立讯精密：立足创新，讯展万里

Investment Rating - The report assigns a "Buy" rating for the company, Lixun Precision (002475.SZ), marking its first coverage [2]. Core Insights - Lixun Precision is positioned as a leading enterprise in precision manufacturing in China, with a diverse product range across consumer electronics, automotive, communication, industrial, and medical sectors. The company focuses on innovation and technology breakthroughs while leveraging mergers and acquisitions to enhance market competitiveness [6][10]. - The company is expected to benefit from the growing AI server market, with a projected market size reaching billions, and aims to become a global Tier 1 supplier in the automotive sector [7][10]. - The company's revenue is forecasted to grow significantly, with expected revenues of 263.06 billion, 313.70 billion, and 366.59 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 13.60 billion, 17.15 billion, and 20.95 billion yuan for the same years [10][11]. Summary by Sections 1. Internal and External Mergers and Acquisitions - The company actively engages in mergers and acquisitions to enhance its competitive edge and expand its customer base and product offerings. This strategy reduces risks associated with global expansion [14][16]. - Notable acquisitions include the purchase of BoShuo Technology and Kunshan Lantao, which have allowed the company to enter significant supply chains such as Sony and Apple [16]. 2. Comprehensive Coverage in Consumer Electronics - Lixun Precision has achieved full coverage from components to modules and system assembly in the consumer electronics sector, deeply binding with major clients. In 2023, the company's largest client generated revenue of 174.4 billion yuan, accounting for 75% of total revenue [6][28]. 3. Embracing the AI Era - The company is well-positioned to tap into the AI server market, with a projected market size of 100 billion yuan. It offers comprehensive solutions including electrical connections, optical connections, and power management [7][10]. 4. Automotive Market Trends - Lixun aims to become a global Tier 1 supplier in the automotive industry, capitalizing on the increasing demand for smart vehicles and connectivity solutions. The company has established a diverse product matrix in automotive components and is expanding its presence in overseas markets [7][10]. 5. Revenue Forecast - The company anticipates robust revenue growth, with projected revenues of 263.06 billion, 313.70 billion, and 366.59 billion yuan for 2024, 2025, and 2026 respectively, alongside net profits of 13.60 billion, 17.15 billion, and 20.95 billion yuan for the same years [10][11].