Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision achieved robust growth in H1 2024, with revenue of 1036 billion yuan (YoY +5 7%) and net profit of 5 4 billion yuan (YoY +23 9%) [2] - Q2 2024 revenue was 511 9 billion yuan (YoY +6 6%, QoQ -2 3%), with net profit of 29 3 billion yuan (YoY +25 1%, QoQ +18 4%) [2] - The company expects Q3 2024 net profit to grow 20%-25% YoY, with revenue increasing 14 4%-26 6% [2] - AI-driven consumer electronics upgrades and rapid growth in automotive and communication businesses are key drivers [2][4] Business Performance Consumer Electronics - H1 2024 revenue: 855 5 billion yuan (YoY +3 25%) [2] - Benefiting from AI-driven market demand, both new and existing products performed well [2] - Gross margin improved to 10 49% in H1 2024 (QoQ +0 98pct) [2] Automotive Business - H1 2024 revenue: 47 6 billion yuan (YoY +48 30%) [2] - Diversified product portfolio including wiring harnesses, connectors, smart cockpits, and autonomous driving solutions [2] - Leveraging global production bases to serve leading automakers [2] Communication Business - H1 2024 revenue: 74 7 billion yuan (YoY +21 65%) [2] - Strong capabilities in electrical/optical connections, power, cooling, and RF products [2] - Comprehensive solutions for server, switch, and base station applications [2] Financial Metrics Profitability - H1 2024 gross margin: 11 71% (YoY +1 07pct) [2] - Q2 2024 gross margin: 12 69% (YoY +1 42pct, QoQ +1 95pct) [2] - ROE expected to increase from 19 5% in 2023 to 21 2% in 2026 [5] Expense Ratios - H1 2024 sales, management, and R&D expense ratios: 0 42%, 2 49%, 4 07% respectively [3] - Q2 2024 R&D expense ratio: 4 52% (YoY +0 81pct) [3] Future Projections - 2024-2026 revenue forecast: 2505 27, 2781 36, 3101 77 billion yuan (YoY +8 0%, +11 0%, +11 5%) [4] - 2024-2026 net profit forecast: 139 44, 179 51, 224 29 billion yuan (YoY +27 3%, +28 7%, +24 9%) [4] - 2024-2026 EPS forecast: 1 94, 2 49, 3 11 yuan [5] Market Data - Closing price (2024-08-23): 37 89 yuan [3] - Market cap: 7203 32 million shares [3] - Net assets: 59518 28 million yuan [3] - Total assets: 182828 4 million yuan [3] Industry Outlook - AI-driven consumer electronics expected to drive new replacement cycles [4] - Automotive and communication businesses positioned as second and third growth engines [4] - Strong capabilities in core technologies (acoustics, optics, electronics, thermal, magnetic, RF) supporting future growth [4]

证券研究报告·公司点评报告·消费电子 立讯精密（002475） 2024 年中报业绩点评：业绩稳健高增，AI 助 力果链领军企业再腾飞 2024 年 08 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） | 1.27 | 1.52 ...

