Sou Hu Cai Jing·2026-02-13 03:48Core Viewpoint - Luguang Technology (301606.SZ) is accelerating its global strategy by initiating a Hong Kong listing just a year and a half after its A-share debut, despite concerns over delayed project progress and significant cash-outs by related parties [2][5][20]. Financial Performance - The company reported revenues of 48.01 billion yuan, 61.66 billion yuan, and 63.61 billion yuan for the first three quarters of 2023, 2024, and 2025, respectively, with year-on-year growth rates of 19.3%, 28.4%, and 47.8% [2][15]. - Net profits for the same periods were 3.94 billion yuan, 4.61 billion yuan, and 4.67 billion yuan, showing year-on-year increases of 19.3%, 17.0%, and 45.8% [2][15]. - Charging creative products, particularly chargers and power banks, generated 29.54 billion yuan in revenue for the first three quarters of 2025, accounting for 46.4% of total revenue and growing by 44.7% year-on-year [2][15]. Business Segments - The smart storage business is emerging as a new growth driver, with NAS product revenues reaching 5.45 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 315.0% [3][16]. - The company ranks second in the global charging products market based on retail sales for 2025, according to a report by Frost & Sullivan [2][15]. Capital and Investment - Luguang Technology raised 7.72 billion yuan upon its A-share listing in July 2024, but as of June 2025, only 1.96 billion yuan had been invested, with significant delays in key projects [5][18]. - The largest project, aimed at enhancing R&D capabilities, has seen only 0.54% of its adjusted investment of 3.16 billion yuan utilized by mid-2025 [6][18]. - The company has a strong cash position, with 11.34 billion yuan in cash and a debt ratio of 30.53% as of September 2025 [19]. Market Position and Strategy - The company is pursuing a global strategy to enhance its international brand image and competitiveness, particularly in overseas markets where it aims to close the gap with industry leader Anker Innovations [9][22]. - In 2024, Anker Innovations reported revenues of 247.10 billion yuan, significantly outpacing Luguang Technology's 61.70 billion yuan [22][24]. - The overseas revenue share for Luguang Technology increased from 46.0% in 2021 to 59.5% in the first half of 2025, indicating a growing reliance on international markets [11][24]. Competitive Landscape - Both Luguang Technology and Anker Innovations show a high dependency on overseas markets, with Anker's overseas revenue constituting 96.4% of its total in 2024, compared to Luguang's 57.4% [11][24]. - The gross margin for overseas sales is significantly higher than for domestic sales, with Luguang's overseas gross margin remaining between 44% and 46% from 2021 to 2024, while domestic margins have declined [11][24].