Huaqin Technology (SH:603296) Xin Lang Cai Jing·2025-09-19 08:02Core Viewpoint - Company Huacomm Technology has submitted an H-share listing application to the Hong Kong Stock Exchange, marking the initiation of its "A+H" dual capital platform strategy after its A-share listing, aimed at enhancing global expansion and high-end manufacturing transformation [1] Group 1: Financial Performance - Huacomm Technology achieved a revenue of 1,098.78 billion yuan in 2024, with a market share of 22.5%, making it the largest ODM manufacturer in the consumer electronics sector [2] - The company's revenue for 2022, 2023, and 2024 was reported at 926.46 billion yuan, 853.38 billion yuan, and 1,098.78 billion yuan respectively, with a significant increase in the first half of 2025 reaching 839.39 billion yuan, representing a year-on-year growth of 113% [2] - The net profit attributable to shareholders for the first half of 2025 was 18.89 billion yuan, reflecting a year-on-year increase of 46.30% [2] Group 2: Global Expansion Strategy - The listing in Hong Kong is part of Huacomm Technology's strategy to overcome regional limitations and accelerate its global expansion, with manufacturing bases established in Vietnam, India, and Mexico [3] - In the first half of 2025, overseas revenue accounted for 46.92% of the company's total revenue, indicating a strong international presence [3] - The company plans to utilize part of the funds raised from the IPO for operational capital and to continue global strategic investments and vertical integration, focusing on core product R&D and optimizing its global manufacturing system [3] Group 3: Industry Challenges and Opportunities - Despite impressive financial results, Huacomm Technology faces challenges typical of the ODM industry, including low profit margins, with a gross margin of only 7.67% and a net margin of 2.25% in the first half of 2025 [4] - The global smart hardware market is projected to exceed 32 trillion USD by 2025, with increasing penetration of the ODM industry, presenting opportunities for Huacomm Technology to capitalize on high-end manufacturing transformation [4] - The company's evolution from a local manufacturer to a global "invisible champion" in smart hardware reflects the broader trend of China's manufacturing sector transitioning to intelligent manufacturing [4]