| --- | --- | --- | |-------------------------------------------------------------|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 消费电子 | AI | 新需求促业务稳健增长，汽车、通 | | | 信新板块增速显著 | | | | | —立讯精密（002475.SZ）公司事件点评报告 | | 增持(维持) | | 事件 | | 分析师：毛正 | S1050521120001 | 立讯精密发布 2024 年半年度报告：2024 年上半年公司实现 | | maozheng@ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 37.35 CNY and no specified target price for the next six months [1]. Core Insights - The company reported a revenue of 103.6 billion CNY for the first half of 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 5.4 billion CNY, up 23.9% year-on-year. The performance aligns with market expectations [2]. - Profitability is improving, with gross and net profit margins increasing to 11.7% and 5.6%, respectively, both up by 1.1 percentage points and 0.7 percentage points year-on-year [2]. - The company is experiencing strong growth across its three main business segments: consumer electronics, communications, and automotive, with notable increases in revenue from the automotive sector [2]. - The company anticipates a net profit of 8.85 to 9.22 billion CNY for Q3 2024, reflecting a year-on-year growth of 20% to 25% [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 103.6 billion CNY, with a net profit of 5.4 billion CNY. Q2 alone contributed 51.19 billion CNY in revenue and 2.93 billion CNY in net profit, marking increases of 6.6% and 25.1% year-on-year, respectively [2]. - The revenue breakdown by segment includes consumer electronics at 85.55 billion CNY, communications at 7.46 billion CNY, automotive at 4.76 billion CNY, computers at 4.38 billion CNY, and connectors at 1.45 billion CNY, with respective year-on-year growth rates of 3.3%, 21.7%, 48.3%, 4.6%, and -8.4% [2]. Profitability Metrics - The company's gross margin for H1 2024 was 11.7%, and the net margin was 5.6%, both showing improvement from the previous year [2]. - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 0.4%, 2.5%, and 4.1%, respectively [2]. Business Growth Drivers - The consumer electronics segment is advancing with a focus on core technologies in sound and light, gaining recognition in AR/VR and other areas [2]. - The communications segment is expanding with comprehensive solutions in electrical and optical connections, while the automotive segment is diversifying its product offerings to meet the growing demand for smart vehicle connectivity [2]. - The company expects continued growth in automotive sales volume and average selling price per vehicle due to rising demand for electronic components [2]. Future Outlook - Revenue projections for 2024 to 2026 are 278.6 billion CNY, 320.4 billion CNY, and 382.2 billion CNY, with net profits expected to be 13.4 billion CNY, 18 billion CNY, and 20.5 billion CNY, respectively [3].

公司研究 24H1 业绩稳健增长，AI 终端落地带动增速提升 ——立讯精密(002475.SZ)跟踪报告之十五 要点 公司盈利预测与估值简表 | --- | --- | --- | --- | --- | --- | |--------------------------|---------|---------|---------|---------|---------| | 指标 | | | | | | | 营业收入（百万元） | 214,028 | 231,905 | 278,718 | 319,197 | 362,301 | | 营业收入增长率 | 39.03% | 8.35% | 20.19% | 14.52% | 13.50% | | 归母净利润（百万元） | 9,163 | 10,953 | 13,757 | 17,486 | 20,782 | | 归母净利润增长率 | 29.60% | 19.53% | 25.61% | 27.10% | 18.85% | | EPS（元） | 1.29 | 1.53 | 1.91 | 2.43 | 2.89 | | ROE（归属母公司)（摊薄） | 20.21 ...

浦银国际研究 公司研究 | 科技行业 浦银国际 公司研究 立讯精密 （002475.CH） 立讯精密（002475.CH）：享受苹果 AI 上行红利，汽车通讯高速成长 重申立讯精密的"买入"评级，上调目标价至人民币 45.1 元，潜在 升幅 19%。 重申立讯精密的"买入"评级：立讯精密二季度净利润同比增长 25%， 公司预计三季度增长 20%左右。我们预期立讯今年利润同比增速为 23%，明年将继续保持 20%的增长。这主要得益于大客户组装利润 释放以及汽车、通讯两个业务板块的高速成长。立讯有望受益于苹 果进入 AI 智能手机的行业红利，明后两年的消费电子板块依然有 稳定增长空间。同时，立讯在汽车业务板块布局汽车线束、智能座 舱等 Tier 1 业务；在通讯板块，借助电连接器等强势产品，公司在 AI 服务器的成长也有较大空间。公司目前股价对应 20x 2024E PE， 我们预期公司仍有较大上行空间，重申"买入"评级。 二季度业绩亮眼，三季度指引稳定增长：在今年二季度，立讯收入 环比下降 2%，同比增长 7%。毛利率为 12.7%，环比增长 1.9 个百 分点，同比增长 1.4 个百分点。今年上半年，消费电子 ...

