Core Viewpoint - Luguang Technology (301606.SZ), a leading player in the cross-border consumer electronics sector, has initiated a Hong Kong IPO after just over a year of being listed on the A-share market, aiming for a dual listing to enhance its capital structure and global presence [2][9]. Financial Performance - The company reported a revenue of 6.17 billion yuan in 2024, with projections to exceed 9 billion yuan in 2025, indicating a doubling of revenue over three years [5]. - The net profit attributable to shareholders is expected to rise from 462 million yuan in 2024 to between 653 million and 733 million yuan in 2025, reflecting a year-on-year growth rate of nearly 60% [5]. - The fourth quarter of 2025 may see a peak net profit growth rate of 89% [5]. Growth Drivers - Two main growth engines are identified: the explosive growth of new business lines, particularly NAS storage products, which saw a 125% year-on-year revenue increase to 415 million yuan in the first half of 2025, and significant penetration into overseas markets, with foreign revenue reaching 2.295 billion yuan, accounting for 59.53% of total revenue, and a year-on-year growth of 51.39% [6][8]. Margin Concerns - Despite strong revenue growth, the company's gross margin has significantly declined from nearly 50% in 2019 to 37.05% in the first three quarters of 2025, with a notable drop in overseas market margins by 24 percentage points [8]. - The reliance on external production and platform dependencies has led to a compounded annual growth rate of operating costs at 30.29%, outpacing revenue growth [8]. Shareholder Actions - A major external shareholder, Hillhouse Capital, has reduced its stake significantly, cashing out approximately 900 million yuan, which raises concerns about shareholder confidence amid the company's capital expansion plans [8][9]. Strategic Initiatives - The company plans to use the funds raised from the Hong Kong IPO for research and development, brand building, and channel expansion, aiming to transition from scale expansion to deep operational efficiency [9]. - The dual listing strategy is seen as a response to the growing trend of A-share companies seeking to list in Hong Kong, providing a pathway for resource integration and risk diversification [9].
绿联科技冲刺“A+H”，股东缘何急套现9亿？