雷军、马云投的商米科技IPO了：低毛利、依赖代工，客户数减少10%

Core Insights - The revenue model of the company is highly dependent on hardware sales, with 99.5% of revenue in 2024 coming from this segment, while the PaaS platform "商米大程序" contributed only 0.5% of revenue, indicating a lack of sustainable software subscription model [1][7] - The total number of customers has decreased by nearly 10% over three years, and to maintain customer relationships, the company has extended credit terms, resulting in an increase in accounts receivable turnover days from 36 days in 2022 to 89 days in 2024, with accounts receivable accounting for 30.3% of total revenue in 2024, impacting cash flow and increasing bad debt risk [1][10][12] Group 1: Business Model and Financial Performance - The company is recognized as the "largest Android-based BIOT solution provider" globally, with a market share exceeding 10% and operations in over 200 countries [6] - Revenue figures for 2022 to 2024 are reported as 34.04 billion, 30.71 billion, and 34.56 billion RMB respectively, with net profits of 1.60 billion, 1.01 billion, and 1.81 billion RMB, indicating a slight recovery in 2024 but overall stagnation compared to 2022 [6][9] - The revenue is primarily derived from "smart device sales" and "PaaS platform and customized services," with smart device sales consistently accounting for over 98% of total revenue during 2022-2024 [7][9] Group 2: Customer Concentration and Credit Risk - The company faces challenges of high customer concentration and ongoing customer attrition, with the top five customers accounting for 42.3%, 28.8%, and 41.1% of revenue from 2022 to 2024, and the largest single customer contributing 19.3%, 16.5%, and 22.0% respectively [10][12] - The total number of customers has declined from 2506 in 2022 to 2262 in 2024, reflecting a loss of nearly 10% over three years [10] Group 3: Manufacturing and Cost Structure - The company relies heavily on OEM production, with over 90% of products manufactured by approximately 30 OEM factories, while its own production capacity accounts for only 3.3% of total output [2][16] - The reliance on OEMs has raised concerns about cost control, with the gross margin improving to 28.9% in 2024 but still below industry peers [2][17]