Financial Performance - In 2024, the company achieved revenue of CNY 268.795 billion, a year-on-year increase of 15.91% [3] - Net profit attributable to shareholders was CNY 13.366 billion, up 22.03% from the previous year [3] - The gross profit margin for 2024 was 10.41%, down 1.17 percentage points from 11.58% in 2023 [3] - In Q1 2025, revenue reached CNY 61.788 billion, a 17.90% increase year-on-year [6] - Q1 2025 net profit was CNY 3.377 billion, a 31.25% increase compared to the same period last year [6] Operational Efficiency - Operating expense ratio for 2024 was 5.94%, down from 6.30% in 2023, indicating improved operational efficiency [3] - The company’s cash flow from operating activities in 2024 was CNY 27.117 billion, slightly down from the previous year [4] - Inventory turnover days decreased to 45.94 days in 2024, down 12.98 days year-on-year, reflecting better inventory management [5] Business Segments Consumer Electronics - The consumer electronics segment saw significant growth, with a focus on "scene ecology, AI empowerment, and global collaboration" [7] - The wearable device market is projected to reach 190 million units in 2024, with a focus on health monitoring features [8] - The company plans to reduce the carbon footprint of health monitoring products by 30% by 2025 [9] Communication - The communication segment's revenue for 2024 was CNY 18.359 billion, a 26.29% increase year-on-year [14] - The company is positioned to benefit from the growing demand for AI infrastructure, with expected GPU server penetration increasing from 7% in 2023 to 30% by 2028 [15] Automotive - Automotive sales reached CNY 13.7 billion in 2024, nearly a 50% increase from 2023 [20] - The automotive wiring harness segment accounted for 60% of automotive business revenue, with significant growth in high-voltage and high-speed harnesses [20] - The company is the only domestic firm capable of fully developing automotive connectors, with high-voltage connectors now in stable supply to major manufacturers [21] Strategic Outlook - The company aims to enhance its technology capabilities and expand its market presence in the automotive sector, particularly in smart driving and intelligent cockpit products [22] - Future capital expenditures are expected to focus on upgrading facilities in Vietnam and Indonesia, with a projected capacity contribution of nearly 30% from the Vietnam plant by 2025 [26] - The company plans to maintain a growth target of 20%-25% despite fluctuating tariff policies, indicating resilience in its operational strategy [30]

沪指4月28日下跌0.20%，申万所属行业中，今日上涨的有5个，涨幅居前的行业为银行、钢铁，涨幅分 别为0.98%、0.53%。跌幅居前的行业为房地产、综合，跌幅分别为3.66%、2.52%。电子行业今日下跌 0.44%。 电子行业今日下跌0.44%，全天主力资金净流出31.04亿元，该行业所属的个股共461只，今日上涨的有 128只，涨停的有3只；下跌的有327只，跌停的有2只。以资金流向数据进行统计，该行业资金净流入的 个股有153只，其中，净流入资金超5000万元的有7只，净流入资金居首的是兆易创新，今日净流入资金 2.40亿元，紧随其后的是联创电子、瀛通通讯，净流入资金分别为1.29亿元、1.07亿元。电子行业资金 净流出个股中，资金净流出超亿元的有9只，净流出资金居前的有立讯精密、胜宏科技、上海贝岭，净 流出资金分别为4.18亿元、1.69亿元、1.66亿元。（数据宝） 电子行业资金流出榜 电子行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 002475 | 立讯精密 | ...

