“代工之王”华勤技术递表港股

Core Viewpoint - The company Huakin Technology is set to pursue a second IPO in Hong Kong within three years, following its previous listing on the Shanghai Stock Exchange, highlighting its ambition for international expansion and capital market value maximization [1][6]. Company Overview - Huakin Technology, known as the "King of OEM," has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with CICC and Bank of America serving as joint sponsors [1]. - The company has established manufacturing bases in Vietnam, India, and Mexico, with overseas revenue accounting for 46.92% of total revenue by the first half of 2025 [1]. - The founder, Qiu Wensheng, has a notable background, having previously worked at ZTE and founded Huakin Technology in 2005, focusing initially on IDH services before transitioning to an ODM model [2][3]. Financial Performance - Huakin Technology reported a revenue of 109.9 billion yuan in 2024, a year-on-year increase of over 28%, and a net profit of 2.926 billion yuan, up 8.10% [5]. - In the first half of 2025, the company achieved a revenue of 83.94 billion yuan, a significant year-on-year growth of 113.1%, with a net profit of 1.889 billion yuan, up 46.3% [5]. - Despite strong revenue growth, the company's gross profit margin has been fluctuating, with a decline to 7.67% in the first half of 2025, down nearly 2.6 percentage points from the end of the previous year [7][8]. Strategic Initiatives - The company is actively pursuing a diversified business strategy, referred to as "3+N+3," which includes three core businesses (smartphones, laptops, and data centers) and aims to expand into emerging fields such as robotics, software, and automotive electronics [10]. - Recent strategic investments include acquiring audio manufacturer Yiluda for 2.85 billion HKD and a 65% stake in Nanchang Chunqiu for 348 million HKD to enhance its supply capabilities [10]. - The upcoming IPO is expected to facilitate further investments in R&D, global manufacturing optimization, and strategic acquisitions [12].