立讯精密正式递表赴港IPO 全球化步伐提速

Core Viewpoint - Luxshare Precision's application for H-share listing on the Hong Kong Stock Exchange marks a significant step in its globalization strategy, aiming to enhance its financing capabilities and governance transparency [1][2]. Group 1: Company Overview - Luxshare Precision is a leading precision manufacturing technology company, providing integrated development and manufacturing solutions across various sectors, including consumer electronics, automotive electronics, and data centers [1]. - The company's products are widely used, with projections indicating that by 2024, one in every two smartphones, one in every three wearable devices, and one in every five smart cars will utilize its products [1]. Group 2: Financial Dependency - The revenue from Luxshare Precision's largest customer, identified as Apple, accounted for 73.3%, 75.2%, and 70.7% of total revenue in 2022, 2023, and 2024, respectively, indicating a heavy reliance on a single client [1]. Group 3: Listing and Fund Utilization - The application for H-share listing is part of a broader strategy to deepen global expansion, with the net proceeds from the offering intended for expanding production capacity, investing in R&D, and acquiring quality targets in the supply chain [2]. - The company plans to use part of the funds to repay bank loans and supplement working capital [2]. Group 4: Business Growth - Luxshare Precision's automotive electronics business has shown a compound annual growth rate of 49.6% from 2022 to 2024, with revenue reaching 13.8 billion yuan in 2024, representing 5.1% of total revenue [3]. - In Q1 2025, the automotive business revenue growth accelerated to 98.9% year-on-year [3]. Group 5: Global Production Strategy - The company has established manufacturing bases in various countries, including China, Vietnam, Thailand, Indonesia, Malaysia, Romania, Morocco, India, Mexico, and Germany, to optimize its global market layout and enhance responsiveness to customer demands [4]. - In China, Luxshare has set up bases in multiple provinces, leveraging local resources and talent to create a hub for precision manufacturing [4]. - The Southeast Asian and Eastern Asian operations benefit from lower labor costs and favorable policies, while the European and American bases allow for closer proximity to local markets, improving delivery times and market responsiveness [4].