LUXSHARE-ICT(002475) 华鑫证券·2024-11-12 07:45Investment Rating - The report maintains an "Accumulate" investment rating for the company [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 growth of 13.67%. The net profit attributable to shareholders reached 9.075 billion yuan, up 23.06% year-on-year [1] - The third quarter of 2024 saw 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 attributable to shareholders was 3.679 billion yuan, reflecting a year-on-year growth of 21.88% and a quarter-on-quarter increase of 25.76% [1] - The company is expected to benefit from the rapid development of AI technology in consumer electronics, with a projected shipment of AI smartphones in China reaching 37 million units in 2024, growing to 150 million units by 2027, representing a CAGR of 59.45% [1][3] Summary by Sections Business Performance - The company reported a gross profit margin of 11.75% in Q3 2024, with a net profit margin of 5.47%, both showing slight declines from the previous quarter [1] - The company plans to achieve a revenue target of 100 billion yuan in the consumer electronics segment by 2032, excluding major clients, which is expected to enhance revenue stability [1] Automotive and Communication Business - The company has diversified its automotive product matrix, including automotive wiring harnesses, connectors, smart cockpits, and intelligent driving systems. The acquisition of Leoni is expected to enhance R&D, procurement resources, and global production capabilities [3] - The communication segment has exceeded expectations, entering the supply pool of major global cloud vendors and equipment application clients, with significant profit growth anticipated in the next 2-3 years [3] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 265.32 billion yuan, 312.34 billion yuan, and 358.63 billion yuan, respectively. EPS is projected to be 1.89 yuan, 2.41 yuan, and 2.90 yuan for the same years, with corresponding PE ratios of 21.5, 16.9, and 14.1 [4][6]