全球最大手机贴牌代工厂，冲刺上市

Core Viewpoint - Coosea Intelligent Technology Co., Ltd. has submitted its prospectus to the Hong Kong Stock Exchange, aiming to enhance international visibility and diversify its institutional investor base [1] Business Overview - Coosea Intelligent was established in 2006 and provides one-stop solutions for local smartphone brands, covering product definition, R&D, supply chain management, manufacturing, and after-sales services [1][2] - The company operates in over 70 countries and regions, focusing on three main business areas: smart devices, printed circuit board components, and internet services [1][3] Revenue Structure - The main business segments of Coosea Intelligent include: - Smart Devices: This segment includes consumer smartphones, rugged phones, and IoT devices, accounting for the highest revenue share [3] - Printed Circuit Board Components and Internet Services: Providing mainboards, modules, and software platforms for self-developed or OEM devices [3] - Other Services: Includes material procurement, customized design services, and related research support [3] - In 2024, revenue from smart devices is projected to be 19.96 billion RMB, representing 73.5% of total revenue [6] Market Position - Coosea Intelligent's average selling price for consumer smartphones in 2024 is approximately 500 RMB, significantly lower than the global average smartphone price of 356 USD (about 2594 RMB) [4] - The company is positioned as the second-largest end-to-end solution provider for local smartphone brands by shipment volume in 2024, with plans to become the largest by Q1 2025 [4] Financial Performance - Coosea Intelligent has shown continuous growth and profitability over the past three years, with revenues of 1.713 billion RMB, 2.302 billion RMB, and 2.717 billion RMB from 2022 to 2024, reflecting a compound annual growth rate of 25.3% [5][6] - Net profits for the same period were 110 million RMB, 203 million RMB, and 207 million RMB, indicating a steady upward trend [5] Customer and Supplier Concentration - The company has a high customer concentration, with the top five customers accounting for 42.8% of total revenue in 2024, and the largest customer contributing over 20% [8] - Supplier concentration is also notable, with the top five suppliers representing 33.2% of total procurement, which may pose risks if there are fluctuations in material prices or supply disruptions [8] R&D Investment - Coosea Intelligent's R&D expenditures from 2022 to 2024 were 148 million RMB, 159.3 million RMB, and 225.9 million RMB, with R&D investment accounting for approximately 8.3% of revenue in 2024 [8]