CIG(SH:603083) Shen Zhen Shang Bao·2025-10-12 15:54Group 1 - The core viewpoint of the article is that Shanghai Cambridge Technology Co., Ltd. is preparing for its IPO on the Hong Kong Stock Exchange, with significant revenue fluctuations and high dependency on major clients and overseas markets posing risks to its revenue stability [1][2] Group 2 - Cambridge Technology primarily engages in the design, development, and sales of connectivity and data transmission devices, generating revenue from broadband, wireless, and optical module technology products [1] - The company's revenue declined in 2023 due to an industry-wide destocking cycle and sluggish demand, but is projected to rebound to 3.65 billion yuan in 2024 due to deferred demand release and strong sales [1] - In the first half of this year, the company's revenue exceeded 2 billion yuan, reflecting a year-on-year growth of 15.48% [1] Group 3 - The company has a high reliance on major clients, with the revenue share from the top five clients increasing from 63.5% in 2022 to 76.1% in 2024, indicating a significant concentration risk compared to industry peers [1] - The overseas market has become increasingly important, with its revenue share rising from 82.9% in 2022 to 94% in the first half of this year [1] Group 4 - Shareholders of Cambridge Technology have been frequently reducing their holdings, raising concerns among investors, particularly the actual controller, who has sold over 400 million yuan since the end of 2022 [2]