LUXSHARE-ICT(002475) 国信证券·2024-11-08 05:57Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company has shown steady growth in its performance for the first three quarters of 2024, with revenue reaching 177.28 billion (YoY +13.67%) and net profit attributable to shareholders at 9.08 billion (YoY +23.06%), nearing the upper limit of its previous performance forecast of 20-25% growth [1]. - The acquisition of Leoni AG is expected to accelerate the company's position as a leading Tier 1 supplier in the automotive sector, enhancing its global competitiveness in automotive wiring harness products [1]. - The company maintains a positive long-term outlook, with profit forecasts for 2024-2026 projected at 13.26 billion, 17.18 billion, and 20.55 billion respectively, reflecting growth rates of 21%, 30%, and 20% [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 73.58 billion (YoY +27.07%, QoQ +43.73%) and a net profit of 3.68 billion (YoY +21.88%, QoQ +25.76%) [1]. - The gross margin for Q3 2024 was 11.75%, a decrease of 2.01 percentage points YoY, attributed to an increase in assembly business revenue and the consolidation of lower-margin businesses [1]. Acquisition Impact - The acquisition of Leoni AG, announced on September 13, aims to enhance the company's automotive business and create strategic synergies in product development, market expansion, and operational efficiency [1]. Profit Forecasts - The company forecasts net profits of 13.26 billion, 17.18 billion, and 20.55 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21%, 30%, and 20% [2][1]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 23, 18, and 15 for the years 2024, 2025, and 2026 respectively [1].