Shenzhen-based Luxshare Precision defied global headwinds in 2024, delivering robust earnings that underscored its leadership in precision manufacturing and its growing influence in China's high-end tech supply chain.
Luxshare reported revenue of CNY268.8 billion (US$36.85 billion) for 2024, a 15.9% increase compared to the previous year, with net income rising 22% to CNY13.4 billion. The growth trajectory continued into the first quarter of 2025, as revenue rose 17.9% to CNY61.8 billion and net income jumped 23.2% to CNY3.04 billion.
Consumer electronics remained Luxshare's revenue cornerstone in 2024, generating CNY224.1 billion, a 13.7% increase. The company continued to lead in OEM manufacturing, particularly for Apple, while steadily scaling up its ODM capabilities, according to Cninfo data.
Luxshare's vertically integrated supply chain, from components to system integration, now supports a rapidly expanding portfolio that includes AR/VR glasses, wearables, smart home devices, and advanced audio gear.
Bloomberg Intelligence analysts Sean Chen, Steven Tseng, and Charles Shum noted that Luxshare's double-digit sales growth has been driven by increased iPhone-related orders and rapid expansion in non-smartphone segments.
Apple accounted for 70.7% of Luxshare's 2024 revenue, down from 75.2% the previous year—a sign of diversification. Analysts say its China-based iPhone production helps buffer the impact of US tariffs.
Strategic M&A accelerates diversification beyond Apple
To diversify beyond Apple, Luxshare initiated a series of acquisitions in late 2024, including a deal with Wingtech Technology for assets tied to consumer electronics integration. The acquired businesses had served clients such as Qualcomm, MediaTek, Intel, AMD, Samsung, Lenovo, Xiaomi, Oppo, and Honor, broadening Luxshare's exposure to non-Apple markets, according to Sina.
In March 2025, Luxshare signed a second agreement with Wingtech to acquire Kunming Wenxun Industrial and related assets, enhancing its system integration capabilities. The company plans to use its manufacturing and R&D platform to scale non-Apple ODM operations and seize new commercial opportunities.
"Luxshare's share gains in iPhone assembly may offset softness in China's iPhone market," Bloomberg's Sean Chen wrote, adding that its moves into automotive and AI infrastructure could yield stronger long-term contributions, despite their current scale.
Automotive, data center, and AI-enabled hardware drive growth
In 2024, Luxshare's automotive electronics revenue jumped 48.7% to CNY13.8 billion. The company supplies core vehicle systems—such as wiring harnesses, connectors, smart cockpits, ADAS modules, and powertrain electronics—to leading Chinese and global automakers.
In September 2024, Luxshare moved to acquire a 50.1% stake in Germany's Leoni AG, a legacy player in automotive wiring systems. The deal is expected to strengthen R&D collaboration, supply chain integration, and global client access, particularly for Chinese EV brands expanding overseas.
Communications and data center revenue rose 26.3% to CNY18.4 billion, driven by AI-fueled demand for computing and next-generation infrastructure. Luxshare now provides modular, customized components for AI servers, supporting top telecom operators and computing centers.
AI is increasingly embedded in Luxshare's consumer devices, from smart glasses and TWS earbuds to AI-powered speakers, locks, and robotic vacuums. The generative AI boom is expected to trigger a new product upgrade cycle, fueling further growth.
Outlook: steady growth with a broader base
For 2025, Luxshare aims to reinforce its capabilities in smart manufacturing and vertical integration while expanding its footprint across the electronics value chain, from R&D and design to assembly and delivery. Post-acquisition integration will be key to scaling ODM and growing its non-Apple customer base.
Bloomberg Intelligence projects 20–25% net income growth for Luxshare in the first half of 2025, citing solid iPhone order momentum, customer diversification, and improved margins from scaling and mix optimization.
Though Apple remains a key customer, Luxshare's expanding global footprint and AI-infused product strategy signal its evolution from an Apple-dependent supplier to a diversified global electronics contender.
Article edited by Jerry Chen
