证券研究报告·公司点评报告·消费电子 立讯精密（002475） 2024 年前三季度业绩点评：业绩稳健增长， 深化 AI 与汽车产业布局 2024 年 10 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 214028 | 231905 | 260470 | 303882 | 338685 | | 同比（ % ） | 39.03 | 8.35 | 12.32 | 16.67 | 11.45 | | 归母净利润（百万元） | 9163 | 10953 | 13688 | 17060 | 20421 | | 同比（ % ） | 29.60 | 19.53 | 24.97 | 24.64 | 19.70 | | EPS- 最新摊薄（元 / 股） | 1 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to benefit from Apple's innovations and sales growth in 2025, with a projected increase in iPhone sales due to the upcoming AI features [3] - The company's revenue and profit continue to grow, with Q3 2024 showing a revenue increase of 27.1% year-on-year and a net profit increase of 21.9% year-on-year [2][3] - The acquisition of Leoni is anticipated to accelerate the company's overseas expansion in the automotive sector, contributing to a 48.3% year-on-year growth in automotive revenue in H1 2024 [3] Financial Forecast and Valuation - Revenue is projected to grow from 231,905 million in 2023 to 340,247 million by 2026, with a compound annual growth rate (CAGR) of approximately 10% [1] - Net profit is expected to increase from 10,953 million in 2023 to 19,736 million by 2026, reflecting a CAGR of around 17% [1] - Earnings per share (EPS) is forecasted to rise from 1.52 in 2023 to 2.73 by 2026 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 28.6 in 2023 to 15.9 in 2026, indicating improving valuation metrics [1] Market Position and Performance - The company has a market capitalization of approximately 313,256.15 million, with a share price of 43.35 [2] - The company reported a significant improvement in operating cash flow, with a net cash flow of 42.7 billion in Q3 2024, compared to a cash outflow of 15.9 billion in the same period last year [2] - The gross margin for Q3 2024 was reported at 11.8%, showing a slight decline compared to previous periods, while the net margin was 5.5% [2]

立讯精密（ [Table_StockNameRptType] 002475） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

2024 年 10 月 27 日 评级：买入(维持) | --- | --- | --- | |--------------|-------|------------------------------------------| | | | | | 研究所： | | | | 证券分析师： | | 姚丹丹 S0350524060002 | | | | yaodd@ghzq.com.cn | | 联系人 | ： | 李晓康 S0350124080022 lixk02@ghzq.com.cn | 公司研究 [Table_Title] Q3 归母净利润落于预告中值以上，消费电子龙 头深度受益 AI 浪潮 ——立讯精密（002475）公司点评 最近一年走势 事件: 10 月 25 日立讯精密发布 2024 年三季报：2024 年前三季度，公司实现 营业收入 1771.77 亿元，同比+13.67%，实现归母净利润 90.75 亿元， 同比+23.06%，实现扣非归母净利润 81.17 亿元，同比+15.43%。2024 年 Q3，公司实现营业收入 735.79 亿元，同比+27.07%，实现归母净利 润 36.79 亿 ...

公 司 报 告 公 司 季 报 点 评 证 券 研 究 报 告 2024年10月27日 电子 立讯精密(002475.SZ) 年报预增，各项业务进展顺利 推荐 ( 维持) 事项： 股价:43.35元 | --- | --- | |------------------------|----------------------| | 行业 | 电子 | | 公司网址 | www.luxshare-ict.com | | 大股东 / 持股 | 立讯有限公司 /37.80% | | 实际控制人 | 王来胜 , 王来春 | | 总股本 ( 百万股 ) | 7,226 | | 流通 A 股 ( 百万股 ) | 7,209 | | 流通 B/H 股 ( 百万股 ) | | | 总市值 ( 亿元 ) | 3,133 | | 流通 A 股市值 ( 亿元 ) | 3,125 | | 每股净资产 ( 元 ) | 8.87 | | 资产负债率 (%) | 63.0 | | 行情走势图 | | 证券分析师 | --- | --- | |-------|-------| | | | | 徐勇 | | | --- | |--------- ...

上 市 公 司 证 券 研 究 报 告 电子 2024 年 10 月 27 日 立讯精密 (002475) ——3Q24 营收净利同比双位数增长，全年预计净利润 yoy 超 20% | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 10 月 25 日 | | 收盘价（元） | 43.35 | | 一年内最高 / 最低（元） | 47.81/24.88 | | 市净率 | 5.3 | | 息率（分红/股价） | 0.69 | | 流通 A 股市值（百万元） | 312,744 | | 上证指数 / 深证成指 | 3,299.70/10,619.85 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | | | | 基础数据 : | 2024 年 09 月 30 日 | | 每股净资产（元） ...

