「IPO全观察」 栏目聚焦首次公开募股公司，报道企业家创业经历与成功故事，剖析公司商业模式和 经营业绩，并揭秘VC、CVC等各方资本力量对公司的投资加持。 作者丨刘杨楠 编辑丨 巴里 图源丨 AI作图 十多年前，博泰车联网创始人兼董事长应宜伦（又名应臻恺）正与美国康宁公司洽谈，希望找到一块 完全不留指纹的玻璃，这个需求和iPhone面世时乔布斯所提的需求如出一辙。 2014年，博泰车联网与康宁联合推出了一款不反光的车载玻璃屏幕。应宜伦也因其近乎苛刻的产品要 求，被称为"中国汽车界的乔布斯"。但应宜伦的自我评价却很低调——"一个热爱汽车的人"。 如今，成立16年的博泰车联网已经成为市场占有率第二的独立智能座舱厂商，公司的资本历程也迎来 拐点。 今年4月，创始人应宜伦带领博泰二度冲刺港股。虽然在智能座舱领域，博泰车联网是当之无愧的"元 老级"玩家，但对于成立至今还从未盈利的博泰车联网来说，在今天风云变幻的智驾市场中，仍不可 掉以轻心。 图源： 博泰车联网官网 "汽车不联网，如同功能机" 应宜伦（又名应臻恺或Ken Ying）是70后，高中时曾两次退学，成为了一名摄影师，并顺势进入广告 业。 2001年，他拿着6万 ...

Core Viewpoint - The company reported its 2024 annual and 2025 Q1 financial results, showing a mixed performance with revenue growth but a decline in net profit for 2024, followed by a significant increase in net profit for Q1 2025 [3]. Financial Performance - In 2024, the company achieved revenue of 561 million yuan, a year-on-year increase of 7.72%, while Q1 2025 revenue reached 150 million yuan, up 78.24% year-on-year [3]. - The net profit attributable to the parent company for 2024 was 41 million yuan, a decrease of 35.92%, whereas Q1 2025 net profit was 5 million yuan, reflecting a growth of 237.89% [3]. Business Segments - The connected vehicle business experienced rapid growth in 2024, generating revenue of 255 million yuan, a year-on-year increase of 43.56%, with a gross margin of 48.03%, down 18.48 percentage points from the previous year [4]. - The communication business reported revenue of 267 million yuan, a decline of 9.95% year-on-year, attributed to project implementation cycles, with a gross margin of 24.78%, an increase of 1.06 percentage points [4]. - Overall net profit margin for 2024 was 7.36%, down 4.93 percentage points from the previous year, primarily due to increased sales and R&D expenses [4]. Strategic Developments - The company is a leading third-party connection management service provider in China, with over 14 million connections by the end of 2024, including over 13 million domestic connections and over 1 million overseas connections [5]. - Key partnerships have been established with major automotive manufacturers such as Geely, Li Auto, SAIC, Dongfeng, and others [5]. - The company launched the Youka Changzhou Intelligent Computing Center and introduced innovative technologies like the Youka "Aoyun" autonomous driving solution and the global vehicle connection ONE SIM [5]. International Expansion - The company is accelerating its overseas business development, with six global data centers established in regions including China, ASEAN, Europe, North America, West Pacific, and the Middle East [6]. - In 2024, the company successfully expanded its services to Europe, the Middle East, and Central Asia in collaboration with Dongfeng Liuzhou Automobile, providing advanced connected vehicle services [6]. - A significant partnership was formed with SAIC for connected vehicle services in the Saudi market [6].

