“果链巨头”立讯精密拟赴港上市

Core Viewpoint - The production of Apple's iPhone 17 has entered a large-scale phase, boosting demand across the supply chain and enhancing optimistic market expectations for the consumer electronics peak season, leading to companies in Apple's supply chain, such as Luxshare Precision, pursuing an IPO in Hong Kong [1] Company Overview - Luxshare Precision is a leading global precision manufacturing technology company providing integrated development and manufacturing solutions across various fields, including consumer electronics, automotive electronics, and communication [2] - The company has established a comprehensive global business support system, with 105 production bases, 28 R&D centers, and 94 testing laboratories across 29 countries and regions as of July 31 [2] Financial Performance - Luxshare Precision's revenue for 2022, 2023, and 2024 is projected to be CNY 214.03 billion, CNY 231.91 billion, and CNY 268.80 billion, respectively, showing a growth trend [2][3] - Gross profit for the same years is expected to be CNY 25.49 billion, CNY 25.74 billion, and CNY 27.07 billion, with gross margins of 11.9%, 11.1%, and 10.1% [2] - Net profit is projected to be CNY 10.49 billion, CNY 12.24 billion, and CNY 14.58 billion for the respective years [2] Revenue Sources - The consumer electronics segment is the primary revenue source, contributing CNY 190.95 billion, CNY 204.68 billion, and CNY 233.10 billion in 2022, 2023, and 2024, accounting for 89.2%, 88.3%, and 86.7% of total revenue [3] - 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 Luxshare's products [2] Client Concentration - Luxshare Precision's revenue is highly concentrated, with over 70% of its income derived from a single major client, indicating a significant dependency on this client [4][5] - The revenue from the top five clients accounted for approximately 83.1%, 82.4%, and 78.5% of total revenue in 2022, 2023, and 2024, respectively [4][5] IPO and Fund Utilization - The IPO proceeds will be used to expand production capacity, upgrade existing facilities, invest in technology R&D, and repay existing bank loans, among other general corporate purposes [5]