LUXSHARE-ICT(002475) 民生证券·2024-10-30 06:43Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company's performance in Q3 2024 met expectations, with total revenue reaching 177.18 billion yuan, a year-on-year increase of 13.67%, and a net profit attributable to shareholders of 9.075 billion yuan, up 23.06% year-on-year [1]. - The company is leveraging AI to enhance its business across various sectors, including consumer electronics, communications, and automotive [1]. - The company is expected to achieve a net profit attributable to shareholders of 13.514 billion to 13.691 billion yuan in 2024, representing a growth of 20% to 25% [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 177.18 billion yuan, with a net profit of 9.075 billion yuan, and a non-recurring net profit of 8.117 billion yuan [1]. - In Q3 2024 alone, the company achieved revenue of 73.579 billion yuan, a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73% [1]. - The gross margin for Q3 2024 was 11.75%, showing a year-on-year decrease of 2.01 percentage points [1]. - The company forecasts revenues of 265.67 billion yuan for 2024, with a growth rate of 14.6% [2]. Business Development Insights - The company is focusing on diversifying its business by strengthening its consumer electronics base while expanding into communications and automotive sectors [1]. - In the consumer electronics sector, the company is iterating on products such as smartphones, PCs, and IoT devices [1]. - The automotive business has seen over 48% growth in revenue for the first half of 2024, indicating rapid growth in both volume and quality [1].