博泰车联网科技(上海)：注重研发投入，搭建自有产线，却敌不过行业内卷！博泰车联网开启港交所IPO之旅，但智能座舱行业风口还在吗？

Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The company, 博泰车联网科技, has been operating for 15 years without achieving profitability, despite a revenue increase of 22.8% year-on-year to 1.5 billion in 2023, while the net loss narrowed to 420 million from 500 million in the previous year [2][4] - 博泰's business model is primarily focused on providing integrated hardware and software solutions for smart cockpits, with approximately 90% of revenue coming from smart cockpit hardware and 10% from smart connectivity software [5][6] - The company faces significant challenges due to high competition and a fragmented market, with many players entering the smart cockpit space, leading to price wars and compressed profit margins [8][9] Revenue and Profitability - In 2023, 博泰's revenue was 1.5 billion, with the smart cockpit business contributing 1.35 billion and the smart connectivity business contributing 120 million [5] - The gross margin for 博泰's smart cockpit solutions has remained below 18% from 2021 to 2023, with a high R&D expense ratio averaging 23.6%, which is significantly above the industry average of around 10% [9] Financial Health - 博泰 has not achieved profitability since its inception, leading to reliance on external financing, with a debt ratio of 39.1% and an asset-liability ratio of 76.8% as of the end of 2023 [11] - The company has faced cash flow challenges, with a net operating cash flow loss of 270 million in 2023, despite capital expenditures of 180 million aimed at enhancing production capabilities [12]