新股解读|龙旗科技积极谋求“A+H”：年营收超400亿元VS 低毛利率下的“最优解”?

Core Viewpoint - Longqi Technology, a leading ODM giant, is rapidly pursuing a secondary listing in Hong Kong less than a year after its A-share debut, reflecting contrasting performance metrics with significant revenue but weak profitability [1][4]. Group 1: Company Overview - Longqi Technology, established in 2004, is a global leader in smart product solutions, providing design, manufacturing, and support for renowned tech brands [1]. - The company has developed a comprehensive smart product ecosystem, focusing on smartphones, personal computing, and automotive electronics, with a diverse product range including tablets, wearables, and smart glasses [2]. Group 2: Financial Performance - Revenue figures for Longqi Technology from 2022 to 2024 show a significant increase, with revenues of 293.43 billion, 271.85 billion, and 463.82 billion respectively, marking a 70.62% year-on-year growth in 2024 [3]. - Despite high revenue, the company faces challenges with profitability, recording net profits of 5.62 billion, 6.03 billion, 4.93 billion, and 5.14 billion from 2022 to the first three quarters of 2025, with fluctuating profit margins [4]. Group 3: Market Position - Longqi Technology is the second-largest consumer electronics ODM manufacturer globally, holding a 22.4% market share, and the largest smartphone ODM manufacturer with a 32.6% market share as of 2024 [2]. - The company serves a prestigious client base, including Xiaomi, Samsung, Lenovo, and OPPO, enhancing its market presence [2]. Group 4: Strategic Initiatives - In response to sluggish growth in its core smartphone business, Longqi Technology is focusing on emerging sectors such as AIoT and automotive electronics, aiming to leverage its ODM leadership to capture high-growth opportunities [5][7]. - The company has initiated projects in AI glasses and automotive electronics, partnering with leading clients and achieving significant production milestones [7]. Group 5: Industry Trends - The consumer electronics industry has faced a downturn from 2021 to 2023 due to inflation and geopolitical tensions, but is expected to recover in 2024 driven by technological innovation and demand for AI-integrated products [6]. - The market for smart glasses is projected to grow significantly, with global shipments expected to rise from 9.6 million units in 2024 to 62.3 million units by 2029, indicating a compound annual growth rate of 45.4% [6].