风口之下，龙旗狂飙

Core Viewpoint - Longqi Technology has refiled its prospectus with the Hong Kong Stock Exchange after the initial submission expired, indicating a strong urgency to expand its financing channels and capitalize on the AI trend in the ODM industry [2] Group 1: Market Position and Competition - Longqi Technology is the second-largest global consumer electronics ODM and the largest smartphone ODM with a market share of 32.6% in 2024 [3] - The competition among the top five ODM players is intense, with a combined market share of 68.7%, indicating a highly concentrated market [4] - In the smartphone sector, the top three players hold 75.1% of the market share, with Longqi Technology leading at 32.6% [4] Group 2: Industry Trends and Growth Opportunities - The global consumer electronics market is recovering, with shipments expected to grow from 2.113 billion units in 2024 to 2.49 billion units by 2029 [2] - The ODM model is projected to increase its market penetration from 46.2% in 2024 to 50.8% by 2029, becoming the dominant manufacturing model [2][5] - AI technology is driving the expansion of smart product manufacturing into automotive electronics and robotics, creating new growth opportunities for ODM players [2][5] Group 3: Financial Performance and Challenges - In 2024, Longqi Technology achieved a revenue of 46.382 billion yuan, a significant increase of 70.62% year-on-year, but faced a net profit decline of 17.21% to 501 million yuan [9] - The company's gross margin fell to 5.8%, the lowest since 2022, highlighting the challenges of balancing expansion with profitability [9] - In 2025, there was a partial recovery in profitability, with a net profit increase of 17.74% to 507 million yuan in the first three quarters, although revenue faced short-term fluctuations [10]