年入280亿，从富士康走出的“最强打工妹”，又要IPO了

Core Viewpoint - Lijing Innovation is set to achieve a significant IPO, driven by the success of its founder Wang Laichun and the strategic acquisitions that have positioned the company as a leader in the precision manufacturing sector [2][3]. Company Overview - Lijing Innovation, founded by Wang Laichun's brother Wang Laixi, has rapidly grown to nearly 28 billion yuan in annual revenue within seven years [2][3]. - The company has established itself as the only front camera supplier for Apple in mainland China, with over 60% of its revenue coming from this client [6][9]. Business Model and Growth Strategy - The initial team and assets of Lijing Innovation were acquired from the optical module division of Lite-On Technology, providing a strong foundation in terms of capacity and technology [5]. - The company has pursued a strategy of vertical integration through a series of acquisitions, including the purchase of Highwei Electronics, which has been a supplier for Apple since 2009 [5][6]. - Lijing Innovation has expanded its business into the optical lens sector and automotive electronics, indicating a diversification strategy beyond consumer electronics [6][18]. Financial Performance - Lijing Innovation's revenue has shown remarkable growth, increasing from 12.8 billion yuan in 2022 to 27.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 47.9% [17]. - The company's net profit has also increased, reaching 1.05 billion yuan in 2024, with a CAGR of approximately 23.5% [17]. - The revenue structure is heavily reliant on consumer electronics, particularly camera modules for smartphones, which accounted for 88.2% of total revenue in the first half of 2025 [18]. Investment and Market Position - Lijing Innovation has attracted significant investment from top-tier institutions, raising over 5.24 billion yuan prior to its IPO [7][9]. - The company is positioned as the second-largest player in the global high-end smartphone camera module market, with a strong focus on innovation [9][18]. Challenges and Risks - The company faces challenges related to high customer concentration, with over 67.6% of its revenue coming from a single client, widely believed to be Apple [19][20]. - Fluctuations in raw material prices and labor costs pose potential risks to profitability, as indicated by a slight decline in gross margin from 12.2% in 2022 to 10.8% in 2024 [17][18]. Future Outlook - The global market for consumer electronic camera modules is projected to grow significantly, providing a favorable environment for Lijing Innovation's continued expansion [20]. - The company plans to use IPO proceeds for R&D, upgrading manufacturing platforms, strategic investments, and operational funding, aiming to enhance its competitive edge [21].