Shenzhen · precision EMS · AI interconnect (224G)
Luxshare Precision
A Chinese precision-manufacturing (EMS) major shifting its center of gravity from iPhone assembly to AI-datacenter high-speed interconnect, power and cooling. Of 2025 revenue of RMB 332.3B (+24%), comms/datacenter is the fastest-growing at RMB 24.6B (+34%). Its own 224G KOOLIO/Intrepid cable cartridges have entered NVIDIA GB200, and in DAC/ACC high-speed copper cables it is expected to take 20-30% of a RMB-100B-plus incremental market — the swing factor is the profit-mix shift from low-margin Apple assembly to higher-value AI interconnect.
002475.SZ Updated Jul 12, 2026 5 AI consumers· 2 recurring
Per the valuechain.wiki graph, Luxshare Precision is directly linked to 3 companies (0 supply, 3 revenue relationships) and reaches 49 companies within two hops; the links are backed by 5 dated sources, 1 of them primary filings (as of 2026-07-12).
Financials & Segments
- Total revenue · 2025 revenue RMB 332.3B (+24%)
- Customer concentration · Apple assembly + NVIDIA GB200 entry.
- Segments · Connectors/interconnect (224G) · iPhone assembly · Power/cooling
Revenue from
- Apple High confidence
Full iPhone assembly and components (wireless charging, acoustics, linear motors) — the revenue cash base, but a single-customer, low-margin concentration it is diversifying away from. - NVIDIA High confidence
Supplies 224G connectors, interconnect, power and cooling for NVIDIA GB200; its own DAC/ACC copper cables are expected to take 20-30% of the incremental market — the customer at the heart of its profit-mix shift.Mentions ZH Sina Finance Published Mar 29, 2024: NVIDIA GB200 ignites high-speed copper interconnect; Luxshare set to benefit - Meta Platforms Medium confidence· Amount $520M · FY2026 · Vietnam investment for Meta VR production
Contract manufacturer of Meta's VR devices — investing ~$520M in Vietnam in 2026 to expand output. An axis diversifying customers and geography beyond Apple.Confirms EN DigiTimes Published Jan 6, 2026: Luxshare invests US$520 million in Vietnam for Meta VR production expansion
Pays to
- capacity expansion & M&A (undisclosed) Low confidence
Datacenter power/cooling expansion and capacity/M&A — investment to widen content from interconnect toward rack systems (scale undisclosed). - components, materials & labor (undisclosed) Low confidence
Components, materials and precision-assembly labor — the axis where labor and materials cost drive assembly margin (undisclosed).
Value-chain ripple (2 tiers)
Following node-to-node links up to 2 tiers; each firm is shown once, at its nearest tier.
| Company | Chain | '21 | '22 | '23 | '24 | '25 | YTD |
|---|---|---|---|---|---|---|---|
| Dell Technologies | lead2 | +51.2 | -26.6 | +95.9 | +53 | +11.2 | +320.2 |
| Lenovo | lead2 | -4.6 | -20.9 | +36.2 | +18.2 | -0.6 | +269.8 |
| Wiwynn | lead2 | +24.7 | -22.3 | +206.4 | +3.5 | +64.4 | +120.2 |
| ASUSTeK Computer | lead2 | +35.5 | -12.9 | +72 | +41.1 | -14.1 | +119.8 |
| Hewlett Packard Enterprise | lead2 | +37.4 | +4.5 | +9.7 | +29.1 | +15.5 | +118.5 |
| CrowdStrike | lead2 | -3.3 | -48.6 | +142.5 | +34 | +37 | +81.8 |
| Target Corporation | lead2 | +32.9 | -34.2 | -1.4 | -2.3 | -24.5 | +72.9 |
| Illumina | lead2 | +2.8 | -46.9 | -31.1 | -1.3 | -1.8 | +66.4 |
| Aurora Innovation | lead2 | · | -89.3 | +261.2 | +44.2 | -39 | +65.1 |
| Gigabyte Technology | lead2 | +82.3 | -3.4 | +173.2 | -15.9 | -4.7 | +60.7 |
| Wistron | lead2 | +7.9 | +9.7 | +272.7 | -1.6 | +22.7 | +57.3 |
| Datadog | lead2 | +80.9 | -58.7 | +65.1 | +17.7 | -4.8 | +56.6 |
| Snowflake | lead2 | +20.4 | -57.6 | +38.6 | -22.4 | +42.1 | +53.7 |
| Schlumberger | lead2 | +39.6 | +81.2 | -0.8 | -24.5 | +3.3 | +52.3 |
