7 July 2025 | 10:31AM HKT GC Tech: Time Interconnect (1729.HK): High-speed cable and Servers ODM; China Cloud Capex to drive growth ahead We talked to Time Interconnect (1729.HK, Not Covered) management recently. Time Interconnect provides customized copper and optical fiber cable, along with servers ODM. Overall, management remains positive on the company's revenue growth in 2025E driven by (1) rising AI demand to drive adoption of high-speed cable products, where the company benefits from offering compreh ...

Group 1 - Industrial Fulian's preliminary forecast for Q2 2025 indicates a net profit of 6.727 billion to 6.927 billion yuan, representing a year-on-year increase of 47.72% to 52.11% [2] - The company reported that AI server revenue grew over 60% compared to the same period last year, highlighting its leading position in core product shares among major clients [2] - Despite the traditional off-season for consumer electronics in Q2, the strong growth in AI contributed to a significant overall profit increase [2] Group 2 - The AI industry chain, including sectors like server ODM, PCB, and IC manufacturing, is experiencing high growth rates, with some companies seeing accelerated performance in recent months [3] - Demand for ASICs is also rising, with Broadcom holding a 55% to 60% market share, and its financial reports indicate that ASIC business is a core growth driver [3] - Google has launched its seventh-generation TPU, which can achieve computing power 24 times that of the fastest supercomputer globally, indicating strong demand for AI accelerators [3] Group 3 - The A-share market is witnessing rapid growth in sectors like PCB and optical modules, alongside a new wave of investment expansion [5] - Companies like Huadian Co. are planning significant investments, such as 3.6 billion yuan for new projects, to enhance production capacity [5] - The AI wave is expected to continue driving growth in the industry chain, with recommendations for strategic investments in related sectors [5]

研发+检测双轮驱动，海外蓝海打开 ODM 龙头增长空间 ——北交所信息更新 2025 年 07 月 08 日 投资评级：增持（维持） | 日期 | 2025/7/7 | | --- | --- | | 当前股价(元) | 19.10 | | 一年最高最低(元) | 35.39/8.39 | | 总市值(亿元) | 21.30 | | 流通市值(亿元) | 12.15 | | 总股本(亿股) | 1.12 | | 流通股本(亿股) | 0.64 | | 近 3 个月换手率(%) | 734.26 | 北交所信息更新 北交所研究团队 相关研究报告 《坚持大客户+大单品战略，2024 年扣 非净利润同比+15%突围美妆国货浪 潮—北交所信息更新》-2025.2.28 《护肤化妆 ODM 龙头专业检测为利 基，合作众多知名品牌—北交所首次 覆盖报告》-2024.12.5 诸海滨（分析师） zhuhaibin@kysec.cn 证书编号：S0790522080007 2025Q1：营收 1.62 亿元，同比+40%，归母净利润 862 万元，同比+9% 公司发布 2024 年报与 2025 年一季报，2024 年，公司 ...

7 July 2025 | 7:45AM HKT GC Tech: Longcheer (603341.SS): Mgmt positive on AI PC and AI/AR glasses growth opportunities; expanding overseas business/capacity We attended Longcheer's (603341.SS, Not Covered) investor day and visited factories in HuiZhou recently. Longcheer is one of the leading smartphone/PC ODMs, expanding into AI/ AR glasses, automotive and other business. Overall, management is positive on the rising AI PC penetration rate and targets to penetrate more global-tier brand clients. Mgmt. also ...

