定制车孤注一掷，53亿短债压顶，曹操出行受重资产拖累，亟待IPO上市续命

Investment Rating - The report indicates that the company is in urgent need of an IPO to alleviate its heavy debt burden and continue operations [1][151]. Core Viewpoints - The company is positioned as a customized ride-hailing platform, heavily reliant on a unique fleet of customized vehicles and a partnership with Geely Group [2][19]. - The ride-hailing industry in China is characterized by intense competition, with Didi dominating the market, holding a 75.5% market share, while the company holds a mere 4.8% [7][8]. - The company has seen significant growth in its customized vehicle fleet, which has increased from 5% of its GTV in 2022 to 26% in the first half of 2024 [12][14]. - The company’s revenue has grown from 72 billion RMB in 2021 to 107 billion RMB in 2023, with a notable 40% year-on-year increase in 2023 [36][102]. - Despite improvements in revenue and cash flow, the company continues to face substantial net losses, amounting to 19.8 billion RMB in 2023 and 7.8 billion RMB in the first half of 2024 [116][121]. Summary by Sections Company Overview - The company was established in 2015 and has expanded its operations to 83 cities in China, primarily in first and second-tier cities [9][10]. - The customized vehicle fleet is the largest in the country, with over 33,000 vehicles deployed by mid-2024 [12][14]. Financial Performance - The company’s GTV reached 12.2 billion RMB in 2023, with a significant portion derived from its core ride-hailing services [39]. - The revenue from ride-hailing services consistently exceeds 90%, with the core service "Cao Cao Ride" being the main contributor [39][42]. - The company has improved its gross margin, achieving a positive gross margin of 5.8% in 2023, up from negative margins in previous years [102]. Debt and Financial Health - The company’s total interest-bearing debt reached 8.5 billion RMB by mid-2024, with a debt-to-asset ratio of 224% [124][148]. - A significant portion of the debt is due within a year, raising concerns about the company’s liquidity and ability to meet its obligations [144][148]. - The company has applied for a new asset-backed securities issuance of 7 billion RMB to finance vehicle purchases and operational expenses [148]. Market Position and Strategy - The company is increasingly dependent on third-party aggregation platforms for order fulfillment, with orders from these platforms accounting for 83% of its GTV in the first half of 2024 [110][111]. - The shift towards a battery swap model for its customized vehicles aims to reduce total cost of ownership (TCO) and improve profitability [26][30]. - The partnership with Geely Group not only provides vehicle supply but also after-sales service, indicating a deep integration of operations [34][35].