Chinese Apple supplier Luxshare Precision Industry reported Tuesday record revenues and a large jump in profits for the first half of 2021, becoming the latest Chinese manufacturer to enjoy a boost to its business from supplying Apple.
The Guangdong-based company sometimes called “Little Foxconn,” which has been deepening its relationship with Apple and is assembling iPhones for the U.S. technology giant for the first time this year, said first-half revenue grew more than 30% from a year ago to 48.14 billion yuan ($7.42 billion). Net profit was up 22% to 3.08 billion yuan.
For more than a decade the iPhone assembly business had been dominated by Taiwanese groups Foxconn and Pegatron, but Apple has been expanding its relationships with Chinese suppliers. Apple now has more suppliers from China and Hong Kong than from Taiwan, Nikkei Asia has reported.
Luxshare began its relationship with Apple in 2013 by supplying connectors before becoming an assembler of AirPod headphones in 2017 and of Apple Watches in 2019. Luxshare will build up to 3% of the upcoming iPhone 13 series including the premium model that is expected to be called the iPhone 13 Pro.
MacDailyNews Take: Luxshare now has to prove it can meet Apple’s strict iPhone quality standards and requirements in quantity.