近日，上海龙旗科技股份有限公司（简称："龙旗科技"）通过港交所主板上市聆讯。 这家全球智能手机ODM出货量第一、消费电子ODM出货量第二的巨头，并非资本市场的新面孔。公司 A股（603341.SH）已于2024年上市，客户结构清晰、订单规模及财务数据高度透明。 然而，此次通过港股聆讯不能简单理解为"旧公司"奔赴"新市场"，而应置于一个更大的产业背景下审 视：当前正处于AI终端从概念期迈向规模化放量、ODM行业竞争壁垒系统性抬升、市场对"硬件+AI"估 值框架进行重构的关键节点。如果仅将龙旗此次赴港上市视作多一个融资渠道、多一份流动性的常规操 作，就可能低估了这一时机背后的战略意义。 一、行业逻辑重估：AI重塑终端，龙头强者恒强 AI终端带来的想象空间，已不再局限于为智能手机嵌入大模型这类单点创新。终端形态正呈现多元化 分岔趋势：手机虽仍是主赛道，但AI PC、智能眼镜、穿戴设备等品类正逐步成为新的AI入口，带动产 业链需求的结构性转移。 以智能眼镜为例，市场端的增速足够激进。2025年第二季度，全球AI智能眼镜销量同比激增222%，维 深XR预测至2035年出货量将达14亿副，开启千亿级蓝海市场。如果这个趋势 ...

近日，上海龙旗科技股份有限公司（简称："龙旗科技"）通过港交所主板上市聆讯。 这家全球智能手机ODM出货量第一、消费电子ODM出货量第二的巨头，并非资本市场的新面孔。公司A股 （603341.SH）已于2024年上市，客户结构清晰、订单规模及财务数据高度透明。 然而，此次通过港股聆讯不能简单理解为"旧公司"奔赴"新市场"，而应置于一个更大的产业背景下审视：当前正处于 AI终端从概念期迈向规模化放量、ODM行业竞争壁垒系统性抬升、市场对"硬件+AI"估值框架进行重构的关键节点。 如果仅将龙旗此次赴港上市视作多一个融资渠道、多一份流动性的常规操作，就可能低估了这一时机背后的战略意 义。 一、行业逻辑重估：AI重塑终端，龙头强者恒强 AI终端带来的想象空间，已不再局限于为智能手机嵌入大模型这类单点创新。终端形态正呈现多元化分岔趋势：手机 虽仍是主赛道，但AI PC、智能眼镜、穿戴设备等品类正逐步成为新的AI入口，带动产业链需求的结构性转移。 以智能眼镜为例，市场端的增速足够激进。2025年第二季度，全球AI智能眼镜销量同比激增222%，维深XR预测至 2035年出货量将达14亿副，开启千亿级蓝海市场。如果这个趋势成 ...

格隆汇12月24日丨共达电声(002655.SZ)在互动平台表示，公司专注在声学领域的发展，mems麦克风， 扬声器、喇叭等都可以使用在相关终端产品中。公司目前还布局了车载无线充、车载USB充、汽车喇 叭、毫米波雷达模组等产品。 ...

