LUXSHARE-ICT(002475) 北京韬联科技·2024-06-06 02:30Investment Rating - The report indicates a positive investment outlook for the company, highlighting significant growth in revenue and profit metrics [1]. Core Insights - The company, Luxshare Precision, has shown steady revenue and profit growth, with a notable 52% year-on-year increase in domestic shipments for a major client in April [1]. - The first quarter of 2024 saw a revenue of 524 billion, representing a 4.9% year-on-year increase, while the net profit attributable to shareholders reached 24.7 billion, up 22.5% year-on-year [3]. - The company is actively expanding its global footprint, establishing production and R&D bases in various countries, including Vietnam, India, and Germany [2]. Company Overview and Performance - Luxshare Precision is a precision manufacturing enterprise with products spanning consumer electronics, automotive, communication, industrial, and medical sectors, including connectors, cables, motors, and wireless charging [2]. - In 2023, the company achieved a revenue of 2319 billion, a growth of 8.4% year-on-year, and a net profit of 109.5 billion, up 19.5% year-on-year [3][5]. - The first quarter of 2024 also reported a non-GAAP net profit of 21.8 billion, reflecting a 23.2% increase compared to the previous year [3]. Market Dynamics - The report notes a significant increase in smartphone shipments, particularly for Apple, which rose by 52% in April, positively impacting upstream electronic component manufacturers [8]. - The company is focusing on core applications in data centers and communications, enhancing operational efficiency and product quality through internal optimization and external strategic partnerships [9]. - The report highlights the growing interest in high-speed connectors and customized server solutions, particularly in the context of AI and data processing [6][9]. Shareholder Behavior - As of the first quarter of 2024, the top ten circulating shareholders held approximately 48.4% of the total shares, with notable new entries from investment funds [10]. - The report indicates a decrease in the number of shareholders, suggesting an increase in the average number of shares held per shareholder [12]. - The "northbound funds" have been increasing their holdings in Luxshare Precision, indicating positive market sentiment [12].