新股前瞻|从汽车诊断到AI机器人，道通科技真实价值待重估？

Core Viewpoint - Daotong Technology has submitted its listing application to the Hong Kong Stock Exchange, aiming to establish an "A+H" dual capital platform to enhance its international financing channels [1] Group 1: Company Overview - Founded in 2004, Daotong Technology specializes in automotive intelligent diagnostics, testing systems, and related electronic components, achieving a leading global market share in smart vehicle diagnostics for three consecutive years [1] - The company has expanded into smart charging and embodied intelligence sectors, with its stock price increasing significantly, showing a maximum rise of 61% in 2025 [1] - As of now, Daotong Technology has a market capitalization of approximately 24.8 billion RMB [1] Group 2: Financial Performance - From 2022 to 2024, Daotong Technology's revenue grew from 2.266 billion RMB to 3.932 billion RMB, with a compound annual growth rate (CAGR) of 31.7%, while net profit surged from 82 million RMB to 560 million RMB, reflecting a CAGR of 162.0% [2] - In the first half of 2025, the company reported revenue of 2.345 billion RMB and a profit of 455 million RMB, marking year-on-year growth of 27.3% and 26.4%, respectively [2] - The company's gross margin showed slight fluctuations, decreasing from 55.8% in 2022 to 52.9% in 2024, and slightly recovering to 53.7% in the first half of 2025 [2] Group 3: Business Segments - Daotong Technology's core business consists of two main segments: smart vehicle diagnostic solutions and smart charging solutions, with the former accounting for 76.4% of revenue and the latter 22.5% in the first half of 2025 [4] - The smart charging segment has seen rapid growth, with revenue increasing from 96 million RMB in 2022 to 867 million RMB in 2024, driven by increased sales of energy management products [4] - The gross margin for the smart vehicle diagnostic solutions segment decreased by 1.9 percentage points to 58.7% in the first half of 2025, primarily due to rising procurement costs from semiconductor price fluctuations [4] Group 4: Market Expansion and AI Integration - Daotong Technology has extended its business to approximately 100 countries, with overseas markets contributing about 70% of its revenue, particularly from North America and Europe [6] - The company has secured significant orders from major clients in the North American market, indicating its growing presence in the renewable energy sector [7] - Daotong Technology is actively pursuing an "AI+diagnostics," "AI+charging," and "AI robotics" strategy, integrating AI technology into its core business areas [8][10] Group 5: Future Outlook - With its leading position in smart diagnostics, rapidly growing charging business, and forward-looking strategies in embodied intelligence, Daotong Technology is positioned as a robust investment opportunity [11] - The company is expected to benefit from the global trends of automotive intelligence and electrification, while also needing to navigate potential risks related to international trade policies and competition [11]