| TeraWulf | lead2 | +77.1 | -95.5 | +258.2 | +135.8 | +103 | +43.7 |
| Cloudflare | lead2 | +73 | -65.6 | +84.2 | +29.3 | +83.1 | +41.5 |
| Super Micro | lead2 | +38.8 | +86.8 | +246.2 | +7.2 | -4 | +35.3 |
| SK Telecom | lead2 | +7.9 | -12 | +15.8 | +15.5 | +37.5 | +29.7 |
| Quanta Computer | lead2 | +22.2 | -12.8 | +254.5 | +12.7 | +8.9 | +28.5 |
| Foxconn (Hon Hai) | lead2 | -5.1 | +2.8 | +7.8 | +80.1 | +26.9 | +19.6 |
| IREN | lead2 | · | -92.3 | +472 | +37.3 | +284.6 | +18.3 |
| Mercury Systems | lead2 | -37.5 | -18.7 | -18.3 | +14.8 | +73.8 | +12.9 |
| Schrodinger | lead2 | -56 | -46.3 | +91.5 | -46.1 | -7.3 | +12.4 |
| Agilent Technologies, Inc. | lead2 | +35.5 | -5.5 | -6.4 | -2.7 | +1.9 | +11.5 |
| Geely Auto | lead2 | -40.8 | -22.9 | -40.3 | +98.5 | +14.5 | +10.2 |
| General Motors | lead2 | +40.8 | -42.4 | +7.9 | +49.8 | +54.2 | +8.4 |
| Alphabet (Google) | lead2 | +65.3 | -39.1 | +58.3 | +36 | +66 | +8.3 |
| Celestica | lead2 | +37.9 | +1.3 | +159.8 | +215.2 | +220.3 | +5.7 |
| Procter & Gamble | lead2 | +20.5 | -5 | -0.9 | +17.3 | -12.3 | +4.5 |
| Yum! Brands | lead2 | +30.1 | -6 | +3.9 | +4.7 | +14.9 | +0.6 |
| ServiceNow | lead2 | +17.9 | -40.2 | +82 | +50.1 | -27.7 | -7.8 |
| T-Mobile US, Inc. | lead2 | -14 | +20.7 | +15 | +39.7 | -6.6 | -9.2 |
| Toyota Motor Corporation | lead2 | +58.1 | -13.4 | +63 | +1.8 | +21.8 | -10.8 |
| IonQ | lead2 | · | -79.3 | +259.1 | +237.1 | +7.4 | -11.9 |
| Take-Two Interactive Software, Inc. | lead2 | -14.5 | -41.4 | +54.6 | +14.4 | +39.1 | -16.1 |
| Oracle | lead2 | +36.9 | -4.6 | +30.9 | +60 | +18.1 | -17.8 |
| IBM | lead2 | +16.7 | +10.6 | +21.8 | +39.3 | +38.2 | -19.1 |
| Tesla | lead2 | +49.8 | -65 | +101.7 | +62.5 | +11.4 | -21.3 |
| Alibaba Group | lead2 | -49 | -25.8 | -10.8 | +11.8 | +75.8 | -22 |
| Hyundai Motor Company | lead2 | -16.7 | -4.7 | +16.2 | +12.3 | +158.8 | -22.2 |
| Tencent Holdings Limited | lead2 | -28.6 | -14.2 | -28.7 | +49.8 | +52.1 | -26.1 |
| Rigetti Computing | lead2 | · | -92.9 | +35.1 | +1449.2 | +45.2 | -31.4 |
| Kratos Defense | lead2 | -29.3 | -46.8 | +96.6 | +30 | +187.8 | -37 |
| Baidu | lead2 | · | -8.2 | -23.4 | -13.5 | +74.2 | -37.2 |
| Pony.ai | lead2 | · | · | · | · | +1 | -49.3 |
| NVIDIA | lead1 | +125.5 | -50.3 | +239 | +171.2 | +38.9 | +23.7 |
| Apple | lead1 | +34.6 | -26.4 | +49 | +30.7 | +9.1 | +18 |
| Meta Platforms | lead1 | +23.1 | -64.2 | +194.1 | +66 | +13.1 | -6.4 |
| Luxshare Precision | node | -11.9 | -30.2 | -21.2 | +58.8 | +29.3 | +5.6 |
YTD as of 2026-09-04 · source: Yahoo Finance
Luxshare Precision operates across Shenzhen, precision EMS, AI interconnect (224G). It is +5.6% in 2026. The stock (+5.6%) and its demand side (avg +11.8%) are moving in step. Among connected nodes the furthest ahead is NVIDIA (+23.7%) and the furthest behind is Meta Platforms (-6.4%). If chain logic explains the gap, the laggard is the next propagation candidate; if not, the link itself deserves a second look. Its own 224G KOOLIO/Intrepid cable cartridges have entered NVIDIA GB200, and in DAC/ACC high-speed copper cables it is expected to take 20-30% of a RMB-100B-plus incremental market — the swing factor is the profit-mix shift from low-margin Apple assembly to higher-value AI interconnect.
Analysis generated from returns as of 2026-09-04Analyst ratings
Consensus: Buy 2 · Hold 0 · Sell 0 · Avg. target ¥89 · Price ¥54.3 (09-04) · Upside +64%
| Broker | Rating | Target | Published | |
|---|---|---|---|---|
| J.P. Morgan | Overweight | ¥97 | Jun 30, 2026 | Report ↗ |
| Jefferies | Buy | ¥80 | Apr 30, 2026 | Report ↗ |
Foreign brokers keep Buy calls on the back of AI communication infrastructure and consumer electronics growth, with JPMorgan sharply raising its target to CNY 97 in mid-2026.