<blockquote>
<p>曹原 發自 副駕寺</p>
<p>智能車參考 | 公眾號 AI4Auto</p>
</blockquote>
<p>李書福，又帶出一個獨角獸。</p>
<p>沈子瑜和李書福共同創辦的<strong>億咖通科技</strong>，和特殊目的公司 COVA 合併後，借殼在美上市。</p>
<p>公司股權估值約為 38.2 億美元（約合人民幣 266.5 億），此次交易所得金額將用於技術研發、推出新產品等方面。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f2e4ddb76f5b46b8a664b8bef9baf9c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUdHUWJDYWVqM2ZQUDI2SWhyMldlNjZCeFMrTT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="675" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f2e4ddb76f5b46b8a664b8bef9baf9c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUdHUWJDYWVqM2ZQUDI2SWhyMldlNjZCeFMrTT0"/></div>
<p>億咖通為吉利旗下多個品牌供應車機系統，致力於打造全棧式汽車計算平台，技術已經應用於<strong>320 多萬輛汽車</strong>，服務<strong>超 12 個品牌</strong>和<strong>8 家一級供應商</strong>，而這些品牌多少都和吉利帶點關係。</p>
<p>僅靠吉利輸血，億咖通就能赴美上市？這家公司，到底什麼來頭？</p>
<h1>億咖通的產品</h1>
<p>億咖通科技 2017 年成立，產品包括信息娛樂系統、數字智能座艙、SoC 核心模塊、操作系統和軟件堆棧。</p>
<p>2019 年以前，億咖通的產品面向安卓系統，以信息娛樂為主，包括首款車載信息娛樂系統（IHU）、自研 SoC 芯片模組 E01 以及第二代 E02。</p>
<p>從 2019 年開始，億咖通開始研發數字智能座艙，為吉利旗下車型開發出 GKUI 吉客智能生態系統。這一步 SoC 億咖通選擇的是<strong>高通 8155</strong>，支持系統也擴大到安卓、Linux 和 RTOS。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/5b8c2afd5b784f769a3e3213369860b0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPStpNDJZTEFzcUdIR2JKVzdqQVlOR0dhYittWT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="617" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/5b8c2afd5b784f769a3e3213369860b0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPStpNDJZTEFzcUdIR2JKVzdqQVlOR0dhYittWT0"/><span class="pgc-img-caption">四個發展節點：信息娛樂、數字座艙、汽車中央計算平台、下一代產品</span></div>
<p>但億咖通沒有停止研發芯片。2018 年，億咖通和 ARM 中國等公司聯合成立<strong>芯擎科技</strong>。2021 年推出了中國第一顆 7nm 車規級 SoC 芯片<strong>SE1000</strong>，即 “龍鷹一號”，<strong>對標高通 8155</strong>，預計今年量產裝車。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/d0e9176039ed40ada05f5411203b5244~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUtnUkYxRlo4SkMvTWkzMEFDNWxhS1JTekxHdz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="698" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/d0e9176039ed40ada05f5411203b5244~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUtnUkYxRlo4SkMvTWkzMEFDNWxhS1JTekxHdz0"/></div>
<p>接下來，億咖通會持續發力。</p>
<p>除了正在研發的<strong>第一代中央計算平台</strong>，億咖通還會開發 ADAS 系統、高速公路上的輔助駕駛功能，以及計劃今年年底發佈的 “龍鷹二號”，據説擁有 L2+ 級別的輔助駕駛能力。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/578d07b062f9467889ffbb26f6f9f9f9~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVFZd0NJWitFc2xISDZMZUkvL0NGS2E5OGdWTT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="614" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/578d07b062f9467889ffbb26f6f9f9f9~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVFZd0NJWitFc2xISDZMZUkvL0NGS2E5OGdWTT0"/><span class="pgc-img-caption">△億咖通 SoC 推出計劃</span></div>
<p>此次上市交易獲得的資金也將用於技術研發和推出新產品。據悉，億咖通在全球擁有 10 個分支機構和研發中心，包括 2000 多名員工，其中<strong>研發部門</strong>就有<strong>約 1400 人</strong>。</p>
<h1>億咖通營收、研發情況</h1>
