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, driven by contrasting performance metrics and a strategic shift towards emerging businesses like AI glasses and automotive electronics [1][2]. Group 1: Company Overview - Longqi Technology, established in 2004, is a global leader in smart products and services, providing solutions for renowned smart product brands and tech companies [2]. - 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 TWS headphones [2]. - 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]. Group 2: Financial Performance - The company's revenue figures 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 the revenue growth, the company experienced a decline in revenue in the first three quarters of 2025, totaling 313.32 billion, a 10.3% year-on-year decrease, attributed to weak global demand and insufficient support from emerging businesses [3][4]. - Longqi Technology's net profit from 2022 to the first three quarters of 2025 has shown volatility, with figures of 5.62 billion, 6.03 billion, 4.93 billion, and 5.14 billion respectively, alongside low gross margins of 8.1%, 9.5%, 5.8%, and 8.3% during the same period [4]. Group 3: Strategic Focus and Market Trends - The company is focusing on emerging businesses such as AIoT and automotive electronics to counteract the stagnation in its core smartphone business [5][6]. - AI glasses are identified as a key growth area, with ODM shipments exceeding 2 million units in 2024, and partnerships with leading domestic internet clients for mass production projects [6][7]. - The automotive electronics sector also shows promise, with collaborations established with major clients like Xiaomi and NIO, resulting in over ten designated projects and successful product deliveries [7]. Group 4: Challenges and Future Outlook - Longqi Technology's transition towards new business areas is marked by uncertainty, as the scale of AI PC and automotive electronics remains small and faces intense market competition [7]. - The company's dual listing strategy highlights the challenges of achieving growth in a large but low-margin ODM industry, with future performance dependent on the successful scaling of AIoT and AI PC businesses [7].