LUXSHARE-ICT(002475) 中泰证券·2024-10-28 10:43Investment 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]