Core Viewpoint - Longqi Technology plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance capital strength, competitiveness, and international brand image [1] Group 1: Company Announcement - The issuance of H-shares requires approval from the shareholders' meeting and relevant government and regulatory agencies [1] - The company is currently discussing the issuance with intermediaries, and specific details are yet to be determined [1] - The success of the issuance is subject to significant uncertainty regarding approval processes [1] Group 2: Financial Performance - In 2024, the company achieved revenue of 46.382 billion yuan, a year-on-year increase of 70.62%, while net profit attributable to shareholders was 501 million yuan, a year-on-year decrease of 17.21% [2] - The first quarter of this year reported revenue of 9.38 billion yuan, a year-on-year decrease of 9.3%, and net profit of 154 million yuan, a year-on-year increase of 20.3% [2] - The company noted that the industry’s gross margin has experienced fluctuations but is expected to stabilize in the long term [2] Group 3: International Business Development - Globalization is a key strategy for the company, which is enhancing domestic and overseas manufacturing capabilities [2] - The company has manufacturing bases in Huizhou and Nanchang in China, and in Vietnam and India for international operations [2] - The Vietnam base has expanded its product offerings to include AR glasses, AI glasses, smartphones, and tablets, targeting European and American clients [2] Group 4: Future Growth Areas - The company anticipates stable growth in its smartphone business, with AI PCs, smart glasses, wearable products, and automotive electronics as major growth drivers in the next three to five years [3] - AI PC shipments are expected to reach hundreds of thousands this year, with significant growth projected by 2027 [3] - The smart glasses segment includes three product lines (MR/AR/AI glasses), with optimistic growth expectations for AI glasses [3] - The wearable product segment saw over 29 million units shipped last year, indicating a growing market capacity [3] - The automotive electronics segment is expected to see revenue growth by 2027, with products already beginning to ship [3]
加快国际业务发展 龙旗科技筹划登陆H股