Investment Rating - The investment rating for Luxshare Precision (002475.SZ) is "Recommended" (maintained) with a current stock price of 31.61 CNY [1]. Core Views - The company is expected to achieve a revenue of 268.795 billion CNY in 2024, representing a year-over-year growth of 15.91%, and a net profit attributable to shareholders of 13.366 billion CNY, reflecting a 22.03% increase year-over-year [3][6]. - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders [3]. - The overall gross margin and net margin for 2024 are projected to be 10.41% (down 1.17 percentage points year-over-year) and 5.42% (up 0.14 percentage points year-over-year), respectively [6]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenues of 268.795 billion CNY, with a year-over-year growth of 15.91% [5]. - The net profit for 2024 is projected at 13.366 billion CNY, marking a 22.03% increase year-over-year [5]. - The first quarter of 2025 is anticipated to show revenues of 61.788 billion CNY (up 17.90% year-over-year) and a net profit of 3.044 billion CNY (up 23.17% year-over-year) [6]. Business Segments - Revenue from various business segments in 2024 is expected to be as follows: Consumer Electronics 224.094 billion CNY (up 13.65% YoY), Computers 9.002 billion CNY (up 20.15% YoY), Automotive 13.758 billion CNY (up 48.69% YoY), and Communications 18.360 billion CNY (up 26.29% YoY) [6]. - The company is actively expanding its product layout from consumer electronics to a diversified range of components, modules, and accessories, including connectors, acoustic products, antennas, and wireless charging systems [7]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 16.140 billion CNY, 19.204 billion CNY, and 22.637 billion CNY, respectively, with corresponding P/E ratios of 14, 12, and 10 times [8]. - The company is also pursuing strategic acquisitions, such as the planned acquisition of the German automotive wiring harness manufacturer Leoni Group, which is expected to enhance product development and market expansion [7].

大家早上壕！ 先看海外要闻： 上周五，美股盘中特朗普提及关税后，标普、纳指一度回吐过半涨幅、道指曾跌超百点。最终道指涨0.05%，标普500指数涨0.74%，纳斯达克涨 1.26%。 英伟达收涨超4%，特斯拉大涨近10%、一周涨18%，谷歌盘初涨超4%后回吐多数涨幅。中概指数止步三连涨，但全周涨超7%。 美债收益率连日下行。美元反弹，一个多月来首次周度上涨。 黄金回落超1%、全周转跌，对等关税宣布以来首次周度下跌。原油两日反弹，但美油一周跌超2%。 知名分析师：苹果将销美iPhone全搬到印度组装不切实际。 美国农业部：中国取消了1.2万吨美国猪肉订单，较前一周大幅减少72%。中国近期仅采购了1800吨大豆，远低于截至4月10日当周的采购量7.3万 吨。 国内重大事件汇总： 1、中共中央政治局4月25日下午就加强人工智能发展和监管进行第二十次集体学习。（新华社） 12、2025年国内核电项目审批首次开闸：国常会核准10台新机组，拉动超2000亿投资。我国首个核电工业操作系统发布，将在华龙一号新机组全 面应用。国家原子能机构：正组织编制全口径核技术应用产业中长期发展规划。国家核安全局局长董保同：我国核电已进入大 ...

老铁们，我是帮主郑重！二十年深耕资本市场，今天带大家解读这轮以旧换新政策背后的投资逻辑。全国 1.2亿人已领取的3000亿补贴，正在重塑三大产业格局，咱们中长线投资者该如何把握？ 先看政策核心落点——家电、汽车、消费电子三驾马车。家电板块补贴力度最大，冰箱空调等12类产品最 高补贴20%，单件封顶2000元。今年前四个月，家电销售额同比激增23%，美的、格力这些龙头的生产线 已经三班倒运转。特别要关注高端智能品类，卡萨帝系列产品在补贴后销量翻倍，这背后是消费升级的长 期趋势。 当然风险防控不能忘：一要警惕地方财政差异，重点关注长三角、珠三角地区标的；二要规避低端价格战 企业，优选研发费用率超5%的技术型企业；三要严守交易纪律，单只个股仓位不超过15%，动态止盈设置 在20%-25%。 中长期来看，这轮政策将加速三大行业集中度提升。数据显示，家电行业CR5市占率从2019年的68%提升 至目前的79%，汽车行业前十车企市场份额突破92%。咱们要抓住这波结构性机会，重点配置现金流稳 定、股息率超3%的龙头企业。 老铁们记住，政策市投资要把握"提前半步"原则——在预期发酵期介入，在政策落地期兑现。就像此刻， 正是布 ...

