Appotronics Corporation (688007.SH) recent investor interaction records show that from January to September 2024, the company achieved revenue of 1.72 billion, a year-on-year increase of 4.18%; of which, in the third quarter, revenue reached 0.638 billion yuan, a year-on-year increase of 10.53%. In terms of revenue structure, the company's in-car business revenue in the third quarter is approximately 0.217 billion, accounting for around 34% of the total revenue; traditional TOB business and other businesses account for about 50% of the overall revenue; TOC business revenue ratio is gradually decreasing. From the changes in revenue structure, the company is accelerating its expansion into the in-car business.
As a new source of revenue growth for the company in 2024, the in-car business contributed revenue of 0.458 billion yuan in the first three quarters. According to information released by AITO Automotive's official WeChat account on October 10, the cumulative sales orders for Wanjie M9 have exceeded 0.15 million vehicles, making it the sales champion among models with over 0.5 million units sold. The company has actively coordinated the delivery pace of the designated model Wanjie M9 and delivered car-grade projection curtain products. Since the beginning of 2024, Appotronics Corporation has closely and frequently engaged in technical and business exchanges with Huawei's smart selection partner Chongqing Sokon Industry Group Stock, BAIC Motor, and other auto companies. They have not only deeply coordinated the modification of mainstream vehicle models like Sokon Wanjie and Beijing Motor's Xiangjie in-car optical projects but also showcased and discussed sample projects of next-generation technologies such as projection curtains and smart car lights, receiving high recognition and positive feedback from customers. In addition, they have initiated technical discussions with various well-known domestic and international auto companies like Great Wall Motor and Hyundai to solidify the foundation for future promotion and globalization of in-car business.
