立讯精密：果链龙头，AI助力再腾飞

Investment Rating - The report assigns a "Buy" rating to the company with a target price of 47.90 RMB, based on a projected 20x PE valuation for 2025 [2][3]. Core Insights - The company is positioned to benefit from the upcoming Apple hardware innovation cycle, particularly with the introduction of Apple Intelligence and the anticipated iPhone 17 series, which could drive a new wave of device upgrades [1][24]. - The automotive business is rapidly growing, with the company aiming to become a global Tier 1 supplier, leveraging trends in electrification and smart technology [1][8]. - The AI sector is expanding, and the company, as a leader in electrical connectivity, is expected to gain significantly from this growth [1]. Summary by Sections Company Overview - The company is a leader in consumer electronics, achieving a net profit of 10.95 billion RMB in 2023, a 20% increase year-on-year, with a revenue breakdown of 85% from consumer electronics, 6% from communication, 4% from automotive, and 3% from computer interconnect products [1][10]. Consumer Electronics - The company has established deep ties with major clients, particularly Apple, which accounted for 75% of its revenue in 2023. The introduction of Apple Intelligence is expected to redefine AI at the edge, potentially leading to a significant upgrade cycle starting in 2025 [1][19][24]. - The company has expanded its product offerings from components to modules and system assembly, with a focus on high-value products [1][11]. Automotive Sector - The automotive business has been growing at a rate of 50% from 2021 to 2023, with expectations to maintain this growth trajectory. The company aims to capture a significant share of the trillion-yuan automotive electronics market [1][8][10]. Communication Sector - The company is enhancing its communication product matrix, focusing on electrical and optical connectivity solutions, which are projected to see robust growth in the coming years [1][8]. Financial Projections - The company is expected to achieve net profits of 13.5 billion RMB, 17.2 billion RMB, and 20.5 billion RMB for the years 2024, 2025, and 2026, respectively, reflecting growth rates of 23%, 28%, and 19% [2][4].