金融界4月9日消息，上证指数低开高走，中证车联网主题指数 (CS车联网，930725)上涨1.38%，报 1167.31点，成交额377.82亿元。 数据统计显示，中证车联网主题指数近一个月下跌18.69%，近三个月下跌2.50%，年至今下跌9.63%。 从中证车联网主题指数持仓样本的行业来看，信息技术占比36.28%、可选消费占比31.79%、工业占比 17.36%、通信服务占比14.58%。 资料显示，指数样本每半年调整一次，样本调整实施时间分别为每年6月和12月的第二个星期五的下一 交易日。权重因子随样本定期调整而调整，调整时间与指数样本定期调整实施时间相同。在下一个定期 调整日前，权重因子一般固定不变。特殊情况下将对指数进行临时调整。当样本退市时，将其从指数样 本中剔除。样本公司发生收购、合并、分拆等情形的处理，参照计算与维护细则处理。 跟踪CS车联网的公募基金包括：鹏华中证车联网主题联接A、鹏华中证车联网主题联接C、鹏华中证车 联网主题ETF。 据了解，中证车联网主题指数将内容与服务提供商、软件提供商、硬件提供商、汽车厂商等相关上市公 司纳入车联网主题，以反映车联网上市公司的整体表现。该指数以201 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for future performance [5]. Core Insights - The IoT industry is experiencing significant growth, with a projected national market size of approximately 3.6 trillion yuan in 2023, and an expected compound annual growth rate (CAGR) of 18.9% during the 14th Five-Year Plan period [1]. - The company is actively innovating and launching new products, including various smart gateways and routers, to meet the demands of multiple sectors such as vehicle insurance and remote monitoring [2]. - The company's business expansion is showing results, with a focus on emerging fields like vehicle insurance, asset management, and cold chain logistics, which are expected to drive future growth [3]. Summary by Sections Market Overview - The national IoT industry is projected to exceed 5 trillion yuan by 2025, with a CAGR of 23.4% during the 13th Five-Year Plan [1]. - The government is supporting the development of the connected vehicle industry through new policies aimed at enhancing infrastructure and technology standards [1]. Product Development - The company has introduced several innovative products in 2024, including the GV850/851 smart bus gateway and the WR210LG router, catering to various industrial standards [2]. - There is a continued emphasis on developing connected products for two-wheeled vehicles, exploring applications of AI and large model technologies [2]. Financial Forecast - The company's net profit forecasts for 2024 and 2025 have been adjusted to 189 million yuan and 246 million yuan, respectively, reflecting a decrease of 17% and 20% from previous estimates [3]. - The report projects a net profit of 294 million yuan for 2026, with corresponding price-to-earnings ratios of 34, 26, and 22 for the years 2024, 2025, and 2026 [3]. Key Financial Metrics - Revenue is expected to grow from 1,002 million yuan in 2022 to 1,674 million yuan by 2026, with a growth rate of 19.45% in 2026 [4]. - The company's return on equity (ROE) is projected to increase from 9.8% in 2022 to 13.23% in 2026 [11].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - Recently, the company's subsidiary, Youka Technology, signed a strategic cooperation agreement with Tianyi Cloud to collaborate in areas such as intelligent networking, autonomous driving, and computing infrastructure, aiming to promote large-scale applications in the intelligent vehicle sector [4][5] - The partnership will focus on six dimensions, including autonomous driving, cloud security, edge computing, embodied intelligence, low-altitude economy, and industry standards [5] - The autonomous driving industry is accelerating, with developments from competitors like Tesla and BYD, which may enhance the company's market position [6][7] - The company is expected to benefit from supportive policies for vehicle networking and aims to expand its overseas business, targeting significant growth opportunities [10] Financial Summary - The company forecasts net profits for 2024-2026 to be 94 million, 204 million, and 303 million yuan, respectively, with corresponding EPS of 0.70, 1.52, and 2.26 yuan [11] - Revenue is projected to grow from 521 million yuan in 2023 to 1.531 billion yuan in 2026, reflecting a compound annual growth rate [13][16] - The gross margin is expected to stabilize around 40% in the coming years, with ROE increasing from 13.7% in 2023 to 29.1% in 2026 [13][17]