文/瑞财经 李姗姗 销售过于集中，导致立讯精密毛利率承压。为了摆脱对苹果依赖的现状，立讯精密也在寻求汽车、通信 与数据、医疗领域的多元化布局，近年来收购动作频频。 为了转型大举收并购，立讯精密负债增加。截至2025年3月末，公司尚存在95.3亿元短债缺口。 此次叩响港交所大门，立讯精密寻求国际资本加持，为其全球化布局与业务多元化注入新动力。 然而，亮眼的业绩背后，是客户高度集中的潜在隐患。2024年，立讯精密来自最大客户的收入占总收入 的比重高达70.7%。尽管招股书中未披露具体客户名称，但结合其业务构成及过往财报，市场普遍认为 其最大客户为苹果公司。 立讯精密早在2010年就已成功登陆深交所，在苹果供应链上最重要的三家中国公司中，立讯精密是最后 一个宣布赴港上市的，歌尔股份（002241.SZ）和蓝思科技（300433.SZ）早已递表。 从业绩上看，立讯精密近年来增长稳健，2024年收入已接近2700亿元，净利润超过145亿元。 公司产品已渗透全球消费电子市场，以2024年销量计，全球平均每两部智能手机、每三部智能可穿戴设 备中，就有一部使用立讯精密的产品。 从19岁辍学到富士康流水线上打工，到成为3000 ...

Core Viewpoint - The article discusses the strategic moves of Huakin Technology, led by Qiu Wensheng, as it seeks to diversify from its core ODM business into semiconductor wafer manufacturing and other high-margin sectors, aiming for significant revenue growth in the coming years [5][10]. Group 1: Strategic Expansion - Huakin Technology plans to acquire a 6% stake in Crystal Integrated, marking its first foray into semiconductor wafer manufacturing with a cash investment of 2.4 billion yuan [5][14]. - The company aims to enhance its vertical integration capabilities and explore long-term collaboration opportunities with Crystal Integrated, which is the third-largest wafer foundry in China [15][14]. - Qiu Wensheng has been actively pursuing acquisitions to extend Huakin's reach into the upstream supply chain, with a focus on high-margin sectors such as automotive electronics and robotics [13][18]. Group 2: Financial Performance - Huakin's revenue for the first half of 2024 is projected to exceed 83 billion yuan, reflecting a year-on-year growth of over 110%, driven by high-performance computing and AIoT products [11][28]. - The company's revenue from automotive-related products is expected to grow by 91%, although it currently represents only 1.5% of total revenue [21][28]. - Despite significant revenue growth, Huakin's net profit margin remains low, around 2%, indicating challenges in profitability [29][30]. Group 3: R&D and Product Development - Huakin plans to invest over 9.7 billion yuan in R&D from 2023 to 2024, aiming to enhance its technological capabilities and product offerings [31][32]. - The company has successfully expanded its AIoT product line, achieving a fivefold increase in scale over two years, with a focus on high-margin products [32][34]. - Huakin's automotive and AIoT products have a gross margin of approximately 20%, significantly higher than its traditional business lines [34]. Group 4: Future Goals - Qiu Wensheng envisions achieving a fivefold revenue increase over the next decade, targeting 500 billion yuan by 2034, supported by a "3+N+3" business development strategy [39][41]. - The strategy includes consolidating traditional businesses while expanding into new product categories and growth areas such as automotive electronics and robotics [41][43]. - Huakin has established a global footprint with multiple R&D and manufacturing centers, aiming for a balanced production capacity between domestic and overseas facilities [41][43].

Core Viewpoint - The article discusses the journey of Wang Laichun from a factory worker to the head of a company with a market value of 131.5 billion, highlighting the challenges faced by Luxshare Precision, particularly its heavy reliance on Apple, which accounts for 70.74% of its revenue [2][5][12]. Group 1: Company Background and Financial Performance - Wang Laichun started her career as a factory worker at Foxconn and later co-founded Luxshare Precision, which has grown significantly, with a market value exceeding 250 billion RMB [3][5]. - Luxshare's revenue reached approximately 268.8 billion in 2024, marking a growth of nearly 16% year-on-year, while net profit was over 13.3 billion, up 22% [5][13]. - The company is heavily dependent on Apple, with over 70% of its revenue coming from this single client, raising concerns about the sustainability of its business model [12][14]. Group 2: Strategic Shifts and Challenges - To reduce reliance on Apple, Luxshare has invested heavily in the automotive industry, but this segment only accounted for 5.12% of total revenue in 2024 [17][18]. - The company's asset-liability ratio increased to 62.16% in 2024, up from 56.61% in 2023, indicating financial strain due to its aggressive expansion strategy [16][18]. - Despite the growth in revenue, the automotive business has not yet provided a substantial alternative to the income generated from Apple, posing a risk to Luxshare's financial stability [17][20]. Group 3: Legal and Governance Issues - Luxshare is currently embroiled in a legal dispute regarding a 10 billion shareholding issue, which raises questions about corporate governance and transparency [18][19]. - The planned acquisition of a loss-making asset from Anhui Xinguang has sparked controversy, particularly due to its connection to Wang Laichun's family, leading to allegations of nepotism [20][21]. - The company faces significant challenges in maintaining investor confidence and managing its debt while pursuing high-risk, long-term business ventures [20].