LUXSHARE-ICT(SZ:002475) Cai Fu Zai Xian·2025-07-11 09:51Core Viewpoint - Lixun Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy, improve overseas financing capabilities, and increase governance transparency [1][2] Group 1: Financial Performance - In 2024, Lixun Precision's revenue is expected to approach 270 billion yuan, with net profit for the first half of 2025 projected to be between 6.475 billion and 6.745 billion yuan, reflecting a year-on-year growth of 20%-25% [2] - The company has a strong position in the technology manufacturing sector, which supports its stable financial performance [2] Group 2: Strategic Considerations - The issuance of H-shares aims to create a dual financing platform ("A+H") to enhance overseas financing capabilities, aligning with the company's global production network [2] - Governance transparency is a core objective of the upcoming listing, addressing market concerns [2] Group 3: Business Diversification - Lixun Precision is implementing a dual-drive strategy to mitigate risks associated with reliance on a single customer by developing its automotive electronics business as a second growth engine [3] - The automotive interconnect product business is projected to grow by 48.69% year-on-year in 2024, indicating its increasing strategic importance [3] - The company plans to acquire 50.1% of the German automotive wiring harness giant Leoni Group for 4.1 billion yuan, which is expected to generate over 20 billion yuan in additional revenue [3] Group 4: Global Resilience - Despite the impact of U.S. tariff policies, Lixun Precision's actual exposure is minimal, as only a small portion of its domestically manufactured products are exported to the U.S. [4] - The company has established a robust global production network in Southeast Asia and North America, which serves as a buffer against trade frictions [4] - The strategic "A+H" dual financing platform is seen as a crucial step for Lixun Precision's long-term growth, positioning the company for future opportunities [4]