消费电子稳健增长，AI 算力&汽车打开增量空间 消费电子 立讯精密（002475.SZ） 证券研究报告/公司点评报告 2025 年 08 月 26 日 | 买入（维持） | 评级： | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | 分析师：王芳 | | 营业收入（百万元） | 231,905 | 268,795 | 310,086 | 372,100 | 427,900 | | | | 增长率 yoy% | 8% | 16% | 15% | 20% | 15% | | 执业证书编号：S0740521120002 | | 归母净利润（百万元） | 10,953 | 13,366 | 16,774 | 19,737 | 22,714 | | Email：wangfang02@zts.com.cn | | 增长率 yoy% | 20% | 22% | 26% | 18% | 15% | | | | 每股收益（元） ...

本次股份质押基本情况： | | 是否为 | | | | 是 | 是 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 控股股 | | | | | 否 | | | | | | 股 | 东或第 | | 占其所 | 占公 | 否 | 为 | | | | | | 东 | | 本次质押股 | | 司总 | 为 | | | | | | | | 一大股 | | 持股份 | | | 补 | 质押起始日 | 质押到期日 | 质权人 | 质押用途 | | 名 | | 份数量（股） | | 股本 | 限 | | | | | | | 称 | 东及其 | | 比例 | 比例 | 售 | 充 | | | | | | | 一致行 | | | | 股 | 质 | | | | | | | 动人 | | | | | 押 | | | | | | 立 | | | | | | | | | | | | 讯 | 是 | 48,000,000 | 1.76% | 0.66% | 否 | 否 | 2025/8/25 | 2028/9/01 | 兴 ...

Group 1 - Sichuan Gold achieved a net profit of 209 million yuan in the first half of 2025, a year-on-year increase of 48.41% [1] - Hai Xin Co. reported a net profit of 108 million yuan, up 5.62% year-on-year, despite a revenue decline of 8.35% [1] - Shanhe Pharmaceutical Auxiliary's net profit decreased by 2.61% to 93.04 million yuan, with a revenue increase of 4.65% [2] Group 2 - Donghua Software's net profit fell by 15.78% to 244 million yuan, with a slight revenue decline of 1.76% [2] - Zhongyuan Haike reported a significant net profit drop of 91.21% to 9.83 million yuan, alongside a revenue decrease of 9.97% [3] - Xingxin New Materials experienced a net profit decline of 21.72% to 33.64 million yuan, with a minimal revenue growth of 0.02% [4] Group 3 - Longban Media's net profit increased by 13.28% to 120 million yuan, despite a revenue drop of 24.01% [6] - Guangge Technology reported a net loss of 31.38 million yuan, worsening from a loss of 20.17 million yuan in the previous year, with a revenue increase of 71.44% [7] - Ge Ke Wei's net profit decreased by 61.59% to 29.76 million yuan, despite a revenue growth of 30.33% [8] Group 4 - Shaoyang Hydraulic's net profit fell by 31.68% to 7.11 million yuan, with a revenue decline of 12.84% [9] - Qianjiang Biochemical achieved a net profit of 107 million yuan, a year-on-year increase of 30.24%, despite a revenue decline of 9.64% [10] - Jianhui Information's net profit dropped by 82.99% to 502.52 million yuan, with a revenue increase of 9.03% [11] Group 5 - Nobon Co. reported a net profit of 65.33 million yuan, up 48.33% year-on-year, with a revenue increase of 33.35% [12] - Proya's net profit increased by 13.80% to 799 million yuan, with a revenue growth of 7.21% [13] - Huayuan Holdings reported a net loss of 22.48 million yuan, improving from a loss of 39.2 million yuan in the previous year, with a revenue decline of 94.74% [15] Group 6 - Chihong Zn & Ge's net profit increased by 3.27% to 932 million yuan, with a revenue growth of 7.67% [17] - Dae Oriental's net profit decreased by 45.33% to 59.04 million yuan, with a revenue decline of 5.20% [19] - Zhongnong Lihua's net profit fell by 10.06% to 142 million yuan, despite a revenue increase of 3.27% [20] Group 7 - Triangle Tire's net profit decreased by 35.31% to 396 million yuan, with a revenue decline of 4.50% [21] - Lianchuang Optoelectronics reported a net profit of 263 million yuan, up 15.18% year-on-year, with a revenue increase of 6.51% [22] - Taijing Technology's net profit fell by 61.59% to 22.04 million yuan, despite a revenue growth of 16.73% [23] Group 8 - Congsheng Co. announced plans to establish a wholly-owned subsidiary with an investment of 5 million yuan [24] - Yilian Network's net profit decreased by 8.84% to 1.24 billion yuan, with a slight revenue decline of 0.64% [25] - Weichuang Electric's net profit increased by 4.87% to 141 million yuan, with a revenue growth of 16.39% [26] Group 9 - Liuyuan Chemical reported a net loss of 149 million yuan, worsening from a profit of 29.37 million yuan in the previous year, with a revenue increase of 3.10% [28] - Luxshare Precision achieved a net profit of 6.644 billion yuan, a year-on-year increase of 23.13%, with a revenue growth of 20.18% [29] - Jiangfeng Electronics reported a net profit of 253 million yuan, up 56.79% year-on-year, with a revenue increase of 28.71% [30] Group 10 - Hongqiao Technology reported a net loss of 22.97 million yuan, worsening from a profit of 21.96 million yuan in the previous year, with a revenue decline of 11.76% [31] - Hong Sifang's net profit decreased by 47.10% to 43.97 million yuan, with a revenue decline of 8.18% [32] - Huaxia Happiness reported a net loss of 6.827 billion yuan, worsening from a loss of 4.849 billion yuan in the previous year, with a revenue decline of 50.90% [35] Group 11 - Watson Bio's net profit decreased by 74.69% to 43.16 million yuan, with a revenue decline of 19.47% [37] - Huayang Lianzhong's controlling shareholder plans to increase its stake by 1% to 2% [39] - Lanhua Ketech's net profit decreased by 89.58% to 57.48 million yuan, with a revenue decline of 26.05% [41] Group 12 - Aike Optoelectronics reported a net profit increase of 127.40% to 36.04 million yuan, with a revenue growth of 64.39% [43] - Guojia Automobile's net profit decreased by 14.32% to 21.3 million yuan, with a revenue decline of 11.64% [44] - Yingjia Gongjiu's net profit decreased by 18.19% to 1.13 billion yuan, with a revenue decline of 16.89% [46] Group 13 - China Shipbuilding Technology reported a net loss of 574 million yuan, worsening from a loss of 81.71 million yuan in the previous year, with a revenue increase of 30.79% [48] - Dayang Electric's net profit increased by 34.41% to 602 million yuan, with a revenue growth of 7.66% [49] - Shoukai Co. reported a net loss of 1.839 billion yuan, improving from a loss of 1.948 billion yuan in the previous year, with a revenue increase of 105.19% [51]

