Zheng Quan Zhi Xing·2025-06-19 00:12Group 1: Lexin Technology - Lexin Technology focuses on building a developer ecosystem and providing standardized development paths, with a global market share of approximately 30% in the ESP32 segment, which has a higher search interest than STM32 [1] - The company has over 400 developers participating in the ESP-IDF operating system development and aims to become the "default option" in emerging applications by offering a complete development framework [1] - Lexin's revenue is 70% from Chinese customers, with an estimated half of their business going overseas, and they maintain a gross margin of over 40% [1] Group 2: Sightway Technology - Sightway Technology has become a leading supplier of CMOS image sensors in smart security, smartphones, and automotive electronics, ranking first in global security CIS shipments in 2024 [2] - The company's smartphone business generated revenue of 329.12 million yuan, accounting for 55.15% of total revenue, with a year-on-year growth of 269.05% [2] - Sightway plans to continue investing in R&D, with a budget of 44.74 million yuan in 2024, a 56.35% increase from the previous year [2] Group 3: Huitian Technology - Huitian Technology adopts a differentiated business model, dynamically adapting its technical capabilities and production capacity to meet long-term market demands [3] - The company expects to achieve approximately 10.09 billion yuan in revenue from the enterprise communications market in 2024, with PCB products for servers and HPC accounting for 29.48% and high-speed network products for switches and routers accounting for 38.56% [3] - Huitian's Thai factory has begun small-scale production, aiming to improve production efficiency and gradually release capacity [3] Group 4: Zhongmi Holdings - Zhongmi Holdings holds a market share of over 20% in the domestic petrochemical sector and 60%-70% in the incremental market [4] - The company faces higher requirements and longer construction cycles for overseas projects compared to domestic ones, with international market incremental business having slightly higher gross margins [4] - The domestic incremental business has low gross margins, with limited potential for further decline, indicating a market concentration towards leading enterprises [4]