LUXSHARE-ICT(002475) 中原证券·2024-11-01 10:57Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [2][20]. Core Insights - The company, Luxshare Precision (002475), reported a revenue of 177.18 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.67%. The net profit attributable to shareholders was 9.075 billion yuan, up 23.06% year-on-year [3][4]. - The company is positioned to benefit significantly from the AI-driven new era in consumer electronics, with strong growth in its communications and automotive segments contributing to a second growth curve [5][7]. - The company has established a competitive advantage in the consumer electronics sector, providing comprehensive solutions from components to systems for major global brands [5][8]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 73.579 billion yuan, a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73%. The net profit for the same quarter was 3.679 billion yuan, reflecting a year-on-year growth of 21.88% [3][4]. - The gross margin for the first three quarters of 2024 was 11.72%, a slight decrease of 0.08% year-on-year, while the net profit margin improved to 5.52%, up 0.21% year-on-year [4][8]. - The company forecasts a net profit for 2024 between 13.143 billion and 13.691 billion yuan, indicating a growth of 20% to 25% year-on-year [3][8]. Revenue and Profit Forecast - The projected revenues for 2024 to 2026 are 255.503 billion yuan, 308.333 billion yuan, and 351.393 billion yuan, respectively. The net profit for the same period is expected to be 13.665 billion yuan, 17.229 billion yuan, and 20.472 billion yuan [9][14]. - The earnings per share (EPS) are forecasted to be 1.89 yuan in 2024, 2.38 yuan in 2025, and 2.83 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 22.34, 17.72, and 14.91 [9][14].