<p>從營收來看，億咖通 2020 年總收入 22.41 億元，2021 年總收入 27.79 億元，同比增長 24%。2022 上半年總收入 13.12 億元，呈現<strong>上漲</strong>趨勢。億咖通收入約 70% 來自產品銷售。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/e63a58984401420a9c82b2130fa01cb4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXpjZGRuUTFzWHU5cTVNR0x0aHJCNVBIeXFrMD0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1044" height="804" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/e63a58984401420a9c82b2130fa01cb4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXpjZGRuUTFzWHU5cTVNR0x0aHJCNVBIeXFrMD0"/></div>
<p>但，億咖通未能盈利，<strong>一直在虧損</strong>。2020 年虧損 4.4 億元，2021 年虧損 11.85 億，同比增長 169%。2022 上半年，也虧損了 5.71 億。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/edf3a177ef3e4381815f314eb5b574c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJKY0hFb3ZOUkpvSkFhbFExR2FUdU5kTHFFZz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1044" height="804" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/edf3a177ef3e4381815f314eb5b574c0~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJKY0hFb3ZOUkpvSkFhbFExR2FUdU5kTHFFZz0"/></div>
<p>在上市路演 PPT 中億咖通也表示，“將在 2024 年實現盈虧平衡。”</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/ba2a3ffc257c4d6e8f4f2d84e0779555~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVBDRE0xeDE4Ynp4K3AyQytvWGFtUXNQRGN3az0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="590" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/ba2a3ffc257c4d6e8f4f2d84e0779555~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVBDRE0xeDE4Ynp4K3AyQytvWGFtUXNQRGN3az0"/><span class="pgc-img-caption">注：通過推出新產品和發展客户多樣性帶動毛利率增長，在 2024 年底前達到盈虧平衡。</span></div>
<p>未能盈利的首要原因，是<strong>研發投入</strong>一直在<strong>增加</strong>。</p>
<p>研發費用從 2020 年的 7.06 億元上漲到 2021 年的 12.09 億元，同比增長 71.2%。截至 2022 上半年，研發支出為 5.96 億元。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/0034651a14a04368ad203056f83f3843~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTd2MUdWbHFlMy81ZzBsSTU5MkR6ZVNVQThDOD0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1044" height="804" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/0034651a14a04368ad203056f83f3843~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTd2MUdWbHFlMy81ZzBsSTU5MkR6ZVNVQThDOD0"/></div>
<p>除此之外，還有更重要的因素。</p>
<h1>億咖通需要破局</h1>
<p>億咖通最大的問題是<strong>現有產品不佔優勢</strong>。</p>
<p>億咖通背靠吉利，為吉利多個品牌車型定製車機系統，這一步只要能做好，可以説是躺着賺錢的生意。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/fce5d18d54954d8ca4891a9ec16f7ac5~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPW8vaU5wVlBpQnJDZHpvbkJKT2h0c2Y4T1VsMD0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1027" height="690" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/fce5d18d54954d8ca4891a9ec16f7ac5~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPW8vaU5wVlBpQnJDZHpvbkJKT2h0c2Y4T1VsMD0"/><span class="pgc-img-caption">△億咖通服務的品牌</span></div>
<p>但是隨便搜一搜就會發現，吉利旗下很少有品牌和億咖通展開合作。極氪、路特斯等都或多或少表示過<strong>要自研智能座艙</strong>。極氪 001 和 009 芯片都用的是高通 8155，智能駕駛方案則來自 Mobileye。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/b80456f478374a01861b435881f2496e~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJza1M4VnBTOTdqOXNTa1k2OE14dERqRDQ4WT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="397" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/b80456f478374a01861b435881f2496e~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXJza1M4VnBTOTdqOXNTa1k2OE14dERqRDQ4WT0"/></div>
