“果链”巨头加速拥抱全球化，立讯精密拟赴港上市

Core Viewpoint - Luxshare Precision is actively planning to issue H-shares and list on the Hong Kong Stock Exchange, becoming the third major "fruit chain" company to pursue a Hong Kong listing after Lens Technology and GoerTek [1] Group 1: Company Performance - In 2024, Luxshare Precision achieved operating revenue of 268.795 billion yuan, a year-on-year increase of 15.91%, and a net profit attributable to shareholders of 13.366 billion yuan, up 22.03% [1] - In Q1 2025, the company continued its growth momentum with operating revenue of 61.788 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.044 billion yuan, up 23.17% [1] Group 2: Revenue Structure - The consumer electronics segment remains the main revenue source, generating 224.094 billion yuan in 2024, accounting for 83.37% of total revenue, although its growth rate of 13.65% is below the company's overall growth [1] - Other business segments are experiencing rapid growth: automotive interconnect products and precision components grew by 48.69%, communication interconnect products and precision components by 26.29%, and computer interconnect products and precision components by 20.15% [2] Group 3: Strategic Intent - The company's strategy to cultivate a second growth curve is closely related to its heavy reliance on a single customer and overseas markets, with sales to its largest customer, Apple, reaching 190.139 billion yuan in 2024, accounting for 70.74% of total sales [2] - The high dependence on international markets poses risks, as evidenced by a nearly 30% drop in stock price over five trading days due to trade tensions affecting the consumer electronics sector [2] - The planned Hong Kong listing is a strategic choice to mitigate risks from international trade disputes and to accelerate technological upgrades, capacity expansion, and business diversification [2]