LUXSHARE-ICT(002475) 东莞证券·2025-04-29 09:31Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [2][5] Core Views - The company's 2024 performance met expectations, with a revenue of 268.8 billion yuan, a year-on-year increase of 15.91%. The net profit attributable to shareholders was 13.37 billion yuan, up 22.03% year-on-year [3][5] - For Q1 2025, the company reported a revenue of 61.79 billion yuan, a year-on-year growth of 17.90%, with net profit attributable to shareholders reaching 3.04 billion yuan, reflecting a 23.17% increase year-on-year [3][5] Summary by Sections Financial Performance - In 2024, the revenue breakdown by business segments includes consumer electronics at 224.09 billion yuan, communications at 18.36 billion yuan, automotive at 13.76 billion yuan, and computers at 9.00 billion yuan, with respective year-on-year growth rates of 13.65%, 26.29%, 48.69%, and 20.15% [5][6] - The overall gross margin for 2024 was 10.41%, a decrease of 1.17 percentage points year-on-year, while the net margin improved to 5.42%, an increase of 0.14 percentage points [5][6] Future Guidance - The company expects a stable growth in H1 2025, projecting a net profit attributable to shareholders between 6.48 billion and 6.75 billion yuan, representing a year-on-year growth of 20% to 25% [5][6] - The estimated earnings per share (EPS) for 2025 and 2026 are projected to be 2.27 yuan and 2.80 yuan, with corresponding price-to-earnings (PE) ratios of 14 and 11 times [5][6] Operational Resilience - The company has a global delivery capability with manufacturing bases in multiple countries, allowing for flexible resource allocation and customized solutions, which helps mitigate risks from global trade uncertainties [5][6]