<p>而上文中提到的<strong>GKUI 吉客智能生態系統</strong>曾收到過多起投訴，許多車主吐槽億咖通的智能座艙存在<strong>系統卡頓</strong>、<strong>死機</strong>、<strong>影音系統故障</strong>等問題。即使不用億咖通自研芯片，配有高通 8155 的吉利車型也遇到了車機卡頓的情況。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f3d798795cab4e8eb12c7d2ef4a698af~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVNBdUhMYXlwSUE2VjNjL0xoZXFDbCtSNWx1ND0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="727" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/f3d798795cab4e8eb12c7d2ef4a698af~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPVNBdUhMYXlwSUE2VjNjL0xoZXFDbCtSNWx1ND0"/></div>
<p>億咖通的另一個問題是，<strong>企業定位不明確</strong>導致入局太晚，起了個大早趕了個晚集。</p>
<p>億咖通從研發車載娛樂信息系統起步，逐步擴大到數字智能座艙、自研芯片，後來又和激光雷達公司 Luminar 達成合作關係，還投資過沃爾沃的自動駕駛公司 Zenseact。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/7c72c0f88a09407c872468f6ecc5c5d4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXdIWnhaNFFKRDBFdEZESThKa1J1Um1NMmJ0Zz0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1074" height="784" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/7c72c0f88a09407c872468f6ecc5c5d4~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPXdIWnhaNFFKRDBFdEZESThKa1J1Um1NMmJ0Zz0"/></div>
<p>從車機系統、智能座艙、再到芯片、自動駕駛，億咖通在智能化方面業務廣泛。但貪多嚼不爛。</p>
<p>一邊是車機系統、智能座艙還沒有真正的 “招牌產品”，“龍鷹一號” 還未量產裝車；一邊是自動駕駛持續燒錢，無法保證短時間盈利。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/3db728c4c1464cb7b0963afb9d203e20~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUZpTnB2NXRUby80U0FXUWhOcnNIOU94Y0Y5ST0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="547" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/3db728c4c1464cb7b0963afb9d203e20~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPUZpTnB2NXRUby80U0FXUWhOcnNIOU94Y0Y5ST0"/></div>
<p>所以在上市之前，億咖通不得不做出業務調整，原自動駕駛部門許多員工崗位發生變動。自動駕駛，或者説 L2 和 L2+ 級輔助駕駛功能研發，將由億咖通和吉利合作成立的新公司<strong>吉咖</strong>負責。</p>
<p>而今年，億咖通才決定開發 ADAS 和高速 NOA ，這個進度已經落後大多數公司一大截。據説能實現 L2+ 級輔助駕駛功能的 “龍鷹二號” 原定今年年底發佈，但現在也沒剩幾天了。</p>
<p>再加上此前吉利收購魅族，有可能是為了研發車機系統。</p>
<div><img src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/12562d37d6054b30a109b02d4ce9ae42~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTBScmk5Si9jbitYYnc3WnpuVjl2eWg1aEEvRT0?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" width="1080" height="517" original-src="https://imageproxy.pbkrs.com/https://p3-sign.toutiaoimg.com/tos-cn-i-qvj2lq49k0/12562d37d6054b30a109b02d4ce9ae42~tplv-obj.image/query-dHJhY2VpZD0yMDIyMTIyMzA5NTk1MzAxMDEzMzAyODE1MTE5QTMxMEJGJngtZXhwaXJlcz0yMTQ3NDgzNjQ3Jngtc2lnbmF0dXJlPTBScmk5Si9jbitYYnc3WnpuVjl2eWg1aEEvRT0"/><span class="pgc-img-caption">億咖通收入目標構成，橙色為吉利汽車品牌，淺灰色為吉利生態夥伴品牌，灰色為其他品牌</span></div>
<p>對於吉利系的內部，億咖通不僅沒有優勢，位置還有點尷尬，但目前億咖通的資源主要靠吉利牽線；對於吉利系以外，億咖通似乎也不佔優勢。</p>
<p>而此次上市吸金，能否讓億咖通打破僵局？</p>

李書福旗下公司在美 IPO！造芯做系統，作價 266 億，今年首個智能車中概股