Core Viewpoint - Longqi Technology's listing on the Hong Kong Stock Exchange is not merely a financing move but a strategic response to the evolving landscape of AI terminals and the ODM industry, which is experiencing heightened competitive barriers and a revaluation of the "hardware + AI" framework [1] Industry Logic Reassessment: AI Reshaping Terminals, Strong Players Prevail - The AI terminal market is diversifying beyond smartphones to include AI PCs, smart glasses, and wearable devices, indicating a structural shift in industry demand [2] - Global AI smart glasses sales are projected to surge by 222% year-on-year in Q2 2025, with an expected shipment of 1.4 billion units by 2035, creating a significant market opportunity [2] - AI smartphones are expected to account for 16% of total smartphone shipments in 2024, rising to 54% by 2028, marking the beginning of a "scale shipment era" [2] Company Logic Restructuring: "1+2+X" Strategy, Clear Dividend Release Rhythm - Longqi Technology's "1+2+X" strategy focuses on smartphones as the core, with personal computing and automotive electronics as growth engines, and AIoT as an extension, creating a structured business evolution path [5] - The smartphone ODM segment is stabilizing, with Longqi aiming for higher quality growth by concentrating resources on projects with greater scale and technical demands [7] Growth Engines Accelerating: AI Glasses and AIoT Entering Volume Phase - AI glasses and wearable devices are expected to be key variables for exceeding performance expectations in the next 1-2 years, with Longqi having established a strong foothold in the VR/AR market since 2015 [8][9] - Longqi's AIoT business has shown remarkable growth, with a revenue increase of over 120% year-on-year in 2024, and a 47.17% increase in Q3 2025, contributing 20% to overall revenue [10] Mid-term Layout: Breakthroughs in AI PC and Automotive Electronics - Longqi has a natural advantage in the AI PC sector due to its experience with ARM platforms, with expectations for significant revenue contributions from AI PCs starting in 2026 [11] - The automotive electronics division is focusing on long-term growth, having secured projects with multiple major clients, indicating a solid foundation for future expansion [12] Long-term Vision: Embodied Intelligence and Platform Transition - Longqi is transitioning from hardware manufacturing to AI hardware system integration, with a strategic partnership aimed at developing industrial-grade embodied intelligent robots [13][14] - The company aims to leverage its capabilities across various sectors, reducing reliance on single industry cycles and enhancing its role as a core hardware platform connecting the physical and AI digital worlds [14] Clear Catalysts: Profit Improvement Cycle Initiated, Hong Kong Listing as a Value Reassessment Opportunity - The upcoming Hong Kong listing is expected to resonate with both fundamental and capital market dynamics, enhancing Longqi's visibility and attracting long-term international investment [15][16] - The company's net profit increased by 64.46% year-on-year in Q3 2025, indicating a clear trend of improving profitability that is expected to sustain high growth rates [16] Future Outlook: Clear Drivers for Stock Price - The primary driver for Longqi's stock price will be the sustained performance exceeding expectations, particularly in securing new large-scale orders in the AI glasses and AIPC sectors [17] - The Hong Kong listing is seen as a pivotal opportunity for Longqi to realign with international valuation standards, transitioning from a consumer electronics ODM leader to a multi-terminal AI hardware infrastructure provider [18]
龙旗科技：AI终端放量在即，全球ODM龙头或迎来价值重估窗口