市值3400亿“果链”巨头再战港交所，豪揽多个消费级AI硬件订单

潮电穿戴03-09

Industry weatherman 产业气象员“果链”龙头立讯精密显示了赴港上市的强大决心。2月27日，立讯精密再次向香港联合交易所正式递交上市申请，中信证券、高盛及中金公司担任联席保荐人。去年8月18日，立讯精密就已首次披露H股招股书，后于2026年2月18日失效。这意味着半年来立讯精密已是第二次递表。立讯精密是全球领先的精密制造企业，专注于为消费电子、汽车、通信等领域提供从核心零部件到系统...

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Watch智能手表精密结构件、无线充电模块供应中，立讯精密市占率超50%；在iPhone连接器、声学模组等核心零部件供应中，立讯精密占比达35%，成为该领域第一大供应商。2024年，立讯精密消费电子产品和解决方案销售产生的收入人民币2331亿元，占同期总营收86.7%。据市场机构统计，公司的全球消费电子零组件及模组精密智造解决方案市场中排名全球第二、中国大陆第一，市场份额达11.3%。从近几年的发展路径可以看出，通过绑定OpenAI、苹果、Meta、谷歌等全球科技巨头，立讯精密正从传统的“果链”龙头转向“AI链”核心供应商跨越。2月26日，总投资超百亿元的立讯新一代人工智能终端项目在苏州昆山开工，项目已列入江苏省2026年重大项目清单，聚焦AI服务器、人工智能PC等高附加值算力硬件，建成达产后预计年产值将突破千亿元。2025年9月，立讯精密与人工智能巨头OpenAI签署协议，双方将共同开发一款消费级AI设备，预计最早于2026年底或2027年初推出市场。随着AI眼镜成为智能穿戴设备的新风口，立讯精密也进行了广泛布局，为Meta、谷歌等科技巨头的AI眼镜产品提供精密结构件及声学模组。据公开招股书披露，立讯精密2022-2024年收入分别达2140.28亿元、2319.05亿元、2687.95亿元，利润由105亿元、122亿元增长至146亿元；2025年前三季度收入2209亿元，利润同比增长30.1%至127亿元。除消费电子业务外，立讯精密也布局汽车电子、数据中心、AI端侧等新兴领域。尽管立讯精密在业务层面实现了跨越式发展，但财报中仍潜藏着一系列风险与挑战。客户集中度过高是立讯精密最突出的财务风险。招股书披露，2022-2024年及2025年1-9月，公司来自前五大客户的收入占比分别为83.1%、82.4%、78.5%、65.0%，最大客户(苹果)收入占比分别为73.3%、75.2%、70.7%、56.3%。虽然最大客户收入占比逐年下降，但仍占据营收半壁江山。若未来苹果调整供应链布局、降低产品价格或减少订单量，将对公司营收和利润产生冲击。毛利率持续承压是立讯精密面临的另一问题：2022-2024年，整体毛利率分别为11.9%、11.1%、10.1%，呈现逐年下滑趋势。如果立讯精密可以成功在港股上市，那么其将成为又一完成“A+H”资本布局的中国企业。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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