据港交所11月24日披露，福瑞泰克(浙江)智能科技股份有限公司(简称：福瑞泰克团)向港交所主板提交上市申请书，中信证券、中金公司（601995）、华泰 国际、汇丰为其联席保荐人。 据招股书，福瑞泰克是高阶驾驶辅助解决方案供应商，截至2025年6月30日，公司已与51家OEM建立业务合作伙伴关系，并拥有累计超过380个定点项目及 累计超过290个量产项目，覆盖多样化且不断增长的车型。福瑞泰克是2024年中国第二大L0级至L2级(包括L2+级)驾驶辅助解决方案的第三方自主供应商， 市场份额为7.2%，而最大供应商市场份额为41.3%。 据悉，公司的FT Pro解决方案支持L0级和L1级自动化，主要用于商用车。专为L2级自动化而设计的FT Max解决方案则主要用于乘用车。最先进的产品线FT Ultra解决方案可支持L2+级自动化，同样也主要用于乘用车。 作为全球最大的汽车市场，中国为驾驶辅助技术的商业化提供了广阔的机遇。根据灼识咨询的资料，到2029年，中国驾驶辅助解决方案，即L0级至L2+级驾 驶辅助解决方案的市场规模预计将达到人民币2,239亿元。 同时，高速NOA及城市NOA功能的出现为包括L2+级在内的高阶 ...

智通财经APP获悉，据港交所11月24日披露，福瑞泰克(浙江)智能科技股份有限公司(简称：福瑞泰克团)向港交所主板提交上市申请书，中信证券、中金公 司、华泰国际、汇丰为其联席保荐人。 作为全球最大的汽车市场，中国为驾驶辅助技术的商业化提供了广阔的机遇。根据灼识咨询的资料，到2029年，中国驾驶辅助解决方案，即L0级至L2+级驾 驶辅助解决方案的市场规模预计将达到人民币2,239亿元。 同时，高速NOA及城市NOA功能的出现为包括L2+级在内的高阶驾驶辅助解决方案铺平了道路，越来越多地部署于中高端车型中，并预期在未来逐步进入 更经济的车型。根据灼识咨询的资料，中国L2+级驾驶辅助解决方案以收入计的市场规模预期将由2024年的人民币357亿元增至2029年的人民币1,523亿元。 业绩方面，福瑞泰克于2022年、2023年及2024年，营收分别为3.28亿元、9.08亿元及12.83亿元人民币。毛利由2023年的6583.6万元增加117.8%至2024年的 1.43亿元人民币。 福瑞泰克表示，于2023年及2024年，公司毛利率分别为7.3%及11.2%。整体毛利率的增加主要是由于销售FT Max解决方案的毛利 ...

Core Viewpoint - Furuitek's financial performance shows strong revenue growth but significant net losses, highlighting challenges in achieving profitability in the autonomous driving solutions market [1][2][3] Financial Performance - Revenue from 2022 to 2024 is projected to grow from 328 million to 1.283 billion, with a compound annual growth rate (CAGR) of 97.6% [1] - Net losses for the same period are expected to decrease from 855 million to 528 million, with cumulative losses exceeding 2.4 billion since 2021 [1] - Gross margin is expected to improve to 11.2% in 2024, but profitability remains unachieved compared to peers [1] Cost Structure - Sales costs consistently exceed 88% of revenue, with 2024 sales costs projected at 1.14 billion, primarily due to high procurement costs for automotive-grade chips [1] - Trade payables and notes payable are expected to reach 736 million in 2024, reflecting a 48% year-on-year increase, indicating increased capital tied up with suppliers [2] Inventory and Efficiency - Inventory for 2024 is projected at 574 million, with a turnover period of 156.8 days, significantly higher than the industry average of 120 days, raising concerns about inventory impairment risks [2] - Sales expense ratio decreased from 12.6% in 2022 to 3.9% in 2024, attributed to a highly concentrated customer base [2] Customer Dependency - Revenue from the largest customer, Geely Holding Group, surged from 19.7% to 59.4% of total revenue, with 2024 revenue from Geely expected to reach 762 million [2] - The average selling price of the FT Max solution for Geely is approximately 8% lower than third-party offerings, which may affect pricing fairness and long-term profit margins [2] Market Position and Competition - Furuitek holds a 21.3% market share in L2-level solutions, leading the industry, but only 8.1% in L2+ solutions, trailing behind competitors [3] - The L2+ solution market is projected to grow at a CAGR of 33.7% from 2024 to 2029, but challenges such as cost pressures and regulatory uncertainties may impact commercialization [3] IPO and Future Outlook - The IPO aims to raise funds for R&D upgrades, capacity expansion, and globalization efforts [3] - Achieving a gross margin of over 15% and reducing losses to below 300 million by 2025 is critical for Furuitek's future success [3] - The IPO reflects the commercialization challenges in the autonomous driving sector, balancing high growth with high risks [3]