Core Viewpoint - 易控智驾科技股份有限公司 has submitted its IPO application to the Hong Kong Stock Exchange, aiming to become the first publicly listed company focused on autonomous driving in mining areas, with a projected revenue growth from 59.9 million RMB in 2022 to 986.2 million RMB in 2024, reflecting a compound annual growth rate of 305.6% [1][6] Financial Performance - Revenue is expected to grow from 59.9 million RMB in 2022 to 986.2 million RMB in 2024, with a compound annual growth rate of 305.6% [1][6] - The company reported net losses of 216 million RMB in 2022, 333 million RMB in 2023, and 391 million RMB in 2024, totaling over 940 million RMB in three years [7] - Gross margin improved from -29.5% in 2022 to 7.6% in 2024, marking the first positive gross margin, while net margin remained negative at -39.5% in 2024 [7][8] Market Position - 易控智驾 is the largest L4 autonomous driving company globally based on projected 2024 revenue, holding a 49.2% market share in domestic mining autonomous driving solutions [3][4] - The company has deployed over 1,400 active autonomous mining trucks, making it the largest provider of autonomous solutions in mining [4] Customer and Supplier Concentration - The company has a high concentration of customers, with the top five customers accounting for 99.9%, 94.4%, and 83.7% of revenue from 2022 to 2024, respectively [10] - The largest single customer contributed 51.8% of revenue in 2022, 41.7% in 2023, and 54.5% in 2024, amounting to 537 million RMB in 2024 [10] - Supplier concentration is also high, with the top five suppliers accounting for 53.5%, 62.7%, and 54.3% of procurement from 2022 to 2024 [12] Business Model Transition - The company is transitioning from a heavy asset TaaS model to a lighter asset ATaaS model, where customers purchase their own mining trucks, and 易控智驾 provides technology and services, with the ATaaS model expected to account for 46% of revenue in 2024 [10] - R&D expenses totaled 494 million RMB from 2022 to 2024, representing 21.1% of revenue in 2024 [10] Funding and Future Plans - To alleviate financial pressure, the company completed a 400 million RMB D-round financing led by CATL, with funds aimed at enhancing software and hardware R&D, global expansion, and talent development [13] - The market for autonomous mining solutions in China is projected to grow from approximately 5.1 billion RMB in 2025 to 30.1 billion RMB by 2030, with a compound annual growth rate of 57.4% [13][14]

卡车 行业快报 领先大市-A(首次) 2025 年 7 月 23 日 行业研究/行业快报 卡车行业近一年市场表现 资料来源：最闻 首选股票 评级 研究助理： 贾国琛 邮箱：jiaguochen@sxzq.com 易控智驾冲港股 IPO，无人矿卡有望迈入爆发期 事件描述： 近日，易控智驾向港交所递交了修订后的上市申请文件，冲刺港股 IPO。 6 月 24 日，易控智驾宣布完成超 4 亿元 D 轮融资。本轮融资由宁德时 代通过旗下产投平台溥泉资本（CATL Capital）和自有资金领投，方广资本、 猎鹰投资旗下星奇基金、中际控股、同力股份、华测导航等战略产业方和投 资机构联合投资，资金将重点用于无人驾驶产品的研发和市场开拓及澳洲等 海外市场的国际化布局。 分析师： 刘斌 执业登记编码：S0760524030001 邮箱：liubin3@sxzq.com 事件点评： 相关报告： 受益于无人矿卡需求高增，公司近三年营收复合增速超 300%。作为矿 区无人驾驶解决方案提供商，易控智驾的 L4 级无人驾驶技术部署在国家能 源集团、国家电投、特变电工、紫金矿业、首钢集团等行业头部企业旗下的 24 个矿场。截至 2025 ...

