CSG(SZ:300222) 凤凰网财经·2026-01-21 12:34Core Viewpoint - The recent IPO application by Keda Intelligent reflects the structural challenges faced by AI companies in their commercialization process, amidst a backdrop of declining stock performance and profitability issues [1][5][23]. Financial Performance - Keda Intelligent's net profit margin has consistently remained below 6%, with a reported loss of 171 million RMB in 2023. Although revenue is expected to rebound to 2.687 billion RMB in 2024, it is projected to decline to 1.881 billion RMB in 2025, with an adjusted net profit margin of only 4.5% [5][12]. - The company's revenue heavily relies on a few major clients, with the largest client contributing 36% of total revenue, indicating a high risk of revenue volatility if these clients change their strategies [9][20]. R&D and Investment - There has been a noticeable reduction in R&D investment, dropping from 259 million RMB in 2023 to 194 million RMB in 2024, and further to 129 million RMB in the first three quarters of 2025, leading to a decline in R&D intensity [13][18]. - Despite having a substantial R&D team of 758 employees, which constitutes 44.2% of the total workforce, the high labor costs have not translated into improved financial performance, with Keda Intelligent experiencing losses in five out of the last six years [18][20]. Market Position and Strategy - Keda Intelligent aims to maintain its leadership in traditional business sectors, focusing on "digital energy and intelligent robotics" as dual growth drivers. The company ranks among the top ten in commercial energy storage systems and holds leading positions in industrial robotics [22]. - However, the ongoing losses in the AI sector raise concerns about whether profits from traditional hardware can offset the financial challenges faced in AI development [23]. Industry Context - The IPO application of Keda Intelligent symbolizes a shift in the AI industry from hype to a more rational approach, as companies seek sustainable business models in a challenging market environment [23].