Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company achieved a revenue of 177.18 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.67%. The net profit attributable to shareholders reached 9.075 billion yuan, up 23.06% year-on-year [1] - The third quarter of 2024 saw a revenue of 73.579 billion yuan, a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73%. The net profit attributable to shareholders was 3.679 billion yuan, reflecting a year-on-year growth of 21.88% and a quarter-on-quarter increase of 25.76% [1] - The company is expected to benefit from the rapid development of AI technology in consumer electronics, with a projected shipment of AI smartphones in China reaching 37 million units in 2024, growing to 150 million units by 2027, representing a CAGR of 59.45% [1][3] Summary by Sections Business Performance - The company reported a gross profit margin of 11.75% in Q3 2024, with a net profit margin of 5.47%, both showing slight declines from the previous quarter [1] - The company plans to achieve a revenue target of 100 billion yuan in the consumer electronics segment by 2032, excluding major clients, which is expected to enhance revenue stability [1] Automotive and Communication Business - The company has diversified its automotive product matrix, including automotive wiring harnesses, connectors, smart cockpits, and intelligent driving systems. The acquisition of Leoni is expected to enhance R&D, procurement resources, and global production capabilities [3] - The communication segment has exceeded expectations, entering the supply pool of major global cloud vendors and equipment application clients, with significant profit growth anticipated in the next 2-3 years [3] Earnings Forecast - Revenue forecasts for 2024, 2025, and 2026 are 265.32 billion yuan, 312.34 billion yuan, and 358.63 billion yuan, respectively. EPS is projected to be 1.89 yuan, 2.41 yuan, and 2.90 yuan for the same years, with corresponding PE ratios of 21.5, 16.9, and 14.1 [4][6]

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company achieved a revenue of 177.18 billion yuan in the first three quarters of 2024, representing a year-on-year increase of 13.67%. The net profit attributable to the parent company was 9.08 billion yuan, up 23.06% year-on-year [4][5] - The company forecasts a net profit attributable to the parent company for 2024 to be between 13.14 billion yuan and 13.69 billion yuan, indicating a year-on-year growth of 20.0% to 25.0% [5] - The company is leveraging vertical integration and synergy advantages across its business segments, particularly in consumer electronics, communications, and automotive sectors [6] Financial Performance - In Q3 2024, the company reported revenue of 73.58 billion yuan, a year-on-year increase of 27.07%, and a net profit of 3.68 billion yuan, up 21.88% year-on-year [4] - The company’s revenue for 2023 is projected to be 231.91 billion yuan, with a year-on-year growth of 8.4%, and a net profit of 10.95 billion yuan, reflecting a growth of 19.5% [8] - The company’s EPS for 2024 is estimated at 1.87 yuan, with a projected P/E ratio of 20-25 times, leading to a reasonable valuation range of 37.40 to 46.75 yuan [6][10] Business Strategy - The company is focused on enhancing its existing business and exploring new fields, technologies, and products, aiming to create a complete vertical integration loop in the industry [6] - The company has made significant advancements in precision manufacturing capabilities, particularly in RF front-end modules, through strategic acquisitions [6] - The automotive segment is expanding rapidly, with the company establishing deep strategic partnerships with leading automotive manufacturers [6] Market Comparison - The company’s stock has shown a relative performance of -28.62% compared to the market index [2] - The company’s financial metrics, including a projected net profit growth rate of 23.2% for 2024, indicate strong potential compared to peers [9][10]

本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 立讯精密工业股份有限公司（以下简称"公司"）于 2024 年 11 月 8 日接到公司 控股股东香港立讯有限公司（以下简称"立讯有限"）的函告，获悉其在华能贵诚信 托有限公司（以下简称"华能信托"）质押的本公司部分股份已解除质押。现将有 关情况说明如下： 一、股东股份解除质押情况 | 本次股份解除质押基本情况： | | --- | | 股东 | 是否为控股股东 或第一大股东及 | 本次解除质押 股份数量 | 占其所持 | 占公司总 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | 股份比例 | 股本比例 | | | | | | 其一致行动人 | （股） | | | | | | | 立讯 有限 | 是 | 31,430,000 | 1.15% | 0.43% | 2021/4/26 | 2024/11/7 | 华能信托 | | 立讯 有限 | 是 | 31,430,000 | 1.15% | 0.43% ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][13]. Core Views - The company has shown steady growth in its performance for the first three quarters of 2024, with revenue reaching 177.28 billion (YoY +13.67%) and net profit attributable to shareholders at 9.08 billion (YoY +23.06%), nearing the upper limit of its previous performance forecast of 20-25% growth [1]. - The acquisition of Leoni AG is expected to accelerate the company's position as a leading Tier 1 supplier in the automotive sector, enhancing its global competitiveness in automotive wiring harness products [1]. - The company maintains a positive long-term outlook, with profit forecasts for 2024-2026 projected at 13.26 billion, 17.18 billion, and 20.55 billion respectively, reflecting growth rates of 21%, 30%, and 20% [1]. Summary by Sections Financial Performance - For Q3 2024, the company reported revenue of 73.58 billion (YoY +27.07%, QoQ +43.73%) and a net profit of 3.68 billion (YoY +21.88%, QoQ +25.76%) [1]. - The gross margin for Q3 2024 was 11.75%, a decrease of 2.01 percentage points YoY, attributed to an increase in assembly business revenue and the consolidation of lower-margin businesses [1]. Acquisition Impact - The acquisition of Leoni AG, announced on September 13, aims to enhance the company's automotive business and create strategic synergies in product development, market expansion, and operational efficiency [1]. Profit Forecasts - The company forecasts net profits of 13.26 billion, 17.18 billion, and 20.55 billion for 2024, 2025, and 2026 respectively, with corresponding growth rates of 21%, 30%, and 20% [2][1]. - The current stock price corresponds to a price-to-earnings ratio (PE) of 23, 18, and 15 for the years 2024, 2025, and 2026 respectively [1].

