龙旗科技的稀缺性，正来自于这一"中间层"。这种"中游集成"地位使其避免了单一环节的波动风险，又 能享受终端AI化带来的规模化红利。 当前港股新股市场情绪火热，AI赛道尤为耀眼。2026年开年以来，已有多只新股在港交所上市，全部 实现上涨，其中AI相关企业表现突出。 在这样的背景下，龙旗科技（09611.HK）今日正式登陆港股市场。 龙旗科技本次IPO发行价定为每股31港元，公开发售部分获得超额认购近1,150倍，市场反响热烈。在上 市前一天的暗盘交易中，龙旗科技收涨19.74%。 它并不是一家"新故事公司"，相反，这是一家已在A股上市的，业务结构、客户体系、盈利能力高度透 明的老牌ODM龙头。但正因为足够成熟，它反而成为市场重新思考AI终端浪潮受益者的关键样本。 一、稀缺性：终端AI化解决方案的赋能平台 在这一轮AI新股行情中，AI公司大多集中于产业链两端。上游企业聚焦算力与国产替代，如国产GPU 龙头壁仞科技和天数智芯相继上市；下游企业则侧重大模型能力与应用场景，虽故事动听，却常面临盈 利模式不清晰、规模效应不足的困扰。 而能够承接AI技术、并将其稳定交付给终端用户的中间层，一直是缺位的。 该战略以智能手机 ...

Core Viewpoint - The company announced the acquisition of 100% equity and debt restructuring of the French GMD Group for approximately €100 million, aiming to optimize GMD's debt structure and enhance its automotive electronics business globally [1][2]. Group 1: Acquisition Details - The acquisition involves a diversified debt restructuring plan, where the company's subsidiary DSG will purchase part of GMD's debt at a discount and utilize methods like debt-to-equity swaps and shareholder loans to achieve debt forgiveness [1]. - GMD Group is a leading French automotive electronics manufacturer with revenues exceeding €1 billion, operating in 12 countries with over 6,600 employees [1]. Group 2: Strategic Implications - Successful completion of the acquisition is expected to accelerate the company's global capacity layout and enhance its market share in the automotive parts sector, particularly in Europe [2]. - The transaction is anticipated to generate debt restructuring gains and significant interest savings, contributing to improved profitability as operational quality stabilizes [2]. Group 3: Market Trends and Future Outlook - The company is focusing on the AI-driven upgrade of soft boards and the improving demand for new energy vehicles, with expectations of a new growth cycle driven by innovations from key clients [3]. - The subsidiary Multek is well-positioned to achieve breakthroughs in the North American and domestic computing markets due to its strong technical foundation in HDI and high-layer boards [3]. - Non-core businesses like LED and touch display are expected to show marginal improvements due to enhanced internal management [3]. Group 4: Financial Projections - The company maintains its revenue forecasts for 2025-2027, with expected net profits and corresponding EPS figures, while positioning itself for stable growth through strategic client engagement and diversification into new sectors [4].

Core Viewpoint - The company reported a significant decline in net profit for 2024, primarily due to losses in non-PCB business and substantial asset impairment provisions, despite a steady revenue growth of 9.27% year-on-year to 36.77 billion [1] Financial Performance Summary - 2024 total revenue reached 36.77 billion, up 9.27% year-on-year, while net profit attributable to shareholders fell by 44.74% to 1.086 billion, with a gross margin of 14.02% [1] - Q1 2025 revenue was 8.602 billion, an increase of 11.07% year-on-year but a decrease of 16.52% quarter-on-quarter, with net profit attributable to shareholders rising by 57.55% year-on-year to 456 million [1] - Q4 2024 saw a revenue of 10.3 billion, down 7.59% year-on-year, with a net profit of 18 million, a staggering decline of 97.11% year-on-year [1] Business Structure Analysis - PCB products generated revenue of 24.8 billion, accounting for 67.5% of total revenue, with a gross margin of 18.34% [2] - LED business revenue dropped to 770 million, down 35.5% year-on-year, with a negative gross margin of 40.94% [2] - Touch display module revenue increased by 31.0% to 6.37 billion, with a gross margin of 3.32% [2] - Overall revenue from new energy business reached 8.65 billion, up 36.98% year-on-year, contributing 23.52% to total revenue [2] Q1 Performance Insights - Q1 2025 showed growth in both revenue and net profit, driven by government subsidies and strong performance in the new energy sector, with revenue from this segment increasing by approximately 43.79% to 2.63 billion [3] - The precision components business began to achieve profitability due to improved utilization rates, while the LED business showed signs of recovery [3] Future Outlook - The company is expected to benefit from the upcoming innovations in AI products from major clients, which may drive demand and improve ASP for soft boards [4] - The new energy sector is anticipated to grow with the introduction of new models and products, while non-core LED and touch display businesses are expected to show marginal improvements due to better internal management [4]