Group 1 - Longqi Technology announced the early termination of share reduction plans by shareholders and the results of the share reduction [1][3] - Tianjin Jinmi reduced approximately 13.75 million shares, accounting for 2.96% of the total share capital, with a total reduction amount of approximately 546 million yuan [3][4] - Suzhou Shunwei reduced approximately 13.95 million shares, accounting for 3.00% of the total share capital, with a total reduction amount of approximately 548 million yuan [4][5] Group 2 - The combined cashing out from both Tianjin Jinmi and Suzhou Shunwei is nearly 1.1 billion yuan, with both shareholders' holdings dropping below 5% [4][6] - Longqi Technology submitted a prospectus to the Hong Kong Stock Exchange, with Citigroup, Haitong International, and Guotai Junan International acting as joint sponsors [7] - Longqi Technology is the second-largest consumer electronics ODM manufacturer globally and the largest smartphone ODM manufacturer based on 2024 shipment volume [8] Group 3 - Longqi Technology's revenue for 2022, 2023, and 2024 was 29.34 billion yuan, 27.18 billion yuan, and 46.38 billion yuan respectively, with net profits of 561 million yuan, 605 million yuan, and 501 million yuan [9][10] - In Q1 2025, Longqi Technology achieved revenue of 9.38 billion yuan, a year-on-year decrease of 9.27%, while net profit attributable to shareholders increased by 20.33% to 154 million yuan [11]

Core Viewpoint - The Hong Kong stock market is experiencing a significant surge in IPO activities, with a record number of applications and financing amounts, driven largely by the "A+H" listing trend. Group 1: IPO Applications and Market Activity - On June 27, 16 mainland companies submitted IPO applications to the Hong Kong Stock Exchange, with 5 already listed on A-shares, indicating a strong interest in dual listings [1][3]. - As of June 29, there are 188 companies that have applied for listing on the Hong Kong Stock Exchange, excluding those that have withdrawn or become invalid [5]. - The total IPO financing amount in Hong Kong has reached approximately $14 billion this year, making it the highest globally among stock exchanges [2][7]. Group 2: Sector Distribution and Trends - Among the 16 companies that submitted applications, 10 are from the technology sector, 4 from healthcare, 1 from food, and 1 from consumer goods [4]. - The "A+H" listing trend is a major driver of the IPO boom in Hong Kong, with over 30 A-share companies having submitted H-share listing applications [6]. Group 3: Financing Statistics - In the first half of the year, the Hong Kong stock market saw 40 IPOs, raising approximately 104.7 billion yuan, while the total financing from placements reached 137.9 billion yuan, both exceeding the total for the previous year [9]. - There are 5 IPO projects in Hong Kong this year that have raised over 10 billion HKD each, including major companies like CATL and Heng Rui Medicine [10].

Core Viewpoint - Longqi Technology Co., Ltd. has submitted its prospectus for a listing on the Hong Kong Stock Exchange, marking its transition to an "A+H" listed company after its initial public offering on the Shanghai Stock Exchange in March 2024 [1][3]. Company Overview - Longqi Technology was established in October 2004 and has a registered capital of approximately 465 million yuan. Major shareholders include Kunshan Longqi Investment Management Center and Chengmai Qihe Enterprise Management Partnership [3][4]. - The company is a leading provider of intelligent products and services, offering comprehensive solutions for smart product brands and technology companies, including product research, design, manufacturing, and support [4]. Market Position - According to Frost & Sullivan, Longqi Technology is the second-largest consumer electronics ODM manufacturer globally and the largest ODM manufacturer for smartphones in 2024 [4]. Financial Performance - Longqi Technology's revenue for 2022, 2023, and 2024 was approximately 29.34 billion yuan, 27.19 billion yuan, and 46.38 billion yuan, respectively. Gross profit for the same years was about 2.37 billion yuan, 2.59 billion yuan, and 2.71 billion yuan [5][6]. - The company's net profit for 2022, 2023, and 2024 was approximately 562 million yuan, 603 million yuan, and 493 million yuan, respectively, indicating a decline in net profit despite revenue growth in 2024 [5][6]. Revenue Breakdown - In 2023, Longqi Technology's revenue from smartphone sales was approximately 21.82 billion yuan, a decrease of 10.1% from 2022. However, revenue from AIoT and other products grew by 33.0% to about 2.51 billion yuan [8][9]. - In 2024, the company's revenue from smartphone sales increased by 65.6% to approximately 36.13 billion yuan, while revenue from AIoT and other products also saw significant growth [10][11]. Profitability Analysis - Despite increased sales and revenue in 2024, Longqi Technology's gross margin decreased from 9.5% in 2023 to 5.8% in 2024, attributed to rising average procurement prices of raw materials [11][12]. - The gross margin for smartphone sales dropped from 8.3% in 2023 to 4.7% in 2024, while the gross margin for AIoT and other products fell from 20.7% to 11.0% [12].

