立景创新赴港IPO：靠“买买买”扩张商誉已近20亿 苹果既是最大客户又是最大供应商 产能利用率持续低迷

Core Viewpoint - Lijing Innovation Technology Co., Ltd. has submitted its main board listing application to the Hong Kong Stock Exchange, aiming to leverage its strong market position in the precision optical solutions sector, despite facing significant risks related to customer concentration, high capital expenditures, and geopolitical challenges [1][6]. Group 1: Business Structure and Capital Expansion - Lijing Innovation is deeply influenced by the "Luxshare Gene," with its founder's family controlling 48.06% of the shares through Lijing Limited, employing a capital and acquisition strategy similar to Luxshare Precision [2][7]. - The company has made strategic acquisitions to enhance vertical integration, including the purchase of suppliers like GoerTek and Konica Minolta, leading to a pre-IPO valuation of 22.5 billion yuan [2][7]. - However, aggressive capital operations have increased financial risks, with goodwill reaching 1.992 billion yuan as of June 2025, posing a threat to profitability if acquired assets underperform [2][7]. Group 2: Customer Dependency Risks - Lijing Innovation faces significant risks due to its highly concentrated customer base, with the top five customers accounting for over 77% of revenue from 2022 to mid-2025, and the largest customer (widely believed to be Apple) increasing its sales share from 39.9% in 2023 to 67.6% in mid-2025 [3][8]. - This dual dependency on a major customer for both sales and procurement (with 45.9% of procurement in mid-2025) creates vulnerabilities, as any changes in customer demand could severely impact operations [3][8]. Group 3: Financial Leverage and Capacity Utilization Challenges - To support technological investments and capacity expansion, capital expenditures surged from 1 billion yuan in 2022 to 2.5 billion yuan in 2024, with leverage ratios peaking at 75% and remaining high at 57.5% as of mid-2025 [4][9]. - The company is experiencing low capacity utilization rates, with only 65.9% for consumer electronics and 33% for automotive electronics as of mid-2025, alongside declining profitability, with gross margins dropping from 12.2% in 2022 to 10.8% in mid-2025 [4][9]. Group 4: Geopolitical and Competitive Pressures - Changes in the global trade environment pose direct threats to Lijing Innovation's business model, particularly U.S. tariff policies that could reduce customer competitiveness and order volumes [5][10]. - The company is heavily reliant on the consumer electronics sector, which accounted for 88.2% of revenue in mid-2025, facing challenges from slowing growth and rapid technological advancements [5][10]. - In terms of competition, Lijing Innovation leads in the laptop camera module market but must enhance its R&D investment (approximately 3.9% in 2024) to build differentiation in emerging fields like AI vision and cockpit integration [5][11].