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 立讯精密(002475)公司点评报告 2024 年 10 月 26 日 [Table_Title] 全年业绩符合预期，通讯&汽车业务进展顺利 [Table_Invest]买入|维持 ——立讯精密 24Q3 业绩点评 [Table_ 当前价：TargetPrice 43.35 元 ] 目标期限： 6 个月 [Table_Summary] 报告要点： 公司前三季度实现营业收入 1771.8 亿元，同比+13.7%；实现归母净利 润 90.7 亿元，同比+23.06%，扣非后归母净利润 81.2 亿元，同比+15.43%； 毛利率 11.72%，同比-0.08pct，其中 Q3 环比-0.94pct。24Q3 公司实现营 业收入735.8亿元，同比+27.1%，实现归母净利润36.8亿元，同比+21.88%。 公司对 24 年业绩进行预告，预计 2024 年公司实现归母净利润 131.4- 136.9 亿元，同比+20-25%，对应 EPS 为 1.82-1.90 元/股。利润端增速基 本符合我们对全年业绩增长的判断。 消费电子领域，我们认 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 61.35 CNY [3][4]. Core Insights - The company's Q3 performance and full-year profit guidance are in line with expectations, benefiting from a deep layout in AI terminals led by Apple. Additionally, the automotive and communication businesses are accelerating growth, creating a new growth curve [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 73.579 billion CNY, representing 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 CNY, up 21.88% year-on-year and 25.76% quarter-on-quarter, falling within the mid-range of previous guidance [3]. - The company expects a full-year net profit for 2024 to be between 13.143 billion CNY and 13.691 billion CNY, reflecting a year-on-year growth of 20% to 25% [3]. Business Growth Drivers - The company is deeply integrated with major clients across all product categories, benefiting from the AI terminal wave led by Apple. The introduction of system-level AI products, including AI smartphones and wearable devices, is expected to drive significant sales growth [3]. - The automotive and communication sectors are experiencing accelerated growth. The company is focusing on smart vehicle clients and expanding its product offerings in intelligent cockpits and autonomous driving, which are expected to sustain high growth rates [3]. Financial Forecast - The report projects EPS for 2024, 2025, and 2026 to be 1.90 CNY, 2.39 CNY, and 2.95 CNY respectively. The target price corresponds to a 2025 PE ratio of 25.67X, based on comparable company valuations [3][10]. - Revenue forecasts for 2024, 2025, and 2026 are 306.217 billion CNY, 372.699 billion CNY, and 458.743 billion CNY, respectively, indicating a growth rate of 32.0%, 21.7%, and 23.1% [9]. Market Data - The company's current stock price is 43.35 CNY, with a market capitalization of 313.256 billion CNY. The stock has traded within a range of 25.49 CNY to 46.33 CNY over the past 52 weeks [4][5]. - The company has a net asset value per share of 8.95 CNY and a current price-to-book ratio of 4.8 [5]. Comparative Valuation - The report references comparable companies with an average 2025 PE ratio of 21.66X, indicating that the company is positioned favorably within its industry [10].

立讯精密(002475) / 消费电子 / 公司点评 / 2024.10.26 业绩符合预期，指引稳健增长 投资评级:增持(维持) 核心观点 | --- | --- | |------------------------|------------| | 基本数据 | 2024-10-25 | | 收盘价 ( 元 ) | 43.35 | | 流通股本 ( 亿股 ) | 72.09 | | 每股净资产 ( 元 ) | 8.87 | | 总股本 ( 亿股 ) | 72.26 | | 最近 12 月市场表现 | | -22% -7% 7% 21% 35% 49% 立讯精密 沪深300 上证指数 消费电子 分析师 张益敏 SAC 证书编号：S0160522070002 zhangym02@ctsec.com 相关报告 1. 《收购 Leoni AG 股权，蓄力汽车业 务成长》 2024-09-14 2. 《业绩稳健指引乐观，AI 浪潮深度受 益》 2024-08-24 3. 《业绩稳健指引乐观，蓄力 AI 浪潮 长线发展 》 2024-04-28 ❖ 事件：公司发布 3Q2024 财报，前三季度公司实现营收 1771. ...

2、本次行权采用自主行权模式。 3、本次可行权股票期权若全部行权，公司股份仍具备上市条件。 4、本次行权事宜需在中国证券登记结算有限责任公司深圳分公司的手续办理结 束后方可行权，届时将另行公告，敬请投资者注意。 | 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-088 | | --- | --- | --- | | 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 2021 年股票期权激励计划 预留授予第二个行权期行权条件成就的公告 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。 特别提示： 1、2021 年股票期权激励计划预留授予符合本次行权条件的 303 名激励对象在 第二个行权期可行权的股票期权数量共计 2,089,224 份，行权价格为 35.33 元/股。 立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）于 2024 年 10 月 25 日召开了第六届董事会第四次会议和第六届监事会第四次会议，审议通过了 《关于 2021 年股票期权激励计划预留授予第二个行权期行权条件成就的议案 ...