（记者 张明双） 每经AI快讯，有投资者在投资者互动平台提问：请问公司在人形机器人语音交互中有什么布局，主要 合作对象有哪些？除了电声学以外公司还有其它方面的重要投资吗？ 共达电声（002655.SZ）12月24日在投资者互动平台表示，公司专注于声学领域的发展，MEMS麦克 风、扬声器、喇叭等都可以应用于相关终端产品中。公司目前还布局了车载无线充、车载USB充、汽车 喇叭、毫米波雷达模组等产品。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Insights - In the first three quarters of 2025, the company achieved revenue of 31.332 billion yuan, a year-on-year decline of 10.28%, while the net profit attributable to shareholders was 507 million yuan, an increase of 17.74% [2][5] - The gross margin for the first three quarters of 2025 was 8.59%, with a net profit margin of 1.62% [2][5] - The gross margin for Q3 2025 was 9.38%, a year-on-year increase of 4 percentage points [12] - The smartphone business revenue was 7.682 billion yuan in Q3 2025, a year-on-year decline of 21.96% but a quarter-on-quarter increase of 5.50% [12] - AIoT product revenue in Q3 2025 reached 2.282 billion yuan, a year-on-year increase of 47.17% [12] - The company is focusing on high-quality development by abandoning low-margin smartphone orders, leading to a continuous improvement in gross margin over four consecutive quarters [12] - The company is expanding its collaboration in the smart glasses sector, with significant growth expected in the AI glasses market, projected to grow at a compound annual growth rate of over 60% from 2024 to 2029 [12] - The company is also advancing its "1+2+X" strategy in AIPC and automotive electronics, with new products launched and projects in mass production [12] Financial Summary - The company forecasts net profits attributable to shareholders of 654 million yuan, 907 million yuan, and 1.3 billion yuan for 2025, 2026, and 2027 respectively [12]

Core Viewpoint - The company reported a decline in revenue for the first three quarters of 2025, while net profit showed significant growth, indicating a mixed financial performance [6]. Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 31.332 billion yuan, a year-on-year decrease of 10.28%, while net profit attributable to shareholders was 507 million yuan, a year-on-year increase of 17.74% [6]. - In the third quarter, the company generated revenue of 11.424 billion yuan, down 9.62% year-on-year, but net profit rose by 64.46% to 152 million yuan [6]. Business Segment Performance - The smartphone business reported revenue of 7.682 billion yuan in the third quarter, a year-on-year decline of 21.96%, but a quarter-on-quarter increase of 5.50% [7]. - The tablet business saw revenue increase by 23.30% year-on-year to 1.09 billion yuan in the third quarter, driven by investments in the supply chain [7]. - AIoT products generated revenue of 2.282 billion yuan, reflecting a year-on-year increase of 47.17% [7]. - The company expanded its smart glasses collaboration with leading global internet clients, with the first project entering mass production [7]. - In the automotive electronics sector, the company successfully delivered products to key clients and initiated mass production for wireless charging projects [7]. Share Buyback - As of September 30, 2025, the company repurchased 7,499,937 shares, accounting for 1.60% of total shares, with a total expenditure of approximately 299.82 million yuan [8].

Group 1: Company Overview and Products - The company specializes in manufacturing and providing services for electroacoustic components and solutions, focusing on micro-precision electroacoustic components and their sales [2] - Main products include MEMS acoustic sensors, ECMs, vehicle voice modules, RNC vibration sensor modules, miniature speakers, car wireless chargers, USB chargers, automotive speakers, and millimeter-wave radar modules [2] - Products are widely used in smartphones, wearables, automotive electronics, smart home devices, IoT, and AI toys [2] Group 2: Business Strategy and Market Position - The company implements a "T" strategy, focusing on strengthening its core business in electronic components while gradually expanding into automotive electronics [3] - The vertical line of the "T" strategy represents deepening upstream and downstream development, while the horizontal line focuses on expanding vehicle-related products and providing comprehensive acoustic solutions [3] Group 3: Production and Capacity - The company is currently operating normally and adjusts production resources based on customer orders, market demand, product iteration needs, and raw material supply stability [2] - There is no indication of full-capacity production for millimeter-wave radar, and the company is flexible in resource allocation to maintain production efficiency and product quality [2] Group 4: Research and Development - The company is committed to increasing R&D investment to enhance product and technology upgrades, particularly in the millimeter-wave radar sector [1] - There are plans to explore opportunities in artificial intelligence and robotics, aligning with current technological trends [2] Group 5: Shareholder Relations - The company acknowledges the low actual shareholding ratio of major shareholders and is open to potential plans for increasing holdings to enhance control [2]