Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company announced the acquisition of Leoni AG and its wholly-owned subsidiaries to accelerate the globalization of its automotive business and enhance its competitiveness in the global automotive wiring harness market. The acquisition involves purchasing 50.1% of Leoni AG and 100% of Leoni Kabel GmbH, with respective prices of €205 million and €320 million [5][6]. - Leoni AG is a century-old German automotive wiring harness company and a leading supplier of cable, wire, and wiring harness system solutions. In 2023, Leoni AG reported revenues and net profits of €546 million and -€13 million, respectively [5]. - The acquisition aims to enhance the company's competitiveness and influence in the global automotive wiring harness sector. It will facilitate resource integration and improve vertical integration levels. The global production capacity of Leoni will help the company seize opportunities in the automotive business and provide efficient services to both Chinese and overseas automotive manufacturers [5]. - The company has a successful track record in the consumer electronics sector, leveraging both organic growth and acquisitions to achieve comprehensive development across multiple categories and clients. It is now applying this experience to the automotive sector, positioning itself to become a major player in the industry amid the opportunities presented by automotive intelligence and electrification [5]. - The projected net profits for the company from 2024 to 2026 are estimated to be ¥133.97 billion, ¥162.15 billion, and ¥189.91 billion, respectively. Given the company's robust growth potential, its current valuation may be underestimated [5]. Summary by Sections Acquisition Details - The company plans to acquire 50.1% of Leoni AG and 100% of Leoni Kabel GmbH for €205 million and €320 million, respectively, to enhance its automotive business [5][6]. Market Position and Financial Status - Leoni AG is a leading supplier in the automotive wiring harness industry, with a significant customer base and extensive R&D experience. However, it faces challenges such as low resource utilization and high operating costs [5]. Strategic Objectives - The acquisition is intended to improve the company's competitive edge in the automotive wiring harness market, facilitate resource integration, and enhance operational efficiency [5]. Financial Projections - The company anticipates net profits of ¥133.97 billion, ¥162.15 billion, and ¥189.91 billion for the years 2024 to 2026, indicating strong growth potential [5].

Investment Rating - The report initiates coverage with a **Buy** rating and sets a target price of **43.70 RMB** for the stock [2] Core Views - The company is a leading precision manufacturing platform with diversified business prospects, spanning consumer electronics, automotive electronics, and communications [1] - AI-driven innovation cycles in consumer electronics, particularly with North American clients, are expected to drive growth, with the company benefiting from increased assembly share and product value [1] - The automotive and communications sectors are emerging as the company's second growth curve, with significant revenue growth in automotive business reaching **9.25 billion RMB** in 2023, a **50% YoY increase** [1] Financial Performance - Revenue for 2023 reached **231.905 billion RMB**, an **8.4% YoY increase**, with net profit attributable to shareholders at **10.953 billion RMB**, up **19.5% YoY** [3] - The company's EPS is projected to grow from **1.90 RMB** in 2024 to **3.02 RMB** in 2026, with a CAGR of **23.0%** [3] - Gross margin and net margin are expected to improve slightly, with net margin reaching **6.2%** by 2026 [3] Business Segments Consumer Electronics - The company has a strong foothold in consumer electronics, contributing **88%** of total revenue in 2023, with deep integration into Apple's supply chain [18] - The company is expected to benefit from Apple's AI-driven innovation cycles, particularly in iPhone assembly and Vision Pro production [23][24] Automotive - The automotive business has seen rapid growth, with revenue reaching **9.25 billion RMB** in 2023, a **50% YoY increase**, driven by product diversification and strong client relationships [1][18] - The company is expanding its automotive product portfolio, including wire harnesses, connectors, and smart cockpit solutions, with a focus on electric and autonomous vehicles [42][43] Communications - The communications business is poised for growth, with the company expanding its product lines to include high-speed connectors, optical modules, and thermal management solutions [57] - The company is well-positioned to capitalize on the growing demand for AI servers and data center infrastructure, with a focus on high-speed interconnect technologies [55][57] Strategic Developments - The company has made strategic acquisitions, such as Leoni AG, to strengthen its position in the automotive wire harness market and expand its global footprint [51] - Partnerships with major automakers like Chery and GAC are expected to drive growth in the automotive sector, with a focus on becoming a leading Tier 1 supplier [53][54] Industry Trends - The global AI server market is projected to grow from **19.5 billion USD** in 2022 to **34.7 billion USD** by 2026, driven by increasing demand for AI and machine learning applications [55] - The automotive industry is shifting towards electrification and smart connectivity, with the company well-positioned to benefit from these trends through its diversified product offerings [42][43]

上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 19 日 立讯精密 (002475) ——收购 Leoni 及子公司股权，提升汽车线束全球竞争力 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 18 日 | | 收盘价（元） | 35.90 | | 一年内最高/最低（元） | 43.30/24.88 | | 市净率 | 4.4 | | 息率（分红/股价） | 0.83 | | 流通 A 股市值（百万元） | 258,040 | | 上证指数/深证成指 | 2,717.28/7,992.25 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 8.21 | | 资产负债率 ...

2024 年 9 月 19 日 收益表现 % 1M 3M 1Y 相对 6.71 9.07 42.88 绝对 1.17 -1.49 27.94 资料来源：Wind 公司研究 收购全球线束龙头莱尼公司，内生外延打造多元化汽车矩阵 ——立讯精密(002475.SZ)跟踪报告之十六 买入（维持） 当前价：35.90 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：何昊 执业证书编号：S0930522090002 021-52523869 hehao1@ebscn.com 分析师：王之含 执业证书编号：S0930524070008 021-52523691 Wangzhihan@ebscn.com 市场数据 总股本(亿股) 72.03 总市值(亿元)： 2585.99 一年最低/最高(元)： 24.70/43.30 近 3 月换手率： 58.77% 股价相对走势 -15% 1% 17% 33% 49% 09/23 12/23 03/24 06/24 09/24 立讯精密 沪深300 相关研报 24H1 业绩稳健增长，AI 终端落地带 ...