Core Viewpoint - 易控智驾科技股份有限公司 is seeking to change its business model and strengthen its capabilities through an initial public offering (IPO) to expand its market presence [1] Group 1: Market Growth - The market for autonomous driving solutions in mining is experiencing explosive growth, driven by policy support, technological advancements, and the demand for safer and more efficient operations [2] - The market size for autonomous mining solutions in China is projected to reach approximately 2 billion yuan in 2024, with a compound annual growth rate (CAGR) of about 204.7% [2] - By 2030, the market size is expected to grow from approximately 5.1 billion yuan in 2025 to 30.1 billion yuan [2] - 易控智驾 holds a market share of over 42% in the open-pit coal mining sector and 49.2% in the overall autonomous mining market [2] Group 2: Financial Performance - The number of active autonomous mining trucks equipped with 易控智驾 solutions increased from 31 in 2022 to 577 in 2024, with transport volume rising from 14.4 million cubic meters to 134.1 million cubic meters [3] - Total revenue for 易控智驾 grew from 59.9 million yuan in 2022 to 986 million yuan in 2024, reflecting a CAGR of 305.8% [3][6] - Despite revenue growth, net losses increased from 216 million yuan in 2022 to 390 million yuan in 2024, with R&D expenses exceeding 200 million yuan in 2024 [3][6] - The company reported a gross margin of -29.5% in 2022, improving to -18.6% in 2023, and achieving a positive gross margin of 7.6% in 2024 [6] Group 3: Business Model and Strategy - 易控智驾 is transitioning to a non-ownership model where clients purchase or lease vehicles while the company provides autonomous driving technology and support services [5] - The non-ownership model has a higher gross margin compared to the ownership model, as it avoids costs associated with owning and operating a fleet [5] - The IPO aims to enhance software system development, annual operations and upgrades, expand technical support functions, and recruit additional technical talent [5]

Core Viewpoint - EasyControl Intelligent Driving has submitted an application for listing on the Hong Kong Stock Exchange, with significant investments from prominent companies like CATL and NIO Capital. The company is recognized as the largest L4 autonomous driving company globally, particularly in the mining transportation sector, despite facing ongoing net losses [1][2]. Group 1: Company Overview - EasyControl Intelligent Driving was established in 2018 and focuses on integrating autonomous driving technology with a "vehicle-energy-road-cloud" model, providing comprehensive intelligent solutions for mining transportation [2]. - The company ranks first globally among all L4 autonomous driving companies based on projected revenue for 2024, deploying a fleet of over 1,400 active autonomous mining trucks [2]. - EasyControl has developed a fully self-researched modular and scalable autonomous driving platform that supports over 30 vehicle models and various mining conditions [4]. Group 2: Financial Performance - The company reported a compound annual growth rate (CAGR) of 305.8% in revenue from 2022 to 2024, with revenues of 59.9 million RMB in 2022, 271 million RMB in 2023, and projected 986 million RMB in 2024 [8][12]. - Despite the revenue growth, the company has not achieved profitability, with net losses increasing from 216 million RMB in 2022 to a projected 390 million RMB in 2024 [9][12]. - The gross margin has shown improvement, moving from -29.5% in 2022 to a positive 7.6% in 2024, attributed to economies of scale and an enhanced business model [12][13]. Group 3: Business Model and Market Position - EasyControl offers two business models: TaaS (Transportation as a Service) and ATaaS (Autonomous Transportation as a Service), with a shift towards the more profitable ATaaS model, which is expected to account for 46% of total revenue in 2024 [10]. - The company has established a strong market presence in China, achieving a 49.2% market share in the mining autonomous driving solutions sector in 2024 [6]. - Major clients include leading enterprises such as China Energy Group and Baowu Steel Group, indicating a robust customer base [6].

