Core Viewpoint - The three major players in the Apple supply chain, Lens Technology, Luxshare Precision, and GoerTek, are at a crossroads, signaling a shift away from their reliance on Apple as they explore different strategic paths for growth and stability [2][4][20]. Group 1: Company Strategies - Lens Technology has successfully completed its listing on the Hong Kong Stock Exchange, raising HKD 4.768 billion with a share price of HKD 18.18, indicating strong market recognition [5][6]. - Luxshare Precision is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its global strategy and attract talent [10][13]. - GoerTek is pursuing a unique strategy by spinning off its semiconductor business for independent listing, aiming to optimize its business structure and reduce reliance on the consumer electronics cycle [15][16]. Group 2: Financial Performance - Lens Technology reported a revenue of CNY 69.897 billion in 2024, a year-on-year increase of 28.27%, with net profit rising by 19.94% to CNY 3.624 billion [6]. - Luxshare Precision achieved a revenue of CNY 268.79 billion in 2024, reflecting a 15.9% growth, and a net profit of CNY 13.37 billion, up 22% [10][11]. - GoerTek's revenue reached CNY 100.954 billion in 2024, a slight increase of 2.41%, while net profit surged by 114.93% to CNY 2.665 billion [16]. Group 3: Market Trends and Challenges - The three companies are navigating a changing landscape characterized by Apple's supply chain adjustments and a decline in consumer electronics demand, leading to increased risks associated with dependency on a single client [18][20]. - The shift towards diversification is evident, with Lens Technology expanding into automotive sectors, Luxshare focusing on automotive and AI communications, and GoerTek exploring opportunities in AI smart hardware [6][11][17].

Core Viewpoint - The article discusses the trend of leading companies in the A-share market accelerating their IPOs in Hong Kong, particularly focusing on Lixun Precision, which is planning to issue H-shares and list on the Hong Kong Stock Exchange to capitalize on the favorable market conditions and pursue a global strategy [3][8][32]. Group 1: Lixun Precision's IPO Plans - Lixun Precision announced its plans for an H-share IPO in Hong Kong, aiming to raise over $1 billion [7][8]. - The company is collaborating with major financial institutions like CICC, CITIC Securities, and Goldman Sachs for this IPO [7]. - The move is seen as a response to the saturated domestic market and an opportunity for global expansion [8][32]. Group 2: Market Context and Competitors - The Hong Kong stock market has shown strong performance this year, prompting other leading companies to consider listings [8]. - Another major player, Lens Technology, has successfully passed the listing hearing and is in the process of its IPO, aiming to raise approximately 4.3 billion RMB [9]. - Lens Technology's IPO proceeds will be allocated to product expansion, overseas business development, and enhancing manufacturing capabilities [9]. Group 3: Strategic Shifts and Diversification - Lixun Precision and Lens Technology are both seeking to reduce their reliance on Apple by diversifying their business operations [11][20]. - Lixun Precision has initiated a multi-product line strategy, targeting sectors such as automotive, communication, and medical [27][28]. - The company has made significant acquisitions to enhance its capabilities and reduce dependency on a single client, Apple [31]. Group 4: Leadership and Vision - Wang Laichun, the founder of Lixun Precision, aims to redefine the company's identity beyond being an "OEM" and is focused on providing comprehensive solutions [24][27]. - The company has set ambitious goals, including entering the top ten in Tier 1 automotive suppliers globally [27]. - Wang Laichun's wealth has significantly increased, reflecting the company's growth and potential success in the upcoming IPO [32].

Core Viewpoint - Lens Technology (300433.SZ) is advancing its H-share IPO process in Hong Kong, aiming to raise approximately 43 billion RMB to enhance its global strategy and diversify its product offerings [1][7]. Group 1: IPO Details - The IPO will involve a base issuance of approximately 262 million shares, with a price range set between 17.38 HKD and 18.18 HKD, potentially raising around 46.63 billion HKD (approximately 43 billion RMB) if the midpoint price is used [1][7]. - The IPO process has progressed rapidly, taking about 100 days from the announcement to the start of the offering [7]. - The offering is set to conclude on July 4, with the price announcement on July 8 and trading commencing on July 9 [8]. Group 2: Strategic Objectives - The company aims to allocate 28% of the raised funds to expand its overseas business and 48% to diversify its product and service offerings [10]. - Lens Technology plans to establish new production lines in Vietnam and Thailand for smart terminal components and smart automotive products, expected to be operational by the end of 2025 [10]. Group 3: Diversification and Revenue Trends - The company is actively reducing its reliance on Apple, with sales to Apple decreasing from 71% in 2022 to 49.45% in 2024 [2][12]. - Revenue from smartphones and computers still constitutes about 82% of total revenue in 2023 and 2024, but the company anticipates further diversification in the coming years [12]. - Lens Technology's revenue has shown consistent growth, with figures of 466.99 billion RMB in 2022, 544.91 billion RMB in 2023, and projected 698.97 billion RMB in 2024, alongside net profits increasing from 24.48 billion RMB to 36.24 billion RMB over the same period [12].

