LUXSHARE-ICT(002475) 中银国际·2025-04-29 07:51Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is expected to achieve steady growth in its performance for 2024 and the first half of 2025, with a solid layout in three core business segments: consumer electronics, automotive, and communication & data centers. The growth is supported by both organic and external development strategies, enhancing competitive strength for sustainable growth [3][8]. Financial Summary - The company’s projected revenue for 2024 is RMB 268.8 billion, representing a year-on-year growth of 15.9%. The net profit attributable to the parent company is expected to reach RMB 13.4 billion, up 22.0% year-on-year [7][8]. - For the first quarter of 2025, the company anticipates a revenue of RMB 61.79 billion, a 17.9% increase year-on-year, and a net profit of RMB 3.04 billion, reflecting a 23.2% growth [8]. - The earnings per share (EPS) for 2025 is projected at RMB 2.34, with corresponding price-to-earnings ratios of 13.2x for 2025, 11.1x for 2026, and 9.2x for 2027 [5][7]. Business Segments Performance - In the consumer electronics segment, revenue is expected to reach RMB 224.09 billion, growing by 13.65% year-on-year, accounting for 83.4% of total revenue [8]. - The automotive segment shows significant growth, with a revenue increase of 48.7% year-on-year, reaching RMB 13.76 billion, representing 5.1% of total revenue [8]. - The communication and precision components segment is projected to grow by 26.3% year-on-year, with revenue of RMB 18.36 billion, accounting for 6.8% of total revenue [8]. Valuation Metrics - The company’s estimated EBITDA for 2025 is RMB 28.41 billion, with a growth rate of 33.5% [7][8]. - The projected net profit for 2025 is RMB 16.99 billion, with a growth rate of 27.1% [7][8]. - The company maintains a strong financial position with a projected return on equity (ROE) of 20.1% for 2025 [14].