Core Viewpoint - 易控智驾科技股份有限公司 (Easy Control Intelligent Driving) is seeking to go public in Hong Kong, backed by investments from notable companies such as 宁德时代 (CATL) and 蔚来资本 (NIO Capital) [2][3]. Company Overview - Established in 2018, the company focuses on "vehicle-energy-road-cloud" integrated autonomous driving technology, providing intelligent solutions for mining transportation [4]. - It ranks as the largest L4 autonomous driving company globally, with a fleet of over 1,400 active autonomous mining trucks [4]. Financial Performance - The company reported a compound annual growth rate (CAGR) of 305.8% in revenue from 2022 to 2024, with revenues of 59.9 million RMB in 2022, 271 million RMB in 2023, and projected 986 million RMB in 2024 [9][10]. - Despite revenue growth, the company has not achieved profitability, with net losses increasing from 216 million RMB in 2022 to 390 million RMB in 2024 [11]. Investment and Funding - In June 2023, the company completed a D-round financing of over 400 million RMB, led by 宁德时代 through its investment platform, with participation from various strategic investors [7]. Business Model Transition - The company is transitioning from a capital-intensive TaaS (Transportation as a Service) model to a more profitable ATaaS (Autonomous Transportation as a Service) model, which is expected to account for 46% of total revenue in 2024 [12]. - The ATaaS model offers higher profit margins compared to the TaaS model [12]. Research and Development - R&D expenditures have rapidly increased, reaching 1.09 billion RMB in 2022, 1.77 billion RMB in 2023, and projected 2.08 billion RMB in 2024 [14]. - The company has shown improvement in gross margin, moving from -29.5% in 2022 to a projected 7.6% in 2024, primarily due to economies of scale and optimization of the business model [14].

Core Viewpoint - 易控智驾, established in 2018, is set to go public and has become the leading company in the autonomous mining truck sector, as indicated by its market share and operational performance [1][3]. Company Overview - 易控智驾 is the largest L4 autonomous driving company globally, with projected total revenue of RMB 986 million in 2024, significantly surpassing competitors [3]. - The company operates over 1,400 active autonomous mining trucks and has maintained a 100% customer retention rate over the past three years [3][19]. Financial Performance - Revenue figures for 易控智驾 from 2022 to 2024 are RMB 60 million, RMB 271 million, and RMB 986 million, respectively, reflecting a compound annual growth rate of 305.8% [5][22]. - The gross margin is expected to turn positive at 7.6% in 2024, with a shift from a capital-intensive TaaS model to a higher-margin, asset-light ATaaS model [5][23]. Market Strategy - The company aims to use IPO financing to accelerate R&D and expand its business, particularly in international markets like Australia [6][26]. - 易控智驾 has established an office in Australia and signed memorandums of understanding with major mining service providers to initiate localized product trials [26]. Industry Outlook - The autonomous mining truck market is projected to grow significantly, with a forecasted market size of RMB 2 billion in 2024 and a compound annual growth rate of 204.7% from 2021 to 2024 in China [30]. - Globally, the market for autonomous mining solutions is expected to increase from USD 700 million in 2024 to USD 8.1 billion by 2030, with a compound annual growth rate of 51.0% [30].

Core Viewpoint - Easy Control Intelligent Driving is set to become the first publicly listed company in the mining autonomous driving sector in Hong Kong, with a projected total revenue of 986 million yuan in 2024, reflecting a 264% increase from 2023 [2][3] Group 1: Company Overview - Easy Control Intelligent Driving, established in 2018, is a leading player in the domestic mining autonomous driving sector and a global leader in L4 autonomous driving solutions [3] - The company has a fleet of over 1,400 operational autonomous mining trucks, making it the largest provider of mining autonomous driving solutions globally [3][4] - The company's autonomous mining solutions have been deployed in 24 mining sites under major industry players such as China Energy Group and Baowu Steel Group [3] Group 2: Financial Performance - From 2022 to 2024, Easy Control Intelligent Driving's total revenue increased from 59.91 million yuan to 986 million yuan, achieving a compound annual growth rate (CAGR) of 305.8% [4] - The market size for mining autonomous driving solutions in China is projected to reach 2 billion yuan in 2024, with a CAGR of 204.7% from 2021 to 2024 [4] Group 3: Business Model and R&D - The company operates under two business models: TaaS (Truck as a Service) and ATaaS (Autonomous Truck as a Service), with ATaaS contributing 453 million yuan, or 46% of total revenue in 2024 [5] - Research and development expenditures reached 208 million yuan in 2024, nearly doubling from 2022, accounting for 21% of total revenue [5] Group 4: Market Position and Future Plans - According to Frost & Sullivan, Easy Control Intelligent Driving ranks first globally among L4 autonomous driving companies based on 2024 revenue [3][4] - The company plans to focus its funding on three main areas: continuous iteration of software and hardware products, adaptation of autonomous driving capabilities to more truck models, and acceleration of overseas business development [7]