近日，易控智驾科技股份有限公司（下称"易控智驾"）正式向港交所递交上市申请，冲击"矿区无人驾 驶第一股"。根据招股书，2022年至2024年间，公司营收从5991.7万元升至9.86亿元，三年复合增长率高 达305.6%。 | | 截至12月31日止年度 | | | | --- | --- | --- | --- | | | 2022年 | 2023年 | 2024年 | | | | (人民幣千元) | | | 收入 | 59.917 | 270,915 | 986,234 | | 銷售成本 | (77,607) | (321,375) | (911,521) | | (毛損)/毛利 | (17,690) | (50.460) | 74.713 | | 分銷及銷售開支 | (3.885) | (16.571) | (31,182) | | 研發開支 | (109,135) | (177,290) | (208.448) | | 行政開支 | (29.328) | (37.159) | (85.663) | | 其他收入 . | 826 | 682 | 1.442 | | 其他收益及虧損淨額 | (5,921) ...

Core Insights - 易控智驾科技股份有限公司 aims to become the "first stock of unmanned driving in mining areas" by submitting its prospectus to the Hong Kong Stock Exchange on June 25 [1] - The company, established in 2018, specializes in L4-level unmanned driving solutions for mining, ranking first globally in terms of projected revenue for 2024 and holding a 49.2% market share in domestic unmanned driving solutions for mining [1] Revenue Growth and Losses - 易控智驾 has experienced explosive revenue growth over the past three years, with revenues of 60 million, 271 million, and 986 million yuan for 2022, 2023, and 2024 respectively, resulting in a compound annual growth rate of 305.71% [3] - Despite the revenue surge, the company has faced increasing losses, with net losses of 216 million, 334 million, and 390 million yuan over the same period, totaling approximately 940 million yuan [3] - Adjusted net losses were 154 million, 284 million, and 300 million yuan, accumulating to over 700 million yuan [3] - The gross margin turned positive only in 2024, with figures of -29.52%, -18.63%, and 7.58% for the respective years [3] - High losses are attributed to significant investments in technology R&D and commercial infrastructure, with R&D expenses accounting for approximately 50.54%, 53.13%, and 53.44% of losses during the reporting period [3] Financing and Strategic Partnerships - Just before submitting the prospectus, 易控智驾 completed a Series D financing round exceeding 400 million yuan, led by 宁德时代 through its investment platform and own funds [4] - The funding will primarily support R&D for unmanned driving products and market expansion, including internationalization efforts in Australia [4] - The partnership with 宁德时代 signifies strong recognition from both the industry and capital markets regarding the commercialization of unmanned driving in mining [4] - The company's client base includes major mining companies and contractors, maintaining a 100% retention rate among its 11 client groups from 2022 to 2024 [4]

Group 1 - The core viewpoint of the article is that 易控智驾科技股份有限公司 (Yikong Zhijia) is preparing for an IPO on the Hong Kong Stock Exchange, aiming to raise funds for enhancing R&D, IT development, and global expansion [1][7] - Established in 2018, the company is a leading provider of autonomous driving solutions for mining, with a comprehensive intelligent solution covering all scenarios in mining transportation [2] - The company claims to have three core competencies: integrated hardware and software capabilities, deep operational insights and field-validated experience, and an accelerating data flywheel [2] Group 2 - 易控智驾's client base includes major players in the mining industry, such as 国家能源集团, 国家电投, and 宝武集团, with its technology deployed in 24 mining sites [2] - The company holds the top position in the global L4 autonomous driving market for mining solutions, with an 18.2% market share based on projected 2024 revenue [2] - In the domestic market, 易控智驾 has a commanding 49.2% market share in the mining autonomous driving solutions sector for 2024 [2] Group 3 - Since its inception, the company has attracted significant investment, completing 10 rounds of financing from various investors, including 宁德时代 and 紫金矿业 [3][4] - The founder and CEO, 蓝水生, holds a 30.61% stake, while other key shareholders collectively control 49.79% of the company [3] Group 4 - The number of active autonomous mining trucks using 易控智驾's solutions surged from 31 in 2022 to 577 in 2024, with the volume of transported materials increasing from 14.4 million cubic meters to 134.1 million cubic meters [5] - The company's revenue skyrocketed from 59.91 million yuan in 2022 to 986 million yuan in 2024, reflecting a compound annual growth rate of 305.8% [5] - Despite revenue growth, the company faced increasing losses, with net losses rising from 216 million yuan in 2022 to 390 million yuan in 2024 [5] Group 5 - The company relies heavily on a few major clients, with 83.7% of its total revenue in 2024 coming from its top five clients, and the largest client accounting for 54.5% [6] - This client concentration poses risks, including potential price pressures and the impact of changes in mining policies or environmental regulations on client purchasing decisions [6] Group 6 - 易控智驾's journey to the Hong Kong Stock Exchange represents a test of the capital market's tolerance for hard-tech companies, balancing commercialization and technological innovation [7]