领益智造冲击“A+H”：AI硬件贡献9成营收，毛利率“三连降”

Core Viewpoint - The company Lingyi iTech has submitted an IPO application to the Hong Kong Stock Exchange, aiming to expand its market presence in the AI and low-altitude economy sectors while facing challenges in profit margins [1][4]. Group 1: Company Overview - Lingyi iTech was established in 2006 and went public on the Shenzhen Stock Exchange in February 2018, initially focusing on consumer electronics die-cut products [1]. - The company has developed a comprehensive product matrix covering core materials, precision components, modules, and assembly, with applications in AI hardware, automotive, and low-altitude economy sectors [1]. - According to Frost & Sullivan, Lingyi iTech ranks first in the global AI terminal device high-precision components market with a market share of 6.7% and third in the high-precision intelligent manufacturing platform market with a 1.5% share [1]. Group 2: Financial Performance - Revenue from AI hardware business constituted 91.2%, 89.9%, 92.7%, and 87.6% of total revenue from 2022 to the first three quarters of 2025, while automotive and low-altitude economy business contributed 3.1%, 4.1%, 4.8%, 4.5%, and 5.2% respectively [1]. - The company's revenue for 2022, 2023, and 2024 was reported at 34.503 billion, 34.154 billion, and 44.26 billion yuan, with net profits of 1.571 billion, 2.023 billion, and 1.755 billion yuan respectively [4]. - In 2023, revenue decreased by 0.35% year-on-year, while net profit increased by 26.78%. In 2024, revenue grew by 30.48% year-on-year, but net profit decreased by 14.42% [4]. Group 3: Profit Margins - The company's gross margin has been declining, with figures of 19.8%, 18.7%, and 14.4% from 2022 to 2024. The gross margin for AI hardware was 21.2%, 20.6%, and 16.2%, while for automotive and low-altitude economy it was 3.3%, 1.9%, and 0.6% [2][3]. - The decline in gross margin is attributed to a competitive pricing strategy aimed at capturing market share for new products that have not yet achieved full economies of scale [4]. Group 4: IPO Purpose - The funds raised from the IPO will be used to enhance R&D capabilities, increase production capacity through equipment investment, support strategic investments and acquisitions, expand production facilities domestically and internationally, and for working capital and general corporate purposes [5].