LY iTECH(SZ:002600) Zhi Tong Cai Jing·2025-11-25 13:49Core Viewpoint - The company Lingyi iTech has officially submitted its H-share listing application in Hong Kong, marking a significant milestone for the company and its founder, who is known as the "Queen of Shenzhen" [1][2]. Financial Performance - Lingyi iTech's revenue for 2022, 2023, 2024, and the first three quarters of 2025 were approximately 34.5 billion, 34.2 billion, 44.3 billion, and 37.6 billion RMB respectively [2]. - The company's profits for the same periods were about 1.56 billion, 2.01 billion, 1.76 billion, and 1.97 billion RMB, with profits for the first three quarters of 2025 already surpassing the total for 2024 [2][4]. Business Strategy - The company is pursuing a dual-driven strategy by maintaining its competitiveness in the consumer electronics sector while actively expanding into emerging fields such as AI terminals, automotive electronics, and clean energy [2][6]. - AI hardware has become the company's primary revenue driver, accounting for 92.1% of total revenue in 2024, with a year-on-year growth of 32.8% [4][5]. Global Expansion - Lingyi iTech's international revenue share increased from 37.9% in 2024 to 47.3% in the first three quarters of 2025, indicating successful overseas market expansion [6]. - The upcoming Hong Kong listing is expected to enhance the company's global profile and facilitate future cross-border mergers and acquisitions [6]. Technological Focus - The company is focusing on four core areas: humanoid robots, XR (extended reality), foldable screens, and servers, which are interconnected within a technological matrix [8][9]. - The integration of advanced manufacturing capabilities across various processes, such as CNC machining and 3D printing, allows the company to offer comprehensive solutions from design to mass production [10][11]. Market Validation - Lingyi iTech is actively participating in industry standard-setting and international competitions to validate its technological advancements and pave the way for commercialization [11].