XIAOMI(HK:01810) 量子位·2026-01-12 04:13Core Viewpoint - Shanghai Longqi Technology is on the verge of becoming the first consumer electronics ODM listed on the Hong Kong Stock Exchange, having successfully passed the hearing process [2][50]. Group 1: Company Overview - Longqi Technology, established in 2004, is the world's largest smartphone ODM, holding a 32.6% market share in the smartphone ODM sector [19][4]. - The company has a diverse product portfolio, including smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses, structured under a "1+2+X" framework [5][10]. - Longqi's main business driver is its smartphone segment, which provides comprehensive R&D services from concept design to mass production [7][8]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 is reported at 29.34 billion, 27.19 billion, and 46.38 billion RMB, respectively [20]. - In the first nine months of 2024, revenue reached 31.33 billion RMB, reflecting a 10.3% year-on-year decline [21]. - The smartphone segment remains the primary revenue source, contributing 82.7%, 80.3%, 77.9%, and 69.3% of total revenue from 2022 to 2024 [24]. Group 3: Client Base and Market Position - Longqi collaborates with major brands such as Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo, with Xiaomi being the largest client [15][26]. - The top five clients accounted for 82.2% of total revenue in 2024, indicating a concentrated client base [25]. Group 4: Profitability and Margins - The gross profit margins for 2022, 2023, and 2024 were 8.1%, 9.5%, and 5.8%, with a recovery to 8.3% in the first nine months of 2025 [28][30]. - The decline in gross margin in 2024 was attributed to increased raw material costs and strategic market expansion [29]. Group 5: Research and Development - Longqi places significant emphasis on R&D, with expenditures of 1.5 billion, 1.69 billion, 2.08 billion, and 1.95 billion RMB from 2022 to the first nine months of 2024, representing 5.1%, 6.2%, 4.5%, and 6.2% of total revenue, respectively [35]. Group 6: Future Outlook - The company aims to expand production capacity and enhance core technology innovation, particularly in AI-related technologies, as part of its strategy for the upcoming IPO [54].