LUXSHARE-ICT(002475) 海通证券·2024-11-11 07:30Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company achieved a revenue of 177.18 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.67%. The net profit attributable to the parent company was 9.08 billion yuan, up 23.06% year-on-year [4][5] - The company forecasts a net profit attributable to the parent company for 2024 to be between 13.14 billion yuan and 13.69 billion yuan, indicating a year-on-year growth of 20.0% to 25.0% [5] - The company is leveraging vertical integration and synergy advantages across its business segments, particularly in consumer electronics, communications, and automotive sectors [6] Financial Performance - In Q3 2024, the company reported revenue of 73.58 billion yuan, a year-on-year increase of 27.07%, and a net profit of 3.68 billion yuan, up 21.88% year-on-year [4] - The company’s revenue for 2023 is projected to be 231.91 billion yuan, with a year-on-year growth of 8.4%, and a net profit of 10.95 billion yuan, reflecting a growth of 19.5% [8] - The company’s EPS for 2024 is estimated at 1.87 yuan, with a projected P/E ratio of 20-25 times, leading to a reasonable valuation range of 37.40 to 46.75 yuan [6][10] Business Strategy - The company is focused on enhancing its existing business and exploring new fields, technologies, and products, aiming to create a complete vertical integration loop in the industry [6] - The company has made significant advancements in precision manufacturing capabilities, particularly in RF front-end modules, through strategic acquisitions [6] - The automotive segment is expanding rapidly, with the company establishing deep strategic partnerships with leading automotive manufacturers [6] Market Comparison - The company’s stock has shown a relative performance of -28.62% compared to the market index [2] - The company’s financial metrics, including a projected net profit growth rate of 23.2% for 2024, indicate strong potential compared to peers [9][10]