立讯精密赴港IPO：年入2688亿，七成营收依赖单一客户

Core Viewpoint - Luxshare Precision has officially submitted its H-share listing application to the Hong Kong Stock Exchange, aiming to enhance its global presence and diversify its business through international capital [2][7] Financial Performance - Luxshare Precision has shown steady revenue growth, with projected revenues nearing 270 billion RMB in 2024, up from 214 billion RMB in 2022 and 231.9 billion RMB in 2023 [3] - Net profit has also increased consistently, reaching 146 billion RMB in 2024, compared to 105 billion RMB in 2022 and 122 billion RMB in 2023 [3] - In Q1 2025, revenue grew by 17.9% year-on-year to 61.8 billion RMB, while net profit surged by 31.3% to 3.4 billion RMB [3] Business Segments - The company’s revenue structure is divided into four main segments: consumer electronics, automotive electronics, communication and data centers, and others [3] - Consumer electronics remains the cornerstone of revenue, contributing 233 billion RMB in 2024, accounting for 86.7% of total revenue [3] - Automotive electronics revenue has seen a compound annual growth rate (CAGR) of 49.6% from 2022 to 2024, reaching 13.8 billion RMB in 2024, and Q1 2025 saw a remarkable 98.9% year-on-year growth [4] Client and Supplier Concentration Risks - The company faces significant risks due to high customer concentration, with revenue from its largest customer accounting for 73.3%, 75.2%, and 70.7% of total revenue in 2022, 2023, and 2024, respectively [5] - It is widely believed that the largest customer is Apple, which ties the company's performance closely to Apple's product cycles and supply chain strategies [6] - Supplier concentration is also a concern, with the top five suppliers accounting for 62.3% of total procurement, and the largest supplier also being the largest customer [6] Fundraising and Strategic Goals - The net proceeds from the listing will primarily be used for expanding and upgrading existing production bases, particularly in automotive and consumer electronics, investing in technology R&D, and enhancing smart manufacturing capabilities [7] - The funds will also be allocated for investments in quality targets along the supply chain, repayment of bank loans, and supplementing working capital [7]