| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-098 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | （一）日常关联交易概述 立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）第五届董事会 第二十三次会议、第五届监事会第二十三次会议、2023年年度股东大会审议通过 了《关于公司2024年度日常关联交易预计的议案》，预计了2024年公司及子公 司与关联方发生的日常关联交易预计金额，总金额不超过633,000万元。具体内 容详见公司于巨潮资讯网（http://www.cninfo.com.cn）披露的《关于公司2024年 度日常关联交易预计公告》（公告编号：2024-014）。 2024年9月13日，公司第六届董事会第三次会议、第六届监事会第三次会议 审议通过了《关于公司2024年度增加日常关联交易预计的议案》，追加了2024 年公司及子公司与关联方发生的日常关联交易预计金额不超过250,000万元。具 体内容详见公司于巨潮资讯网（http://www.cninfo.com.cn）披露的《关于公司 2024年度增加日常关 ...

北京市汉坤（深圳）律师事务所 关于 汉坤（证）字[2024]第 33893-7-O-10 号 中国广东省深圳市福田区中心四路 1-1 号嘉里建设广场第三座 20 层 518048 电话：(86 755) 3680 6500；传真：(86 755) 3680 6599 北京 上海 深圳 香港 海口 武汉 新加坡 纽约 www.hankunlaw.com 北京市汉坤（深圳）律师事务所 法律意见书 致：立讯精密工业股份有限公司 北京市汉坤（深圳）律师事务所（以下简称"本所"）接受立讯精密工业股份有 限公司（以下简称"公司"或"立讯精密"）的委托，担任立讯精密 2021 年股票期权 激励计划（以下简称"本次激励计划"）的专项法律顾问，并根据《中华人民共和国 公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》、中国证券监督 管理委员会（以下简称"中国证监会"）发布的《上市公司股权激励管理办法（2018 修正）》（以下简称"《管理办法》"）等相关法律法规、规章及其他规范性文件和 《立讯精密工业股份有限公司章程》（以下简称"《公司章程》"）的规定，就本次 激励计划调整首次授予行权数量、注销部分首次授予及预留授予股 ...

| 证券代码：002475 | 证券简称：立讯精密 公告编号：2024-095 | | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | 立讯精密工业股份有限公司 关于控股股东部分股权解除质押及质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 | 股东 | 是否为控股股 东或第一大股 | 本次解除质押 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | 东及其一致行 | 股份数量（股） | 股份比例 | 股本比例 | | | | | | 动人 | | | | | | | | 立讯 有限 | 是 | 31,440,000 | 1.15% | 0.43% | 2021/4/26 | 2024/12/13 | 华能信托 | | 立讯 | | | | | | | | | | 是 | 7,850,000 | 0.29% | 0.11% | 2024/6/24 | 2024/12/12 | 浦发银行 | ...

Investment Rating - The report assigns a "Buy" rating for the company, Lixun Precision (002475.SZ), marking its first coverage [2]. Core Insights - Lixun Precision is positioned as a leading enterprise in precision manufacturing in China, with a diverse product range across consumer electronics, automotive, communication, industrial, and medical sectors. The company focuses on innovation and technology breakthroughs while leveraging mergers and acquisitions to enhance market competitiveness [6][10]. - The company is expected to benefit from the growing AI server market, with a projected market size reaching billions, and aims to become a global Tier 1 supplier in the automotive sector [7][10]. - The company's revenue is forecasted to grow significantly, with expected revenues of 263.06 billion, 313.70 billion, and 366.59 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 13.60 billion, 17.15 billion, and 20.95 billion yuan for the same years [10][11]. Summary by Sections 1. Internal and External Mergers and Acquisitions - The company actively engages in mergers and acquisitions to enhance its competitive edge and expand its customer base and product offerings. This strategy reduces risks associated with global expansion [14][16]. - Notable acquisitions include the purchase of BoShuo Technology and Kunshan Lantao, which have allowed the company to enter significant supply chains such as Sony and Apple [16]. 2. Comprehensive Coverage in Consumer Electronics - Lixun Precision has achieved full coverage from components to modules and system assembly in the consumer electronics sector, deeply binding with major clients. In 2023, the company's largest client generated revenue of 174.4 billion yuan, accounting for 75% of total revenue [6][28]. 3. Embracing the AI Era - The company is well-positioned to tap into the AI server market, with a projected market size of 100 billion yuan. It offers comprehensive solutions including electrical connections, optical connections, and power management [7][10]. 4. Automotive Market Trends - Lixun aims to become a global Tier 1 supplier in the automotive industry, capitalizing on the increasing demand for smart vehicles and connectivity solutions. The company has established a diverse product matrix in automotive components and is expanding its presence in overseas markets [7][10]. 5. Revenue Forecast - The company anticipates robust revenue growth, with projected revenues of 263.06 billion, 313.70 billion, and 366.59 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 13.60 billion, 17.15 billion, and 20.95 billion yuan for the same years [10][11].