Core Viewpoint - Despite facing challenges such as international geopolitical conflicts and global economic downturns, Luxshare Precision (立讯精密) has achieved impressive financial results in 2024, with significant growth in revenue and net profit [2][4]. Financial Performance - In 2024, Luxshare Precision reported total revenue of 268.8 billion yuan, a year-on-year increase of 15.91%, and a net profit attributable to shareholders of 13.37 billion yuan, up 22.03% [2]. - For Q1 2025, the company continued its growth trajectory, achieving revenue of 61.79 billion yuan, a 17.9% increase year-on-year, and a net profit of 3.04 billion yuan, up 23.17% [2]. Business Segments - The consumer electronics segment remains the core business, generating 224.09 billion yuan in revenue in 2024, reflecting a 13.65% increase, solidifying the company's leading position in the industry [4]. - Luxshare's ODM (Original Design Manufacturer) business has expanded significantly, covering popular product categories such as smart AR/VR glasses, smart acoustic products, and smart home devices [3][6]. Strategic Initiatives - The company is enhancing its ODM capabilities through acquisitions, including a recent agreement with Wistron Technology to acquire certain assets related to system integration, aiming to strengthen its position beyond Apple-related products [4][6]. - Luxshare is also diversifying its product offerings into automotive electronics, with revenue from this segment reaching 13.76 billion yuan in 2024, a 48.69% increase [9]. Market Trends and Future Outlook - The automotive electronics sector is viewed as a key growth area, with Luxshare focusing on components such as wiring harnesses and smart cockpit systems, capitalizing on the trends of electrification and connectivity in the automotive industry [9][10]. - The company has initiated a strategic acquisition of Leoni Group, a century-old automotive wiring harness manufacturer, to enhance its competitive edge in the global automotive market [10]. - Looking ahead to 2025, Luxshare aims to maintain its core business focus while leveraging its unique advantages to create more value for customers and the industry [11].

Summary of Conference Call Company and Industry Overview - The conference call involved a discussion about the company, which operates in the consumer electronics, automotive, and communication sectors. The company reported its 2024 annual report and Q1 2025 results, highlighting growth despite complex international conditions and geopolitical conflicts [1][2]. Key Financial Metrics - For 2024, the company achieved revenue of 268.795 billion CNY, a year-on-year increase of 15.91%. Net profit attributable to shareholders was 13.366 billion CNY, up 22.03% from the previous year [2][3]. - The gross margin for 2024 was 10.41%, a decrease of 1.17 percentage points, primarily due to losses from certain smart wearable products [2][3]. - In Q1 2025, revenue reached 61.788 billion CNY, a 17.9% increase year-on-year, with net profit of 3.377 billion CNY, up 31.25% [6][3]. - The company’s operating cash flow for 2024 was 27.117 billion CNY, slightly down from the previous year [3][4]. Business Segment Highlights Consumer Electronics - The consumer electronics segment experienced significant growth, focusing on AI integration and vertical integration from components to complete systems. The company aims to cover various smart home applications [6][7]. - Key product lines include networking products, wearables, smart terminals, and smart home devices, with a projected 40% increase in new projects for 2025 [8][9][10]. Automotive - The automotive segment reported a sales increase of nearly 50% in 2024, reaching 13.7 billion CNY. The growth is attributed to a well-established product matrix and strategic investments [20][21]. - Major product lines include automotive wiring harnesses, connectors, intelligent control systems, and power systems, with a focus on high-voltage and high-speed connectors [21][22][23][24]. Communication - The communication segment achieved revenue of 18.359 billion CNY in 2024, a 25% increase, driven by component business growth. The company is focusing on high-speed interconnect technology and AI infrastructure [16][19]. - The company is positioned as a leading provider in the data transmission market, with significant investments in optical and power management technologies [17][18]. Strategic Outlook - The company is optimistic about future growth opportunities in the face of geopolitical challenges, emphasizing the importance of a flexible supply chain and technological innovation [2][19]. - The focus will be on enhancing product lines, expanding market share, and maintaining a competitive edge through continuous R&D investment [20][24]. Additional Insights - The company is committed to sustainability, aiming to reduce energy consumption in production and increase the use of renewable materials [13]. - The management expressed confidence in achieving a compound annual growth rate of around 30% over the next few years, despite market challenges [27][30]. Conclusion - The company demonstrated resilience and adaptability in a challenging environment, with strong financial performance and a clear strategic direction for future growth across its key business segments [1][2][20].

