新股前瞻｜维达力科技赴港的背后：一面七成依赖大客户，一面卡位AI新硬件

Core Viewpoint - VDL Technology Co., Ltd. is set to go public on the Hong Kong Stock Exchange, revealing its role as a leading provider of PVD interface enhancement solutions in the consumer electronics sector, which is crucial for the performance and aesthetics of smart devices [1][2]. Business Performance - VDL Technology has shown strong revenue growth, with revenues of 3.481 billion RMB in 2023, projected to reach 5.199 billion RMB in 2024, and 4.618 billion RMB in the first three quarters of 2025. The profit margins have remained stable between 23% and 24% [3][4]. Revenue Structure - The company's revenue structure is transitioning from a "single reliance" model to a "multi-engine drive" model, with a significant portion of revenue coming from smartphones, tablets, and laptops, which accounted for 83.5% in 2023 and 76.3% in 2024 [7][8]. Market Position - VDL Technology holds a leading position in the global consumer electronics PVD interface enhancement market, with market shares of 26.2% for metals and 14.9% for glass in 2024 [2]. Emerging Opportunities - The wearable device segment has seen explosive growth, with revenues doubling to 1.16 billion RMB in 2024, increasing its share from 15.3% to 22.3% of total revenue, driven by the demand for lightweight and durable products [7][8]. Strategic Focus - The company aims to leverage AI and expand its product matrix to enhance user experience and aesthetic value, positioning itself for future growth in emerging smart devices like AI glasses and robots [10][12]. Industry Demand - The global market for PVD interface enhancement solutions is expected to grow from 120 billion RMB in 2024 to 451 billion RMB by 2029, with a compound annual growth rate of 30.4% [9]. Client Dependency - A significant risk for VDL Technology is its high client concentration, with revenues from the top five clients accounting for 86.9% in 2023, which poses a risk if any major client underperforms [10][11]. Future Outlook - The upcoming IPO is seen as a crucial step for the company to strengthen its production capacity and accelerate technological advancements, aiming to reduce dependency on a few major clients while expanding into new markets [12].