Longqi Technology: Steady growth of smartphone ODM business, accelerating the layout of AI intelligent hardware new trac

In recent years, Longqi Technology takes the smartphone ODM business as the core, and actively expands the diversified business of tablet computer, smart wear, XR, AI PC, automotive electronics, etc., and has achieved remarkable results in these new business areas, thus driving its business performance to maintain rapid growth. In the first three quarters of 2024, the business of various sectors of Longqi Technology continued to grow, achieving operating income of 34.9 billion yuan, an increase of 101%. Among them, the company's smartphone business achieved revenue of 27.9 billion yuan, an increase of 98% year-on-year, continuing to lead the global smartphone ODM market, and its market share increased steadily. This growth trend is expected to be maintained throughout the year, demonstrating Longqi's strong strength and solid market share gains in the smartphone ODM segment. From the perspective of smartphone ODM/IDH shipments, in the first half of 2024, Longqi Technology ranked first with a 35% market share. Ivan Lam, senior Research Analyst at Counterpoint Research, said: "Longqi maintained its strong momentum, with shipments growing 50% year-on-year in the first half. This high growth was mainly driven by strong shipments from Chinese brands, especially Xiaomi, Huawei and MOTOROLA, as well as Samsung. Xiaomi's performance improved in several key regions including China, India, the Caribbean and Latin America, as well as Central and East Africa." In accepting institutional research, Longqi Technology said that in the third quarter, the company continued to lead the global smartphone ODM market, the company's market share increased steadily, and the business scale continued to maintain rapid growth. There are mainly three reasons: First, the company adopted a more active market strategy, obtained more customers' main projects, the company's market share has been further increased, and the customer structure has been more optimized. Second, some of the company's customers have their own business growth. In addition, the company's cooperation business with individual customers in India is growing faster, and the business model in which the amount of Buy&Sell is large has brought about revenue growth. In addition to the smartphone business, Longqi Technology's tablet computer and AIoT product business also performed well. In the first three quarters of 2024, the company's tablet computer business achieved revenue of 2.6 billion yuan, an increase of 78% over the same period last year. While continuously expanding the high-end and productive product portfolio, the company also actively expanded the customer base of the tablet computer business and continued to optimize the customer structure. AIoT product business achieved revenue of 3.8 billion yuan, an increase of 135%. The company's AIoT business mainly includes smart watches, smart bracelets, TWS headphones, XR products, etc., and the main projects continue to increase. It is worth mentioning that with the vigorous development of AI technology, Longqi Technology is accelerating its entry into the new track of AI intelligent hardware, and showing significant development potential and strong market competitiveness. In 2024, Longqi Technology completed the research and development, manufacturing and shipment of a number of products in the field of AI intelligent hardware, of which the shipment performance of the second-generation AI smart glasses products cooperated with global Internet head customers was particularly excellent. At the same time, the company's first Qualcomm Snapdragon platform laptop project successfully produced goods, which have been sold in the domestic and European markets. The company also landed the Qualcomm Snapdragon platform AI Mini PC project for the world's leading customers of laptops, injecting strong impetus into the expansion of AI applications in commercial and consumer fields. In addition, the company actively negotiates cooperation with major internationally renowned laptop customers on X86 architecture projects, and strives to land more new AI PC projects one after another. As the AI side application is accelerating the update, in addition to AI PC, Longqi Technology's smart hardware products such as mobile phones, tablets, XR, wristbands, TWS headphones also ushered in innovation opportunities, the company also conforms to the global AI technology development trend, actively follow up and layout of wireless communication, optics, display, audio, simulation and other underlying core technologies. To provide customers with full scene AI intelligent terminal product solutions. In the future, with the continuous evolution of AI technology and the growing market demand, Longqi Technology is expected to achieve more brilliant achievements in the field of AI intelligent hardware.