LUXSHARE-ICT(SZ:002475) Sou Hu Cai Jing·2025-08-26 02:18Core Viewpoint - Luxshare Precision, a key player in Apple's supply chain, is seeking to go public on the Hong Kong Stock Exchange, aiming to enhance its global presence and diversify its business despite facing challenges from high customer concentration and increasing debt levels [1][4][30]. Financial Performance - Luxshare Precision's revenue is projected to approach 270 billion yuan in 2024, with a net profit exceeding 14.5 billion yuan [1]. - The company has shown steady growth, with revenues of 214 billion yuan, 231.9 billion yuan, 268.8 billion yuan, and 61.8 billion yuan for the years 2022, 2023, 2024, and the first quarter of 2025, respectively [20]. - The net profits for the same periods were 10.5 billion yuan, 12.2 billion yuan, 14.6 billion yuan, and 3.4 billion yuan [20]. Customer Concentration - In 2024, 70.7% of Luxshare's revenue is expected to come from its largest customer, widely believed to be Apple [1][20]. - The company's dependency on a single client poses risks, as any significant changes in the client's business could adversely affect Luxshare's performance [21]. Diversification Efforts - To reduce reliance on Apple, Luxshare is actively pursuing diversification into automotive, communication, and medical sectors, with multiple acquisitions in recent years [2][23]. - The automotive electronics segment has seen revenue growth, increasing from 2.9% to 6.6% of total revenue from 2022 to 2025 [23]. Debt and Financial Health - As of March 2025, Luxshare has a short-term debt gap of 9.53 billion yuan, with total short-term debts amounting to 59.77 billion yuan [3][28]. - The company's asset-liability ratio has risen from 56.61% in 2023 to 62.91% in the first quarter of 2025, indicating increasing financial leverage [28]. IPO Plans - The funds raised from the IPO will be allocated to expanding production capacity, investing in technology R&D, and repaying bank loans [30].