承泰科技以18C章程冲刺港交所：国内最大的车载前向毫米波雷达供应商

Core Viewpoint - Chengtai Technology is set to go public on the Hong Kong Stock Exchange, showcasing significant growth in the automotive millimeter-wave radar market with a compound annual growth rate (CAGR) of 145.7% in revenue from 2022 to 2024 [1][6]. Group 1: Company Overview - Chengtai Technology was established in 2016 and has developed proprietary capabilities in millimeter-wave radar applications, along with specialized hardware and software technologies [2]. - As of June 15, 2025, Chengtai Technology has created a product matrix for millimeter-wave radar, including 5th generation 4D radar and high-resolution radar, addressing various levels of intelligent driving needs from L0 to L2+ [2]. Group 2: Sales and Financial Performance - The sales volume of Chengtai Technology's millimeter-wave radar products from 2022 to 2024 is projected to be 221,000 units, 753,795 units, and 1,875,146 units, with average selling prices of 249 RMB/unit, 204 RMB/unit, and 184 RMB/unit respectively [3][4]. - The company's revenue for the years 2022, 2023, and 2024 is expected to be 58 million RMB, 157 million RMB, and 348 million RMB, reflecting a CAGR of 145.7% [6]. - Gross margins for the same period are projected to be 28.7%, 31.0%, and 34.0%, with a turnaround to profitability in 2024, achieving an adjusted net profit margin of 4.0% [7]. Group 3: Market Position and Prospects - Chengtai Technology is recognized as the largest supplier of front millimeter-wave radar in China and the third-largest supplier of automotive millimeter-wave radar in the country, holding market shares of 9.3% and 4.5% respectively based on 2024 shipment volumes [4]. - The global automotive millimeter-wave radar market is expected to grow from 15.6 billion RMB in 2020 to 24.8 billion RMB in 2024, with a CAGR of 12.3%, while the Chinese market is projected to grow from 4.4 billion RMB to 8.2 billion RMB during the same period, with a CAGR of 16.6% [7]. Group 4: Funding and IPO Plans - Chengtai Technology has completed over 350 million RMB in financing since its inception, with a valuation of 1.32 billion RMB following the last round of financing before the IPO in May 2024 [8]. - The net proceeds from the IPO are intended for new technology research, product development in new application areas, testing equipment upgrades, marketing, strategic acquisitions, and repayment of bank loans [9].