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-094 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 注册申请获准的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 立讯精密工业股份有限公司（以下简称"公司"或"立讯精密"）于2024年8月 23日召开第六届董事会第二次会议，会议审议通过了《关于拟注册发行银行间债券 市场非金融企业债务融资工具(DFI)的议案》，并经公司2024年第一次临时股东会审 议通过。详情请见于2024年8月24日、2024年10月10日刊登在巨潮资讯网上的《半 年报董事会决议公告》《关于拟注册发行银行间债券市场非金融企业债务融资工具 (DFI)的公告》《2024年第一次临时股东会决议公告》。 近日，公司收到中国银行间市场交易商协会（以下简称"交易商协会"）出具的 《接受注册通知书》（中市协注[2024] DFI 64号），接受立讯精密债务融资工具注册。 《接受注册通知书》主要事项如下： 一、立讯精密债务融资工具注册自本通知 ...

| 证券代码：002475 | 证券简称：立讯精密 公告编号：2024-093 | | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | 立讯精密工业股份有限公司 关于控股股东部分股权质押的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 二、股东股份累计质押的情况 截至 2024 年 11 月 19 日，立讯有限及其一致行动人所持股份及质押情况如下： | 股 | | | 本次质押及 | 本次质押及 | 占其所 | 占公司 | 已质押股份情况 | | 未质押股份情况 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 东 | 持股数量 | 持股比 | 解质押前质 | 解质押后质 | 持股份 | 总股本 | 已质押股 | 占已质 | 未质押股 | 占未质 | | 名 | （股） | 例 | 押股份数量 | 押股份数量 | 比例 | 比例 | 份限售和 | 押股份 | 份限售和 | 押股份 | | 称 | | | （股） | （股） | ...