每经AI快讯，8月26日，立讯精密公告称，公司控股股东香港立讯有限公司于2025年8月26日将其持有 的4800万股公司股份质押给兴业银行股份有限公司深圳分行，用于日常经营。此次质押占其所持股份比 例1.76%，占公司总股本比例0.66%。公司表示，控股股东资信状况良好，具备资金偿还能力，质押股 份目前不存在平仓风险或被强制过户风险。 ...

第1笔成交价格为45.60元，成交10.80万股，成交金额492.48万元，溢价率为0.00%，买方营业部为机构 专用，卖方营业部为机构专用。 进一步统计，近3个月内该股累计发生10笔大宗交易，合计成交金额为1.19亿元。该股近5个交易日累计 上涨16.62%，主力资金合计净流入10.17亿元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 8月26日，立讯精密收涨6.17%，收盘价为45.60元，发生1笔大宗交易，合计成交量10.8万股，成交金额 492.48万元。 ...

Group 1: Industry Overview - The consumer electronics sector is experiencing active performance, with stocks like Lingyi iTech, Fenda Technology, and GoerTek hitting the daily limit up [1] - Institutions believe that the consumer electronics sector is entering a new product release season, which may lead to a valuation reshaping [1] - The integration of AI in consumer electronics is becoming a significant driver for China's economic development, facilitating industry transformation and technological upgrades [5][6] Group 2: Upcoming Product Launches - The Apple fall launch event is anticipated to take place on September 9, with the iPhone 17 series expected to feature significant upgrades in imaging, performance, materials, and battery life [4] - The iPhone 17 Pro series will introduce an aluminum frame and a seamless design, marking a major aesthetic change [3] - The imaging system of the iPhone 17 series will include a 4x optical zoom capability and three 48-megapixel cameras, with the front camera upgraded to 24 megapixels [3] Group 3: Company Developments - Leading companies in the consumer electronics sector are poised to benefit from the AI-driven innovation wave, with a focus on hardware upgrades [7] - Lingyi iTech is transitioning from a traditional manufacturer to an AI terminal hardware platform, aiming to enhance competitiveness in new markets like robotics and AI glasses [7] - Luxshare Precision reported a revenue of 124.5 billion yuan, a 20.2% year-on-year increase, and a net profit of 6.64 billion yuan, up 23.1% year-on-year, indicating robust performance in the consumer electronics business [8] Group 4: Market Sentiment - The consumer electronics sector is entering a new prosperity cycle, with leading companies accelerating their transformation from traditional manufacturers to intelligent solution providers [8] - The current dynamic price-to-earnings ratio of the sector is still below the median of the past three years, suggesting potential for continued valuation recovery [8]

进一步统计，近3个月内该股累计发生10笔大宗交易，合计成交金额为1.19亿元。 注：本文系新闻报道，不构成投资建议，股市有风险，投资需谨慎。 证券时报·数据宝统计显示，立讯精密今日收盘价为45.60元，上涨6.17%，日换手率为3.07%，成交额为 100.01亿元，全天主力资金净流入4.82亿元，近5日该股累计上涨16.62%，近5日资金合计净流入9.05亿 元。 （文章来源：证券时报网） 两融数据显示，该股最新融资余额为32.82亿元，近5日增加4.41亿元，增幅为15.51%。（数据宝） 8月26日立讯精密大宗交易一览 | 成交量（万 | 成交金额（万 | 成交价格 | 相对当日收盘折溢价 | 买方营业 | 卖方营业 | | --- | --- | --- | --- | --- | --- | | 股） | 元） | （元） | （%） | 部 | 部 | | 10.80 | 492.48 | 45.60 | 0.00 | 机构专用 | 机构专用 | 立讯精密8月26日大宗交易平台出现一笔成交，成交量10.80万股，成交金额492.48万元，大宗交易成交 价为45.60元。该笔交易的买卖双方均为机构专 ...