公司报告 | 公司点评 拟并购莱尼拓展全球化的产能和客户资源，汽车业务有望加速成长 事件：立讯于 2024 年 9 月 13 日审议通过了《关于收购 Leoni AG 及其下属全资子公司股权的议案》， 拟收购 Leoni AG（"莱尼公司"）的 50.1% 股权及 Leoni AG 之全资子公司 Leoni Kabel GmbH（"Leoni K"）的 100%股权。 点评： Leoni 是全球头部汽车线束供应商，拥有全球化的产能和客户资源，整体资产负债率较高经 营承压。2021 年 Leoni 汽车线束市场份额为 6%，全球第四，欧洲第一，客户涵盖全球汽车主机厂， 宝马、奔驰、大众、通用、福特等。Leoni AG 旗下包含两大核心业务，分别是汽车电缆事业部("ACS 业务")和线束系统事业部("WSD 业务")。Leoni 拥有全球化的开发、生产、销售，在 26 个国家/ 地区拥有 52 家子公司。全球生产网络由位于西欧和东欧、北非、美洲和亚洲的生产设施组成。Leoni 整体负债率较高，经营压力明显，根据公告披露，Leoni AG 2023 年及 1Q2024 未经审计收入分别为 546,241.24/12 ...

002475.SZ 买入 原评级：买入 市场价格:人民币 35.90 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (22%) (8%) 6% 20% 35% 49% Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24 立讯精密 深圳成指 至今 个月 个月 个月 绝对 5.7 (3.1) (5.5) 22.7 | --- | --- | --- | --- | --- | |-------------------------------|--------|------------|-------|------------| | 相对深圳成指 | 20.6 | 1.2 | 8.7 | 44.4 | | 发行股数 ( 百万 ) | | | | 7,203.32 | | 流通股 ( 百万 ) | | | | 7,187.75 | | 总市值 ( 人民币 百万 ) | | | | 258,599.03 | | 3 个月日均交易额 ( 人民币 | 百万 ) | | | 2,527.49 | | 主要股东 | | | ...

立讯精密投资者关系活动记录表 LUXSHAREIC 证券代码: 002475 证券简称:立讯精密 立讯精密工业股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |--------------------------|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|----------------| | | | | | 编号: 2024-005 | | | o特定对象调研 | □分析师会议 | | | | | □媒体采访 | □业绩说明会 | | | | 投资者关系 ...

立讯精密（002475.SZ）事件点评 收购莱尼公司，完善汽车业务版图 2024 年 09 月 17 日 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------------------------- ...

国泰君安版权所有发送给上海东方财富金融数据服务有限公司.东财接收研报邮箱.ybjieshou@eastmoney.com p1 股 票 研 究 证 券 研 究 报 告 ——收购公告点评 [table_Authors] 舒迪(分析师) 文紫妍(分析师) 段笑南(研究助理) 021-38676666 021-38038321 021-38031382 shudi@gtjas.com wenziyan@gtjas.com duanxiaonan029904@gtjas.com 登记编号 S0880521070002 S0880523070001 S0880124070028 本报告导读： 公司拟收购莱尼公司汽车电缆和线束系统业务，有望赋能公司汽车业务海外拓展， 协同导入优质客户资源。公司汽车智能化产品布局深厚，未来将加速成长。 投资要点： 公 司 更 新 报 告 股票研究 /[Table_Date] 2024.09.17 拟收购莱尼公司，汽车业务加速拓展 立讯精密(002475) 电子元器件 [Table_Industry] /信息科技 [Table_Invest] 评级： 增持 上次评级: 增持 [Table_T ...

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision is actively expanding its overseas market presence through strategic acquisitions, particularly in the automotive sector [3] - The acquisition of Leoni AG and its subsidiaries is seen as a reasonable deal, with potential for long-term growth despite short-term profitability challenges [4] - The company is well-positioned to benefit from the automotive electrification and intelligence trends, with expected revenue growth and improved profitability [4] Financial Performance and Projections - Revenue is projected to grow from RMB 214.03 billion in 2022 to RMB 331.29 billion in 2026, with a CAGR of 11.56% [5] - Net profit attributable to shareholders is expected to increase from RMB 9.16 billion in 2022 to RMB 19.96 billion in 2026, with a CAGR of 24.33% [5] - EPS is forecasted to rise from RMB 1.29 in 2022 to RMB 2.77 in 2026 [5] - ROE is expected to remain stable around 19.5%-20.2% from 2022 to 2026 [5] Operational Efficiency - The company's asset turnover days are expected to improve, with fixed asset turnover days decreasing from 66 days in 2022 to 38 days in 2026 [6] - Inventory turnover days are projected to decrease from 56 days in 2022 to 47 days in 2026, indicating improved inventory management [6] - Accounts receivable turnover days are expected to remain stable around 36-38 days from 2024 to 2026 [6] Valuation Metrics - The PE ratio is expected to decline from 24.61x in 2022 to 13.67x in 2026, reflecting improved earnings growth [5] - The PB ratio is projected to decrease from 4.98x in 2022 to 2.67x in 2026, indicating potential undervaluation [5] - EV/EBITDA is forecasted to decrease from 12.3x in 2022 to 5.8x in 2026, suggesting improved valuation attractiveness [6] Growth Drivers - The company's growth is driven by its strategic focus on automotive electrification and intelligence, as well as its expansion into overseas markets [4] - The acquisition of Leoni AG is expected to provide Luxshare Precision with access to new markets and customer resources, enhancing its long-term growth potential [4]