Core Viewpoint - The article discusses the rise of Chengtai Technology as a leading player in the millimeter-wave radar market, particularly in the context of its partnership with BYD and the implications of its upcoming IPO [5][11][33]. Group 1: Company Overview - Chengtai Technology, founded in 2016, specializes in millimeter-wave radar and has successfully entered the supply chain of BYD, becoming a core supplier [5][11]. - The company has raised a total of 250 million RMB through six financing rounds from 2017 to 2021, indicating strong investor confidence [9][10]. - The founders, both with backgrounds at Huawei, have leveraged their experience to drive the company's growth [7][9]. Group 2: Financial Performance - Chengtai Technology's revenue has seen significant growth, with total revenues projected to be 58 million RMB in 2022, 157 million RMB in 2023, and 348 million RMB in 2024, marking a sixfold increase over two years [11][12]. - The company’s revenue from BYD accounted for 81.9%, 91.3%, and 93.6% of total revenue in 2022, 2023, and 2024, respectively [12][34]. - Despite increasing revenues, the net losses have decreased from 79.17 million RMB in 2022 to 2.22 million RMB in 2024, with adjusted net profit expected to be 13.95 million RMB in 2024 [11][13]. Group 3: Market Position and Growth Potential - Chengtai Technology is positioned as the second-largest millimeter-wave radar supplier in China, with a market share of approximately 5.2% [30][31]. - The domestic market for millimeter-wave radar is projected to reach 20 billion RMB by 2029, with a compound annual growth rate (CAGR) of 9.2% for forward radar and 32.0% for corner radar from 2020 to 2024 [22][23]. - The company has also expanded its product offerings to include corner radar, with revenues from this segment growing significantly [25][28]. Group 4: Dependency and Competitive Landscape - Chengtai Technology's heavy reliance on BYD poses a risk, as 93.6% of its revenue in 2024 is expected to come from this single client [34][35]. - The competitive landscape includes established players like Bosch and Continental, which dominate the market with significant shares [39][41]. - The company faces challenges in diversifying its client base, as recent efforts to onboard new customers have not yet yielded substantial results [33][37].
“天神之眼”喂出11倍销量,转身却遭比亚迪背刺?承泰科技港股IPO现断奶危机