导远科技港股IPO：营收倍增、亏损收窄，业务版图扩张

Core Viewpoint - Guangdong Daoyuan Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming for a main board listing with CICC and CITIC Securities as joint sponsors [1] Financial Performance - In the first three quarters of 2025, Daoyuan Technology's revenue reached 474.17 million RMB, a significant increase of 97.3% compared to 240.34 million RMB in the same period last year, surpassing the total revenue for the entire year of 2024 [2] - The gross profit margin improved from 13.5% in 2023 to 21.9% in the first three quarters of 2025, driven by cost optimization from vertical integration and scale effects [4] - Adjusted net loss decreased from 119 million RMB in the previous year to 50 million RMB, indicating an approaching profitability inflection point [4] Market Position - Daoyuan Technology holds a leading market share of 27.6% in global automotive spatial intelligence solutions for 2024, and a remarkable 59.75% in the domestic high-precision positioning system market for vehicles in the first ten months of 2025 [5] - The top five customers accounted for 84.4%, 85.3%, and 88.8% of revenue in 2023, 2024, and the first three quarters of 2025, respectively, indicating a high customer concentration [7] Growth Opportunities - The non-automotive business is emerging as a second growth curve, with potential revenue contributions from clients in electronic testing and measurement instruments [8] - The global potential market size for spatial intelligence solutions is expected to reach 270.2 billion RMB by 2035, indicating significant growth opportunities across various sectors [8] Operational Capabilities - Daoyuan Technology has a production capacity exceeding 3 million sets annually, ensuring a balance between performance, cost, and delivery for large-scale production [11] - The company is transitioning from scale expansion to structural optimization, with substantial contributions from non-automotive businesses beginning to materialize [11]