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company achieved a revenue of 177.18 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.67%. The net profit attributable to shareholders reached 9.075 billion yuan, up 23.06% year-on-year [1] - The third quarter of 2024 saw a revenue of 73.579 billion yuan, a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73%. The net profit attributable to shareholders was 3.679 billion yuan, reflecting a year-on-year growth of 21.88% and a quarter-on-quarter increase of 25.76% [1] - The company is expected to benefit from the rapid development of AI technology in consumer electronics, with a projected shipment of AI smartphones in China reaching 37 million units in 2024, growing to 150 million units by 2027, representing a CAGR of 59.45% [1][3] Summary by Sections Business Performance - The company reported a gross profit margin of 11.75% in Q3 2024, with a net profit margin of 5.47%, both showing slight declines from the previous quarter [1] - The company plans to achieve a revenue target of 100 billion yuan in the consumer electronics segment by 2032, excluding major clients, which is expected to enhance revenue stability [1] Automotive and Communication Business - The company has diversified its automotive product matrix, including automotive wiring harnesses, connectors, smart cockpits, and intelligent driving systems. The acquisition of Leoni is expected to enhance R&D, procurement resources, and global production capabilities [3] - The communication segment has exceeded expectations, entering the supply pool of major global cloud vendors and equipment application clients, with significant profit growth anticipated in the next 2-3 years [3] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 265.32 billion yuan, 312.34 billion yuan, and 358.63 billion yuan, respectively. EPS is projected to be 1.89 yuan, 2.41 yuan, and 2.90 yuan for the same years, with corresponding PE ratios of 21.5, 16.9, and 14.1 [4][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company achieved a revenue of 177.18 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.67%. The net profit attributable to the parent company was 9.08 billion yuan, up 23.06% year-on-year [4][5] - The company forecasts a net profit attributable to the parent company for 2024 to be between 13.14 billion yuan and 13.69 billion yuan, indicating a year-on-year growth of 20.0% to 25.0% [5] - The company is leveraging vertical integration and synergy advantages across its business segments, particularly in consumer electronics, communications, and automotive sectors [6] Financial Performance - In Q3 2024, the company reported revenue of 73.58 billion yuan, a year-on-year increase of 27.07%, and a net profit of 3.68 billion yuan, up 21.88% year-on-year [4] - The company’s revenue for 2023 is projected to be 231.91 billion yuan, with a year-on-year growth of 8.4%, and a net profit of 10.95 billion yuan, reflecting a growth of 19.5% [8] - The company’s EPS for 2024 is estimated at 1.87 yuan, with a projected P/E ratio of 20-25 times, leading to a reasonable valuation range of 37.40 to 46.75 yuan [6][10] Business Strategy - The company is focused on enhancing its existing business and exploring new fields, technologies, and products, aiming to create a complete vertical integration loop in the industry [6] - The company has made significant advancements in precision manufacturing capabilities, particularly in RF front-end modules, through strategic acquisitions [6] - The automotive segment is expanding rapidly, with the company establishing deep strategic partnerships with leading automotive manufacturers [6] Market Comparison - The company’s stock has shown a relative performance of -28.62% compared to the market index [2] - The company’s financial metrics, including a projected net profit growth rate of 23.2% for 2024, indicate strong potential compared to peers [9][10]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 立讯精密工业股份有限公司（以下简称"公司"）于 2024 年 11 月 8 日接到公司 控股股东香港立讯有限公司（以下简称"立讯有限"）的函告，获悉其在华能贵诚信 托有限公司（以下简称"华能信托"）质押的本公司部分股份已解除质押。现将有 关情况说明如下： 一、股东股份解除质押情况 | 本次股份解除质押基本情况： | | --- | | 股东 | 是否为控股股东 或第一大股东及 | 本次解除质押 股份数量 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 股份比例 | 股本比例 | | | | | | 其一致行动人 | （股） | | | | | | | 立讯 有限 | 是 | 31,430,000 | 1.15% | 0.43% | 2021/4/26 | 2024/11/7 | 华能信托 | | 立讯 有限 | 是 | 31,430,000 | 1.15% | 0.43% ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company has shown steady growth in its performance for the first three quarters of 2024, with revenue reaching 177.28 billion (YoY +13.67%) and net profit attributable to shareholders at 9.08 billion (YoY +23.06%), nearing the upper limit of its previous performance forecast of 20-25% growth [1]. - The acquisition of Leoni AG is expected to accelerate the company's position as a leading Tier 1 supplier in the automotive sector, enhancing its global competitiveness in automotive wiring harness products [1]. - The company maintains a positive long-term outlook, with profit forecasts for 2024-2026 projected at 13.26 billion, 17.18 billion, and 20.55 billion respectively, reflecting growth rates of 21%, 30%, and 20% [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 73.58 billion (YoY +27.07%, QoQ +43.73%) and a net profit of 3.68 billion (YoY +21.88%, QoQ +25.76%) [1]. - The gross margin for Q3 2024 was 11.75%, a decrease of 2.01 percentage points YoY, attributed to an increase in assembly business revenue and the consolidation of lower-margin businesses [1]. Acquisition Impact - The acquisition of Leoni AG, announced on September 13, aims to enhance the company's automotive business and create strategic synergies in product development, market expansion, and operational efficiency [1]. Profit Forecasts - The company forecasts net profits of 13.26 billion, 17.18 billion, and 20.55 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21%, 30%, and 20% [2][1]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 23, 18, and 15 for the years 2024, 2025, and 2026 respectively [1].