LUXSHARE-ICT(002475) 东方证券·2024-10-29 00:11Investment Rating - The report maintains a "Buy" rating for the company with a target price of 56.40 CNY based on a 30x PE valuation for 2024 [2][5][8] Core Insights - Q3 performance met expectations with a revenue of 177.2 billion CNY, a year-on-year increase of 14%, and a net profit attributable to the parent company of 9.1 billion CNY, up 23% year-on-year. The company expects a steady growth in 2024 with a projected net profit of 13.1 to 13.7 billion CNY, representing a growth of 20% to 25% [1][2] - The AI-driven innovation cycle for major North American clients is expected to boost the consumer electronics business, with iPhone shipments reaching 56 million units in Q3, a 3.5% year-on-year increase [1] - The company is expanding its "Communications + Automotive" strategy, with significant growth potential in its communications business and a recent acquisition of a global leader in automotive wiring harnesses to enhance its market position [1] Financial Summary - For 2024, the company forecasts revenue of 257.18 billion CNY, a year-on-year growth of 10.9%, and a net profit of 13.56 billion CNY, up 23.8% [4] - The earnings per share (EPS) for 2024 is projected at 1.88 CNY, with subsequent years showing growth to 2.42 CNY in 2025 and 2.95 CNY in 2026 [2][4] - The gross margin is expected to stabilize around 11.9% for 2024, with a net margin of 5.3% [4]