Core Viewpoint - The financial data disclosed by the company indicates significant revenue growth, but underlying risks related to customer concentration and supply chain pressures are evident [1][5]. Group 1: Financial Performance - In 2024, the company achieved a revenue of 1.283 billion yuan, representing a year-on-year growth of 41.4% [1]. - The gross profit margin improved to 11.2% in 2024, yet the company still reported a net loss of 528 million yuan, with cumulative losses exceeding 2.1 billion yuan over three years [3]. - Research and development expenses reached 447 million yuan in 2024, accounting for 34.8% of total revenue [3]. Group 2: Customer Dependency - The company's largest customer accounted for 59.4% of its revenue in 2024, while the top five customers collectively contributed 91.2% [1]. - The concentration of revenue from a few key clients is unusual in the Chinese smart automotive supply chain [1][4]. Group 3: Supply Chain Challenges - In response to supply chain uncertainties, major automotive manufacturers required suppliers, including the company, to stockpile materials, leading to increased inventory levels from 419 million yuan at the end of 2023 to 574 million yuan at the end of 2024 [2]. - Accounts receivable and notes payable rose to 736 million yuan, indicating significant cash flow pressure despite revenue growth [2]. Group 4: Market Position and Competition - The company holds the second-largest market share among third-party suppliers in the ADAS sector, with a market share of 7.2% and a vehicle installation share of 17.7% in 2024 [3]. - However, the average selling prices of key products have been declining, and high-end product lines have not yet provided effective profit support [3]. Group 5: International Exposure and Supply Chain Dependency - The company's revenue remains highly concentrated in the Chinese market, with over 96% of income derived from this region in 2024 [4]. - The dependency on major suppliers has also increased, with the top five suppliers accounting for 61.1% of procurement, and the largest supplier representing 39.5% [4].

Financial Data and Key Metrics Changes - Revenue for Q1 2025 was $0.04 million, down from $0.1 million in Q1 2024, reflecting a 60% decrease [11] - Gross profit for Q1 2025 was negative $0.3 million, unchanged from Q1 2024 [11] - Operating loss for Q1 2025 was $13.4 million, compared to a loss of $12.8 million in Q1 2024 [12] - Net loss in Q1 2025 was $13.8 million, compared to a net loss of $12.8 million in Q1 2024 [13] - Cash and cash equivalents as of March 31, 2025, were $36.7 million, with long-term bank deposits at $35.2 million [13] Business Line Data and Key Metrics Changes - The company secured radar systems orders supporting advanced data collection programs, indicating progress in the automotive sector [5] - A significant order for over 1,000 imaging radar chips was placed by Tier one Sensorad, reflecting growing demand in broader industrial and mobility markets [7] Market Data and Key Metrics Changes - In Europe, the company is close to potential design wins with leading OEMs, with revenues projected to begin in 2027 [6] - In China, the launch of the LRR615 radar system marks a critical milestone, designed for the autonomous driving market [6] Company Strategy and Development Direction - The company aims to pursue four design ins with automakers in 2025, with annual revenue expected to be between $2 million and $5 million, weighted towards the end of the year [14] - Collaboration with NVIDIA is a key strategic move, integrating high-resolution imaging radar with NVIDIA's DRIVE AGX platform [8] Management's Comments on Operating Environment and Future Outlook - Management noted that broader economic shifts have led to short-term delays in automakers' rollout of advanced driver assistance systems, but they remain optimistic about future engagements [14] - The company believes that its solid financial foundation positions it well to lead the industry in the adoption of ultra-high-resolution radar [10] Other Important Information - The company raised $33 million through an underwriting registered direct offering in January 2025, enhancing its financial stability [9] - Adjusted EBITDA for 2025 is projected to be a loss between $29 million and $35 million [15] Q&A Session Summary Question: Can you outline the negotiations and discussions with OEMs? - The company is not selling directly to OEMs but through Magna, which is involved in data collection for OEMs. They believe the solution is ready for final selection [17][18] Question: Which geographies are these OEMs headquartered in? - The focus is currently on Europe, with expectations for revenue and production in China to come a year earlier [20] Question: Any momentum in industrial applications? - The company is partnering with Sensorad for industrial applications, which have low volume per application but significant customization needs [21][22] Question: Revenue guidance implies a ramp in the third and fourth quarters; where will this revenue come from? - Revenue will come from a major order from Sensorad and the selection of leading OEMs, with production ramping up in China by Q4 [24][25] Question: Where are other auto customers in the RFP process? - The company is making progress with all programs, but delays are due to market conditions rather than technology [28] Question: Partnerships in China? - The company is working with both NVIDIA and local vendors like Horizon Robotics to provide full solutions for the autonomous market [30] Question: Timeline for volume ramp in China? - Production ramp-up in China is expected by the end of the year, with final stages nearing completion [32] Question: R&D expenditure for the year? - The operational expenditure burn for the year is projected to be between $32 million and $34 million, with R&D estimated at $25 million annually [35] Question: Gross margin expectations during ramp-up? - Gross margin during the ramp-up is expected to be in the range of 50% to 60%, but may drop to 30% to 35% during the initial testing phase [39]

根据 Counterpoint 最新《欧洲车载导航系统追踪报告》 ，TomTom 2024年以14%的市场份额保持欧洲车 载导航软件市场领导者地位，Joynext 与Elektrobit 分别以13%和12%的份额位居二、三位。 欧洲车载导航系统供应商销售份额对比，2024 vs 2023 数据来源：Counterpoint Research 《2024欧洲车载导航系统追踪报告》 Google 市场份额显著提升至6%，同比增长34%，这得益于Renault, Volvo, Cadillac 和Polestar 等主流汽车 品牌搭载谷歌汽车服务（GAS）的车型数量增加。 分析师观点 针对市场动态，Counterpoint 高级分析师Mohit Sharma指出 ："虽然电动汽车销售放缓给欧洲导航软件 市场带来挑战，但搭载车载导航功能的车型数量仍在增加，这项配置正逐步渗透至经济型和小型车领 域。" 市场展望： 尽管TomTom 成功卫冕冠军，但欧洲车载导航市场2024年规模较2023年出现下滑，主要归因于欧洲电动 汽车销量下跌——电气化是车载导航普及的关键驱动因素。 由于电动汽车销量下滑，2024年欧洲车载导航软 ...