Core Viewpoint - Lens Technology, a leading player in the Apple supply chain, is entering the Hong Kong IPO phase, with the offering scheduled from June 30 to July 4, 2025, and expected trading to begin on July 9, 2025 [1] Group 1: IPO Details - The company plans to issue approximately 262 million H-shares, with 28.84 million shares for Hong Kong and around 233 million shares for international offerings [1] - The expected price range for the shares is between HKD 17.38 and HKD 18.18, with a trading unit of 200 shares [1] - The anticipated net proceeds from the IPO, based on a median price of HKD 17.78, are estimated to be approximately HKD 45.90 billion after expenses [2] Group 2: Use of Proceeds - About 48% of the funds raised will be used to enrich and expand the product and service portfolio, 28% for expanding overseas operations, 14% for enhancing vertical integration and smart manufacturing capabilities, and 10% for working capital and other general corporate purposes [2] Group 3: Market Context and Investor Sentiment - The Hong Kong IPO market is currently attracting significant attention, with many consumer electronics companies pursuing listings [1] - The pricing of Lens Technology's shares reflects a discount of about 25% compared to its A-share price, which aligns with the general trend of Hong Kong shares trading at a discount to A-shares [2] - Previous listings, such as CATL and Hansoh Pharma, have seen their H-shares outperform A-shares, raising investor expectations for Lens Technology [2] Group 4: Cornerstone Investors - The IPO has attracted notable cornerstone investors, with a total subscription amount of approximately USD 191 million (around HKD 1.49 billion) from various well-known investment institutions [3] - Key investors include Xiaomi, UBS AM Singapore, and Oaktree, among others, with Xiaomi and Seiyun Electric each committing USD 10 million [3][4] Group 5: Strategic Goals - The company aims to diversify its financing channels and has broader strategic ambitions, including expanding and optimizing production capacity, enhancing global presence, and improving smart manufacturing systems [6] - Plans include establishing new production lines in Vietnam and Thailand for smart terminal components and smart automotive products, with operations expected to commence by the end of 2025 [6][7] Group 6: Client Diversification - Lens Technology is actively working to reduce its reliance on Apple, with sales to its largest client projected to decrease from 71% in 2022 to below 50% by 2025 [8] - The company is focusing on expanding its customer base and product offerings, including investments in next-generation smart terminal technologies and other sectors like smart automotive and VR products [8][9]

Core Insights - The Apple supply chain is not a guaranteed profit zone, with companies facing significant risks from order cuts and market fluctuations [3][4] - Recent developments indicate a shift in the supply chain dynamics, with companies adapting to new policies and market demands [5][6] Group 1: Key Signals - Signal 1: Technological upgrades are crucial for maintaining competitive advantage, with companies like Luxshare Precision benefiting from higher margins on premium products [4][5] - Signal 2: The tariff policies in the U.S. create both challenges and opportunities, as companies balance between Chinese R&D and overseas assembly to mitigate costs [5][6] - Signal 3: The trend of "de-Apple-ization" is accelerating, with Apple cutting suppliers annually, but those that survive are often diversifying into other sectors like automotive [7][8] Group 2: Investment Strategies - Avoid companies overly reliant on Apple, particularly those with over 70% dependency, as they are vulnerable to order cuts [8][9] - Focus on companies providing unique technologies or products that are not easily replaceable, such as specialized components for electric vehicles [8][9] - Monitor financial reports for new business growth and order allocations before major Apple product launches to identify potential investment opportunities [9]

Core Insights - North America remains the largest market for Apple smartwatches, contributing over half of the total shipments, but it has become a key factor dragging down global performance in 2024 [2] - Apple has seen an 8% year-on-year decline in market share in the high-end smartwatch segment priced over $300, with fourth-quarter shipments declining for the fifth consecutive quarter [2] - In contrast, Samsung's Galaxy Watch Ultra series is gaining traction among high-end users due to its titanium body and health monitoring features, while Huawei's Watch GT series is capturing the mid-range market with its "long battery life + cost-effectiveness" strategy [2] Product Strategy Issues - Counterpoint attributes Apple's decline to two major product strategy missteps: the limited upgrade of the Watch Series 10 has resulted in insufficient consumer motivation to upgrade [2] - The absence of the flagship Watch Ultra 3 and the entry-level Watch SE in the 2024 product lineup has further exacerbated the situation [2] - The previous generation of Watch SE was launched in Q3 2022, and the anticipated 2024 version has faced delays due to controversial design changes from aluminum to plastic, leading to a rare situation where Apple released new products but experienced a year-on-year decline in shipments during the traditional new product launch season [2]

作为与立讯精密、歌尔股份并称为"果链三巨头"的 蓝思科技 （下称"公司"）， 日前正式提交港股招股书，拟通过"A+H"双上市模式开启新 征程。 回溯过往，公司在与苹果多年的深度绑定中，尽享苹果生态带来的营收红利，从2011年到2024年，营收实现了从60亿元到698亿元的跨越。 不过，客户高度集中的风险如影随形。典型案例是2016年第一季度，或受苹果订单波动影响，公司营收同比下滑35.84%，净利润下滑 59.32%。 为降低风险，近年来公司开启去"苹果化"进程，积极押注智能汽车、智能穿戴等新兴赛道。但2024年，公司新能源车业务毛利率降至 10.17%；智能穿戴业务营收占比不足5%。另外，公司新布局的机器人零部件虽已启动量产，或将面临市场规模有限、商业模式尚未确定等 挑战。 此次赴港募资的核心投向——产能全球化布局与智能制造升级，既是对苹果供应链"去中国化"战略的回应，也折射出企业转型的迫切性。 值 得关注的是，公司此前在A股定增资金使用上存在争议，叠加"大存大贷"的财务结构，使得此次港股IPO的市场接受度充满变数。 去"苹果化"之路不易 据了解，公司专注于玻璃、蓝宝石、陶瓷等外观结构及功能组件的生产、配套 ...