huawei and Tesla, which could threaten Daoyuan Technology's market position if it fails to innovate and maintain its technological edge [25].