证券研究报告 | 2024年08月26日 核心观点 公司研究·财报点评 证券分析师：胡剑 证券分析师：胡慧 021-60893306 021-60871321 hujian1@guosen.com.cn huhui2@guosen.com.cn S0980521080001 S0980521080002 证券分析师：叶子 证券分析师：詹浏洋 0755-81982153 010-88005307 yezi3@guosen.com.cn zhanliuyang@guosen.com.cn S0980522100003 S0980524060001 联系人：李书颖 联系人：连欣然 0755-81982362 010-88005482 lishuying@guosen.com.cn lianxinran@guosen.com.cn 基础数据 收盘价 37.89 元 总市值/流通市值 272934/272344 百万元 52 周最高价/最低价 43.30/24.88 元 近 3 个月日均成交额 2692.67 百万元 | --- | --- | |----------|----------------| | 投资评级 ...

[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 08 月 26 日 [Table_Title] 通讯及汽车业务维持高增，消费电子毛利率提升 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 公司 24H1 实现营业收入 1035.98 亿元，同比+5.74%；实现归母净利 润 53.96 亿元，同比+23.89%，扣非后归母净利润 49.6 亿元，同比+19.38%； 毛利率 11.71%，同比+1.07pct。其中 24Q2 公司实现营业收入 511.91 亿 元，同比+6.58%，环比 Q1 略有下滑；实现归母净利润 29.25 亿元，同比 +25.12%，环比+18.38%。公司上半年收入整体增速低于预期，主要受到消 费电子业务放缓的影响。 同时公司对 24Q3 业绩进行预告，预计 2024 年第三季度公司实现归母 净利润 34.53-38.22 亿元，同比+14.4%-26.6%。2024 年前三季度归母净利 润合计预计同比+20%-25%。利润端增速基本符 ...

立讯精密（002475.SZ）2024 年中报&三季报业绩预告点评 业绩高质量增长，AI 全面赋能业务发展 2024 年 08 月 26 日 ➢ 事件：8 月 23 日，立讯精密发布 2024 年中报，公司 2024H1 实现营收 1036 亿元，同比+5.7%，归母净利润 54 亿元，同比+23.9%；扣非归母净利润 为 50 亿元，同比+19.4%。其中，单 Q2 实现营业收入 512 亿元，同比+6.6%， 环比-2.3%；归母净利润 29 亿元，同比+25.1%，环比+18.4%。公司发布 2024 年三季度业绩预告，预计前三季度实现归母净利润 88 亿元~92 亿元，同比增长 20%~25%。其中 Q3 预计实现归母净利 35 亿元~38 亿元，同比+14-27%， 环比+21-31%。 ➢ 业绩高质量增长，经营稳健彰显信心。公司遵循"三个五年"既定计划，一方 面持续夯实消费电子业务基本盘，另一方面充分借助通讯业务、汽车业务两大落 脚点，推动公司多元化发展为核心。分业务来看，24H1，消费性电子业务收入 为 855.48 亿元，YoY+3.25%；电脑业务收入为 43.79 亿元，YoY +4.57 ...

[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 08 月 26 日 [Table_Title] 通讯及汽车业务维持高增，消费电子毛利率提升 ——公司 24 年中报业绩点评 [Table_Invest]买入|维持 [Table_Summary] 报告要点： 公司 24H1 实现营业收入 1035.98 亿元，同比+5.74%；实现归母净利 润 53.96 亿元，同比+23.89%，扣非后归母净利润 49.6 亿元，同比+19.38%； 毛利率 11.71%，同比+1.07pct。其中 24Q2 公司实现营业收入 511.91 亿 元，同比+6.58%，环比 Q1 略有下滑；实现归母净利润 29.25 亿元，同比 +25.12%，环比+18.38%。公司上半年收入整体增速低于预期，主要受到消 费电子业务放缓的影响。 同时公司对 24Q3 业绩进行预告，预计 2024 年第三季度公司实现归母 净利润 34.53-38.22 亿元，同比+14.4%-26.6%。2024 年前三季度归母净利 润合计预计同比+20%-25%。利润端增速基本符 ...