Core Viewpoint - Longqi Technology has submitted an application for H-share listing on the Hong Kong Stock Exchange, highlighting its position as a leading global provider of smart products and services, particularly in the ODM sector for consumer electronics and smartphones [2][3]. Group 1: Company Overview - Longqi Technology was established in 2004 and has developed a diverse product portfolio including smartphones, AIPC, automotive electronics, tablets, smartwatches, and smart glasses [3]. - The company has a strong client base, including major brands like Xiaomi, Samsung, Lenovo, Honor, OPPO, and vivo, supported by a professional team of approximately 4,000 R&D and engineering personnel [3]. - Longqi Technology has created a comprehensive smart product ecosystem compatible with popular platforms such as Android and Windows, structured around a "1+2+X" framework [3]. Group 2: Financial Performance - In 2024, Longqi Technology's smartphone revenue reached RMB 36,132.7 million, accounting for approximately 77.9% of total annual revenue [4]. - The company achieved a smartphone ODM shipment volume of 172.9 million units in 2024, ranking first globally in this category [4]. - The tablet computer business generated revenue of RMB 3,696.3 million in 2024, representing about 8% of total revenue, with ODM shipments of 12.3 million units [5]. - Longqi Technology's AIoT business saw significant growth, with revenue reaching RMB 5,573.1 million in 2024, a 122.0% increase from 2023, contributing approximately 12.0% to total revenue [5]. Group 3: Strategic Initiatives - Longqi Technology is strategically investing in new business areas such as AIPC and automotive electronics, having launched its first laptop featuring a Qualcomm Snapdragon processor in Q3 2024 [6]. - The company has established partnerships with multiple OEMs and tier-one clients in the automotive electronics sector, actively expanding into overseas markets [6].

福建福日电子股份有限公司 会 议 资 料 二〇二五年六月二十七日 福建福日电子股份有限公司 2024 年年度股东大会会议资料 福建福日电子股份有限公司 一、股东大会类型和届次：公司 2024 年年度股东大会 三、网络投票的系统、起止日期和投票时间： 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 6 月 27 日 至 2025 年 6 月 27 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股东 大会召开当日的交易时间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联 网投票平台的投票时间为股东大会召开当日的 9:15-15:00。 四、股权登记日：2025 年 6 月 23 日 二、现场会议召开的时间和地点： 现场会议时间：2025 年 6 月 27 日 14 点 45 分 室 现场会议地点：福州市鼓楼区五一北路 153 号正祥商务中心 2 号楼 13 层大会议 的公司股东有权出席股东大会（具体情况详见下表），并可以以书面形式委托代理 人出席会议和参加表决。该代理人不必是公司股东。 | 股份类别 | 股票代码 | 股 ...

点击 关注我们 报告发布日期：2025年5月6日 报告名称:《 华勤技术（603296.SH）-全球领先的智能硬件ODM企业，多业务布局展现强劲增长 》 分析师：胡剑 S0980521080001/胡慧 S0980521080002/ 叶 子 S0980522100003 / 詹浏洋 S0980524060001 / 张大为 S0980524100002/ 李书颖 S0980522100003 联系人：连欣然 完整报告请扫描下方二维码 核心观点 2024年公司营收增长28.8%，归母净利润增长8.1% 公司2024年营业收入1098.78亿元(YoY 28.76%)，主要受益于高性能计算产品的业务规模增加；归母净利润 29.26亿元(YoY 8.10%)，扣非归母净利润23.45亿元(YoY 8.43%)，毛利率9.30%(YoY -2.03pct)。 估值的风险；盈利预测的风险；行业周期风险；产品研发风险；技术迭代风险；国际贸易摩擦及政策限制风 险；主要原材料价格波动的风险；ODM市场规模下滑的风险；市场竞争风险；汇率波动风险。 国信电子团队 2025年一季度营收增长超115%，归母净利润增长超39% 公司 ...