立讯精密，拟赴港上市

Core Viewpoint - Lixun Precision is a leading precision manufacturing technology company that plans to use funds from its Hong Kong IPO to expand production capacity, upgrade existing facilities, invest in technology research and development, and enhance smart manufacturing capabilities [3][11]. Financial Performance - Lixun Precision's revenue has shown consistent growth, with figures of 214.03 billion yuan, 231.91 billion yuan, and 268.79 billion yuan for the years 2022, 2023, and 2024 respectively [4][6]. - Gross profit for the same years was 25.49 billion yuan, 25.74 billion yuan, and 27.07 billion yuan, with corresponding gross margins of 11.9%, 11.1%, and 10.1% [4][6]. - Net profit figures were 10.49 billion yuan, 12.24 billion yuan, and 14.58 billion yuan for 2022, 2023, and 2024 respectively [4][6]. Business Segments - The consumer electronics segment is the primary revenue source for Lixun Precision, contributing 190.95 billion yuan, 204.68 billion yuan, and 233.10 billion yuan in 2022, 2023, and 2024, accounting for 89.2%, 88.3%, and 86.7% of total revenue [6][8]. - Automotive electronics and communication/data center segments also contributed, with revenues of 6.15 billion yuan, 9.25 billion yuan, and 12.83 billion yuan for automotive electronics, and 12.83 billion yuan, 14.54 billion yuan, and 18.36 billion yuan for communication/data center in the same years [6][8]. Customer Concentration - Lixun Precision's revenue is highly concentrated, with the top five customers contributing approximately 177.9 billion yuan, 191.2 billion yuan, and 211.0 billion yuan, representing 83.1%, 82.4%, and 78.5% of total revenue for 2022, 2023, and 2024 respectively [8]. - The largest customer alone accounted for 73.3%, 75.2%, and 70.7% of total revenue during the same period [8]. Research and Development - Research and development expenditures were 8.45 billion yuan, 8.19 billion yuan, and 8.56 billion yuan for 2022, 2023, and 2024, representing 3.9%, 3.5%, and 3.2% of total revenue [6][8].