承泰科技冲刺港交所IPO 超九成收益依赖单一客户

Core Viewpoint - Shenzhen Chengtai Technology Co., Ltd. is pursuing an IPO on the Hong Kong Stock Exchange, showing rapid revenue growth but has not yet achieved profitability, with over 90% of its revenue coming from a single customer [1][5]. Revenue and Profitability - The company reported revenues of 57.65 million, 157 million, 348 million, and 539 million yuan for the years 2022 to 2025, respectively, but incurred losses of 79.17 million, 96.60 million, 21.76 million, and 14.43 million yuan during the same periods [2][4]. - The average selling price of products decreased from 249 yuan/unit to 113 yuan/unit over the same period, reflecting a strategy to penetrate the mid-to-low-end vehicle market [3][4]. Market Position - Chengtai Technology is the largest domestic supplier in China's forward-looking millimeter-wave radar market with a market share of 9.3% and the third-largest in the overall vehicle millimeter-wave radar market with a 4.5% share [2]. Customer Dependency - The company heavily relies on a single customer, referred to as "Customer A," which accounted for approximately 81.9% to 97.4% of total revenue from 2022 to 2025 [5]. - Sales revenue from customers other than "Customer A" grew at a compound annual growth rate of 46.0%, but only reached about 14.20 million yuan in the first half of 2025 [5]. Production Capacity and Financial Health - Chengtai Technology has two production bases, with the Suzhou base operating at full capacity and the Shenzhen base at 66.8% capacity utilization in the first half of 2025 [6]. - As of November 30, 2025, the company had cash and cash equivalents of only 18.82 million yuan and a total shortfall of 25.30 million yuan in social insurance and housing fund contributions, indicating potential financial constraints [1][7]. Future Plans - The company aims to achieve sustainable growth by expanding its customer base, increasing sales, and enhancing production capacity [1][4].