重庆特斯联智慧科技：光大控股一手扶持，7年9次融资，3年半亏损70亿，特斯联：赴港IPO或成现金流救命稻草

Investment Rating - The report does not explicitly provide an investment rating for the company Core Insights - The company, Chongqing Teslian Smart Technology, is aiming for an IPO in Hong Kong, positioning itself as the "first domestic AIoT stock" [3] - Teslian has completed 9 rounds of financing in 7 years, with a pre-IPO valuation of 21 billion RMB, reflecting a nearly 300-fold increase since its angel round [12] - The company has accumulated losses of 7.1 billion RMB over the past three and a half years, with significant cash flow issues [18][19] Summary by Sections Company Background - Teslian was founded in 2015 and has strong backing from Everbright Holdings, which has participated in nearly half of its financing rounds, investing a total of 2.37 billion RMB [6][10] - The management team has a background in Everbright Holdings, indicating a strategic alignment with the parent company [8] Financial Performance - The highest revenue year for Teslian was 2021, with 1.207 billion RMB, but revenues have since declined to 738 million RMB in 2022 and 1.006 billion RMB in 2023 [13][21] - In the first half of 2023, revenue was only 357 million RMB, a 30% decrease from the previous year [14] - Cumulative operating losses from 2021 to mid-2024 reached 3 billion RMB, with total losses of 7.1 billion RMB over three and a half years [16][18] Industry Position - Teslian claims to be the "fifth largest operating system-type AIoT solution provider" in China, trailing behind major telecom and internet companies [25][26] - The AIoT market in China is projected to grow from 821 billion RMB in 2023 to 1.393 trillion RMB by 2028, with a compound annual growth rate of 11.1% [23] Product Offering - Teslian's AIoT products focus on four main areas: AI industrial digitization, AI urban intelligence, AI smart living, and AI smart energy [29] - The company has faced challenges in maintaining customer numbers, with a decline from 330 clients in 2023 to 150 by mid-2024 [36]