乐动机器人冲击港股上市

Core Business Analysis - Shenzhen LDROBOT Co., Ltd. is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing AI algorithms, optimizing production capacity, and exploring investment opportunities [1] - The company's visual perception products include sensors and DTOF laser radars, widely used in various robotic applications, making it one of the most comprehensive companies in this field [2] - The first growth curve is driven by visual perception technology, with products segmented into DTOF laser radar, triangulation laser radar, solid-state linear laser radar, and four-eye matrix sensor modules [2] Second Growth Curve - The smart lawn mower robot is emerging as the second growth curve, with the company expanding into the design and mass production of complete smart robot products [3] - The first-generation smart lawn mower robot achieved sales of over 10,000 units in 2024, while sales exceeded 15,000 units from early 2025 to May 23, 2025 [3] - By 2024, over 6 million smart robots equipped with the company's visual perception technology are expected to be in operation, with partnerships established with over 300 companies [3] Market Position and Competition - The company ranks first among those capable of designing and developing complete smart robots, serving over 50 countries and regions [5] - In 2024, the DTOF laser radar shipment exceeded 720,000 units, leading the industry, with major sales orders coming from vacuum cleaning robots [5] - Despite being a leader in visual perception technology, the company faces competition from other players, with a market share of only about 1.6% [7] Financial Performance - The company reported revenues of 234 million, 277 million, and 467 million RMB from 2022 to 2024, with visual perception products accounting for 94% of total revenue in 2024 [12] - The net losses for the same period were 73.1 million, 68.5 million, and 56.5 million RMB, indicating ongoing financial challenges [12] - R&D expenditures were significant, representing 41.4%, 34.7%, and 20.3% of revenue from 2022 to 2024, reflecting a focus on innovation and product development [13] Future Prospects - The company is expanding its international presence with operational centers in Singapore, Hong Kong, and Germany, and production partnerships in Vietnam [14] - With 252 patents and 24 software copyrights, the company is well-positioned for future growth, especially if it can successfully penetrate overseas markets [14]