Company Overview - Founded in 2015, the company is a pioneer in the public domain AIoT (Artificial Intelligence of Things) industry in China, focusing on driving industrial digitalization and spatial intelligence transformation through its self-developed AIoT operating system, TacOS [1] - The core business involves providing a full-stack AIoT product suite, including software, hardware, and services, covering four major areas: industry, urban management, human living, and energy, aiming for sustainable development through technology [1] Industry Outlook - The public domain AIoT sector is rapidly growing, with the market expected to increase from RMB 408 billion in 2023 to RMB 744 billion by 2028, reflecting a compound annual growth rate (CAGR) of 12.8%, outpacing the overall AIoT market growth of 11.1% [2] - The overall AIoT market in China is projected to grow from RMB 821 billion in 2023 to RMB 1,393 billion by 2028 [2] Financial Data - Revenue is projected to grow significantly, reaching approximately RMB 1.006 billion in 2023 and RMB 1.843 billion in 2024, with a year-on-year growth rate of 83.17% for 2024 [6] - Gross profit margins are expected to fluctuate, with a drop from 31.0% in 2023 to 15.3% in 2024, attributed to competitive pricing strategies to acquire quality customers [7] - The company faces short-term liquidity challenges, with total current assets of RMB 2.827 billion against current liabilities of RMB 4.205 billion, resulting in a net current liability of RMB 1.378 billion [7] Revenue Composition - The revenue structure shows a significant reliance on the AI industrial digitalization segment, which is expected to account for 89% of total revenue in 2024, while other segments like urban intelligence and smart living are experiencing declines [8][9] - The AI industrial digitalization revenue is projected to surge to RMB 1.641 billion in 2024, a year-on-year increase of 162.9% [7] Challenges and Risks - The company has a high customer concentration risk, with the top three customers contributing 59.1% of total revenue in 2024 [10] - Cumulative losses have exceeded RMB 7 billion, with an adjusted net loss of RMB 973 million in 2024, indicating ongoing profitability challenges [12] Competitive Advantages - The TacOS operating system provides a robust technical foundation for smart applications across various domains, enabling deep interconnectivity among diverse intelligent devices [17] - The company has a strong order backlog of RMB 2.3 billion, equivalent to 1.2 times its projected 2024 revenue, ensuring future revenue growth [17] - Backed by top-tier institutional investors, the company benefits from strategic resources and collaborative partnerships [17] Summary - As a leader in the public domain AIoT sector, the company has clear opportunities for growth, supported by a rapidly expanding market and a solid order pipeline [15] - However, challenges such as ongoing losses, fluctuating gross margins, customer concentration risks, and high valuations present significant hurdles to achieving sustainable profitability [15]
新股速递| “空间智能”战略落地，特斯联IPO引领AIoT新浪潮
贝塔投资智库·2025-10-15 04:26