“扶弟魔”王来春，给胞弟“组装”一个立讯精密

Core Viewpoint - Lijing Innovation Technology Co., Ltd. has submitted its listing application on the Hong Kong Stock Exchange, aiming to replicate the success of Luxshare Precision through strategic acquisitions and expansion into various optical module markets [2][4]. Group 1: Company Overview - Lijing Innovation is a provider of precision optical solutions targeting high-end optical modules and system integration markets in consumer electronics, automotive electronics, smart office applications, and emerging fields like smart robotics and XR smart terminals [2]. - The company has quickly established itself as a leader in several segments of the consumer electronics camera module market, ranking second globally and first among Chinese manufacturers [2][10]. Group 2: Business Expansion and Acquisitions - The company has pursued a strategy of aggressive acquisitions, including a notable $360 million acquisition of the camera module division from Lite-On Technology, marking its entry into the camera module industry [5][6]. - Lijing Innovation has also expanded its business into office applications by acquiring Lite-On's smart office business for approximately 1 billion yuan and 80% of Konica Minolta's optical instruments in Shanghai for about 173 million yuan [8][10]. Group 3: Financial Performance - Revenue for Lijing Innovation is projected to grow from 12.75 billion yuan in 2022 to 27.91 billion yuan in 2024, with a significant contribution from the acquisition of Highgreat Electronics, which accounted for 58.6% to 68.9% of total revenue during this period [10][11]. - The company has experienced a substantial increase in net profit from Highgreat Electronics, which contributed between 55% to 90.4% of Lijing Innovation's net profit from 2022 to 2025 [11][13]. Group 4: Financial Challenges - Lijing Innovation faces increasing financial pressure due to rising debt levels, with total liabilities growing from approximately 2.7 billion yuan in 2022 to 5.95 billion yuan in the first half of 2025, primarily from bank loans and lease liabilities [19][22]. - The company's interest expenses have also risen, from 130 million yuan in 2022 to 252 million yuan in 2024, indicating a growing financial burden [23][19]. Group 5: Market Dependency - A significant portion of Lijing Innovation's revenue is derived from its largest customer, Apple, with revenue from Apple accounting for 57.9% to 67.6% of total income from 2022 to 2025 [13][16]. - The company has shown a reliance on Apple for both revenue and supply chain dynamics, which poses risks given the volatility of orders from this major client [16][13].