立讯精密（002475） 2022 年股票期权激励计划第二个行权期可行权激励对象名 单 立讯精密工业股份有限公司 2022 年股票期权激励计划第二个行权期 可行权激励对象名单 根据立讯精密工业股份有限公司（以下简称"公司"）第六届董事会第十二次 会议和第六届监事会第十一次会议审议通过的《关于 2022 年股票期权激励计划 第二个行权期行权条件成就的议案》，2022 年股票期权激励计划第二个行权期可 行权激励对象名单如下： 立讯精密（002475） 2022 年股票期权激励计划第二个行权期可行权激励对象名 | 53 | 刘筛成 | 核心骨干 | | --- | --- | --- | | 54 | 李文良 | 核心骨干 | | 55 | 谢源远 | 核心骨干 | | 56 | 赵炳 | 核心骨干 | | 57 | 王利国 | 核心骨干 | | 58 | 王转转 | 核心骨干 | | 59 | 刘伟涛 | 核心骨干 | | 60 | 彭建兵 | 核心骨干 | | 61 | 马敏 | 核心骨干 | | 62 | 谭长彦 | 核心骨干 | | 63 | 艾华 | 核心骨干 | | 64 | 王廉洁 | 核心骨干 | ...

立讯精密（002475） 2022 年股票期权激励计划人员名单（调整后） 立讯精密工业股份有限公司 2022 年股票期权激励计划人员名单（调整后） 二、获授股票期权的中层管理人员、核心技术（业务）骨干名单 | 序号 | 姓名 | 职务 | | --- | --- | --- | | 1 | 钟杰 | 核心经营层 | | 2 | 郑朝嶽 | 核心经营层 | | 3 | 张纵东 | 核心经营层 | | 4 | 张军 | 核心经营层 | | 5 | 袁海峰 | 核心经营层 | | 6 | 杨朔 | 核心经营层 | | 7 | 杨竣杰 | 核心经营层 | | 8 | 薛海皋 | 核心经营层 | | 9 | 熊藤芳 | 核心经营层 | | 10 | 武德治 | 核心经营层 | | 11 | 王涛 | 核心经营层 | | 12 | 田玉铭 | 核心经营层 | | 13 | 潘日亮 | 核心经营层 | | 14 | 林国钦 | 核心经营层 | | 15 | 廖俶娟 | 核心经营层 | | 16 | 李伟 | 核心经营层 | | 17 | 李敏 | 核心经营层 | | 18 | 李晶 | 核心经营层 | | 19 | 李家意 ...

为保证本激励计划的顺利实施，现根据《中华人民共和国公司法》（以下简称"《公 司法》"）、《中华人民共和国证券法》（以下简称"《证券法》"）、《上市公司 股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交易所上市公司 自律监管指南第 1 号——业务办理》（以下简称"《自律监管指南第 1 号》"）等 有关法律、法规和规范性文件以及《公司章程》、本激励计划的有关规定，并结合公 司的实际情况，特制定本办法。 一、考核目的 立讯精密工业股份有限公司 2025 年股票期权激励计划实施考核管理办法 立讯精密工业股份有限公司（以下简称"公司"）为进一步健全公司经营机制，完 善公司的法人治理结构，形成良好、均衡的薪酬考核体系，建立股东与公司核心员工 之间的利益共享、风险共担机制，确保公司未来发展战略和经营目标的实现，为股东 带来更为持久、丰厚的回报，制定了《立讯精密工业股份有限公司 2025 年股票期权 激励计划（草案）》（以下简称"本激励计划"）。 进一步完善公司法人治理结构，建立和完善公司激励约束机制，保证本激励 计划的顺利实施，并在最大程度上发挥本激励计划的作用，进而确保公司发展战 略和经营目标的实现。 二、考 ...