LUXSHARE-ICT(002475) 天风证券·2024-10-30 08:30Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's Q3 2024 performance met expectations, with revenue of 73.6 billion yuan, a year-on-year increase of 27%, and a net profit attributable to shareholders of 3.679 billion yuan, up 22% year-on-year [1][2] - The company forecasts a net profit attributable to shareholders for 2024 to be between 13.14 billion and 13.69 billion yuan, representing a year-on-year growth of 20-25% [3] - The report highlights the company's focus on high-quality growth in consumer electronics, communications, and automotive sectors, benefiting from advancements in AI and technology [4] Financial Performance Summary - Q3 2024 revenue was 73.6 billion yuan, with a gross margin of 11.75%, slightly down from previous periods due to increased costs [2] - The company expects Q4 2024 net profit to be between 4.068 billion and 4.616 billion yuan, indicating a year-on-year growth of 14% to 29% [3] - The report provides a detailed financial forecast, adjusting the net profit estimates for 2024, 2025, and 2026 to 13.53 billion, 17.53 billion, and 21.01 billion yuan respectively [5][9] Business Segment Insights - In the consumer electronics sector, the company is well-positioned to benefit from the AI wave, leveraging its core technologies in sound, light, electricity, and more [4] - The communications segment continues to deepen its presence in high-speed interconnects and data centers, collaborating with leading chip manufacturers to set next-generation standards [4] - The automotive segment is expanding its product offerings, targeting the trillion-yuan market with a diverse range of products, including connectors and smart cockpit solutions [4]