Core Viewpoint - Lixun Precision reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, despite a complex global economic environment and ongoing geopolitical uncertainties [3][4]. Financial Performance - Revenue for H1 2025 reached 124.50 billion yuan, representing a 20.18% increase compared to the same period last year [4]. - Net profit attributable to shareholders was 6.64 billion yuan, up 23.13% year-on-year [4]. - Net profit excluding non-recurring items was 5.60 billion yuan, reflecting a 12.90% increase from the previous year [4]. - The company reported a negative net cash flow from operating activities of -1.66 billion yuan, a decline of 169.05% compared to the previous year [4]. - Basic earnings per share increased to 0.92 yuan, a rise of 22.67% [4]. - Total assets at the end of H1 2025 were 244.35 billion yuan, up 9.17% from the end of the previous year [4]. - Net assets attributable to shareholders were 74.72 billion yuan, an increase of 7.78% year-on-year [4]. Business Strategy and Market Position - The company maintains strategic focus by aligning with market and customer demands, enhancing vertical integration and smart manufacturing capabilities [5]. - Lixun Precision's consumer electronics segment showed robust performance, successfully introducing multiple new product projects and deepening collaborations in emerging fields such as AR/VR and consumer-grade 3D printing [5]. - The company capitalized on the historic opportunity presented by AI infrastructure development, providing integrated solutions in data centers, including high-speed copper and optical connections, and power management systems [5]. - Lixun Precision's automotive Tier 1 business continues to secure new projects from major domestic and international automakers, expanding its product lines and customer base [6]. - The automotive segment is experiencing rapid growth, establishing a solid foundation for the company's long-term sustainable development [6].

昨天尾盘的拉升透支了今天的行情，今天大缩量，但指数盘中差点新高，尾盘跳水，沪指和创业板指都翻绿。今天早盘拉券商，然后我看大缩量，就知道不 太妙，前几天大盘放量大涨，大盘新高了但证券ETF却还没新高，可见券商被压着。压着干嘛呢？那就是大盘调整的时候拉起，让市场没那么恐慌，也可以 理解为方便资金出货，如果大家都慌不择路，那出货的成本就更高。 为什么要关注量价呢？昨天我有解释，技术分析在牛市中是有用的，因为牛市量价足够大，越大的量，价格就越能充分反应市场参与者的态度，价格运行所 展现的趋势就越有效。 牛市就是情绪和资金共振，就是增量资金推动的，特别是加速的指数性行情，想涨就要有源源不断的增量资金，体现在量上就是持续放量。不过大家也知 道，随着指数快速上涨，获利盘越来越丰厚，抛售压力也会越来越大，等某一天增量资金接不住抛售盘时，回调就来了。 昨天接近3.2万亿的成交，有买就有卖，3.2万亿代表有大量资金买，同时也有大量资金卖。在某一个阶段，增量资金是有限的（比如现在经济没复苏，那么 看重基本面的资金就不会买入），已经买入的资金越多，潜在的增量资金就越少。 a股想要继续加速，就要继续放量，但在3.2万亿的量前，我很难想 ...

截至8月26日收盘，果指数概念上涨3.11%，位居概念板块涨幅第1，板块内，14股上涨，领益智造、歌 尔股份等涨停，珠海冠宇、水晶光电、立讯精密等涨幅居前，分别上涨14.34%、6.37%、6.17%。跌幅 居前的有工业富联、中石科技、东山精密等，分别下跌5.25%、1.95%、0.63%。 今日涨跌幅居前的概念板块 | 概念 | 今日涨跌幅（%） | 概念 | 今日涨跌幅（%） | | --- | --- | --- | --- | | 果指数 | 3.11 | CRO概念 | -2.00 | | 养鸡 | 2.87 | 稀土永磁 | -1.98 | | 猪肉 | 2.36 | 减肥药 | -1.38 | | 数字水印 | 1.88 | 创新药 | -1.25 | | 托育服务 | 1.87 | PEEK材料 | -1.22 | | 电子竞技 | 1.85 | 细胞免疫治疗 | -1.14 | | 转基因 | 1.82 | 中船系 | -1.07 | | 空间计算 | 1.78 | 国产航母 | -0.97 | | 磷化工 | 1.67 | 重组蛋白 | -0.96 | | 草甘膦 | 1.66 | 人形机 ...