Core Viewpoint - In the context of a slowing growth in the smartphone market, KooSai Intelligent Technology Co., Ltd. (KooSai) is quietly making profits and preparing for an IPO in Hong Kong, having previously attempted to list in A-shares but shifted focus to the Hong Kong market [1][2]. Company Overview - KooSai was established in 2006, initially focusing on printed circuit board assembly, and launched its own brand "Koobee" in 2009. The company expanded into ODM business in 2017 and has since covered 73 countries and regions, partnering with telecom operators and local brands, particularly in Asia and the Americas [1][3]. Financial Performance - KooSai's revenue has shown significant growth, with reported revenues of 1.713 billion yuan in 2022, 2.302 billion yuan in 2023, and projected 2.717 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 25.9%. Net profit increased from 110 million yuan in 2022 to 206 million yuan in 2023, marking an 84.6% growth, although growth is expected to slow to 1.7% in 2024 due to increased R&D investments [3][4]. Revenue Composition - The revenue composition indicates that smart devices (including consumer smartphones, rugged phones, and IoT products) account for 73.5% of total revenue, while printed circuit board components and internet services contribute 21.1% and other businesses 5.4%. Geographically, the Asian market represents 67.1% of revenue, with the Americas and Europe contributing 28.2% and 4.0%, respectively [3][4]. Use of IPO Proceeds - The funds raised from the IPO will be allocated to five main areas: expanding production capacity, enhancing R&D and AI capabilities, strategic acquisitions, upgrading IT systems and infrastructure, and supplementing working capital [3]. Market Strategy - KooSai attributes its positive performance in a competitive smartphone market to three main factors: precise adjustments in overseas market strategies, flexible supply chain and manufacturing systems, and strategic collaboration within a global ecosystem. The company employs CKD/SKD assembly models to provide tailored solutions for partners, achieving high-precision delivery even for small batch orders [4][5]. Industry Position - According to Frost & Sullivan, KooSai has become a "hidden driver" for local smartphone brands, ranking second among global ODM manufacturers with a projected shipment of 6 million units in 2024, and is expected to rise to the top position in Q1 2025. The company serves clients in 73 countries, including three of the top five telecom operators in the U.S. [5][6]. Competitive Landscape - The global smartphone market is primarily dominated by global brands like Apple and Samsung, while KooSai competes with other ODM manufacturers such as Longqi, Huaqin, and Wistron. Despite its growth, KooSai's shipment volume remains significantly lower than its competitors, indicating a need for improved market competitiveness [6][7]. Customer Concentration - KooSai's customer base is heavily concentrated, with the top five clients contributing 42.8% of revenue, and the largest client accounting for 10.5%. This concentration poses risks, as fluctuations in orders from major clients can lead to significant revenue volatility [8][9]. Future Outlook - The global market for local smartphone ODMs is expected to grow, as many local brands lack production capabilities and rely on ODMs for cost-effective, high-quality manufacturing. However, some analysts caution that the growth potential may be limited due to the finite market capacity for local brands [8][9].
年入27亿元 手机ODM厂商酷赛智能赴港IPO
Zhong Guo Jing Ying Bao·2025-06-28 05:01