Core Viewpoint - Longqi Technology, a leading global smartphone ODM, has successfully listed on the Hong Kong Stock Exchange, marking its position as the "first stock of consumer electronics ODM" in Hong Kong, with an opening price of HKD 35 per share, approximately 12.9% higher than the issue price [1][4][7]. Group 1: Company Overview - Longqi Technology holds a one-third share of the global smartphone ODM market, serving major brands such as Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo [3][22]. - The company has established a comprehensive solution matrix covering product design, hardware innovation, software platform development, lean manufacturing, supply chain integration, and quality control [11]. - Longqi's product offerings include smartphones, AI PCs, automotive electronics, tablets, smartwatches, and smart glasses, structured under a "1+2+X" framework aimed at expanding production capacity and enhancing R&D [11][12]. Group 2: Financial Performance - Longqi's revenue from 2022 to 2024 was CNY 293.4 billion, CNY 271.9 billion, and CNY 463.8 billion, with a decline of 10.3% in the first nine months of 2025 [27][28]. - The company's main revenue source is smartphones, contributing 82.7%, 80.3%, 77.9%, and 69.3% of total revenue from 2022 to 2025 [32]. - The gross profit margins from 2022 to 2024 were 8.1%, 9.5%, and 5.8%, with a recovery to 8.3% in the first nine months of 2025 due to strategic adjustments and improved project quality [36][38]. Group 3: Market Position and Client Base - Longqi is the largest smartphone ODM globally, with a market share of 32.6%, and ranks second in the consumer electronics ODM sector with a 22.4% market share [24][26]. - The company has established long-term partnerships with eight of the top ten smartphone brands, with an average collaboration duration of over five years [15][16]. - Xiaomi is Longqi's largest client, contributing significant revenue across multiple years, accounting for 45.5%, 42.4%, 37.2%, and 28.6% of total revenue from 2022 to 2025 [34][35]. Group 4: R&D and Future Prospects - Longqi has a dedicated R&D team of approximately 5,200 professionals, with R&D expenditures of CNY 15 billion, CNY 16.9 billion, CNY 20.8 billion, and CNY 19.5 billion from 2022 to 2025 [41]. - The company is actively expanding into AI and smart manufacturing, with significant progress in AIoT and new product launches, including smart glasses and AI PCs [21][19]. - Longqi's cash and cash equivalents reached CNY 6.85 billion by the end of the third quarter of 2025, indicating a strong liquidity position [42].
高通砸钱、雷军入股！刚刚，上海诞生一个183亿手机代工巨头