Company and Industry Conference Call Summary Company Overview - The company reported steady progress across various business segments in the third quarter of the year, as reflected in the financial data presented during the earnings call [1][2]. - The total revenue for the first three quarters reached 177.1 billion, representing a year-on-year growth of 13.67% [2][6]. - The net profit attributable to shareholders was 9.075 billion, with a year-on-year increase of 23.06% [2][6]. Key Business Segments Consumer Electronics - The consumer electronics segment remains the core revenue and profit driver, benefiting from a diversified product line and strong customer recognition [3][19]. - The growth in this segment is attributed to the introduction of new products and technologies, particularly in AI-driven applications [3][19]. Automotive - The automotive segment has established a solid foundation with a diverse range of components, and the company is entering a phase of rapid market share expansion [4][19]. - The acquisition of Lowney is seen as a milestone, enhancing the company's global operational capabilities and talent acquisition [4][19]. Communication - The communication segment has exceeded expectations, leveraging technological advantages to penetrate global markets despite geopolitical challenges [5][19]. - The company is involved in advanced projects, such as the 448G high-speed interconnect solutions, which are expected to accelerate growth in the coming years [5][19]. Financial Performance - The gross profit margin for Q3 was reported at 11.72%, slightly down from 11.8% in the same period last year [6][26]. - Operating expenses increased due to investments in market expansion and new product development, with a sales and administrative expense ratio of 6.8% [6][26]. - The company maintained a net profit margin of 5.52%, up from 5.31% year-on-year [6][26]. Risks and Challenges - The company faced significant costs related to its subsidiary, Likai, particularly in smart insurance products, which impacted overall profitability [1][2]. - Currency exchange losses and accounting rules regarding foreign exchange hedging have also contributed to discrepancies in net profit growth rates [1][2]. Future Outlook - The company anticipates continued growth in the automotive and communication sectors, with a focus on high-quality development rather than just scale [14][19]. - There is a cautious optimism regarding the contribution of AI technologies to the communication segment, with expectations for accelerated growth in the coming years [14][15]. Additional Insights - The company is actively managing its supply chain and operational efficiency to mitigate risks associated with geopolitical tensions and market fluctuations [22][31]. - The management emphasized the importance of maintaining a balance between short-term profitability and long-term strategic investments [36][37]. Conclusion - The company is positioned for steady growth across its key segments, with a strong focus on innovation and customer satisfaction. However, it must navigate various external challenges, including currency fluctuations and geopolitical risks, to sustain its performance.

Investment Rating - The report assigns a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index within the next six months [2][20]. Core Insights - The company, Luxshare Precision (002475), reported a revenue of 177.18 billion yuan for the first three quarters of 2024, representing a year-on-year growth of 13.67%. The net profit attributable to shareholders was 9.075 billion yuan, up 23.06% year-on-year [3][4]. - The company is positioned to benefit significantly from the AI-driven new era in consumer electronics, with strong growth in its communications and automotive segments contributing to a second growth curve [5][7]. - The company has established a competitive advantage in the consumer electronics sector, providing comprehensive solutions from components to systems for major global brands [5][8]. Financial Performance Summary - For Q3 2024, the company achieved a revenue of 73.579 billion yuan, a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73%. The net profit for the same quarter was 3.679 billion yuan, reflecting a year-on-year growth of 21.88% [3][4]. - The gross margin for the first three quarters of 2024 was 11.72%, a slight decrease of 0.08% year-on-year, while the net profit margin improved to 5.52%, up 0.21% year-on-year [4][8]. - The company forecasts a net profit for 2024 between 13.143 billion and 13.691 billion yuan, indicating a growth of 20% to 25% year-on-year [3][8]. Revenue and Profit Forecast - The projected revenues for 2024 to 2026 are 255.503 billion yuan, 308.333 billion yuan, and 351.393 billion yuan, respectively. The net profit for the same period is expected to be 13.665 billion yuan, 17.229 billion yuan, and 20.472 billion yuan [9][14]. - The earnings per share (EPS) are forecasted to be 1.89 yuan in 2024, 2.38 yuan in 2025, and 2.83 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 22.34, 17.72, and 14.91 [9][14].

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-091 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 关于部分股票期权注销完成的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 在 2021 年股票期权激励计划预留授予的第二个等待期内，原激励对象中有 26 名激励对象因个人原因离职，不再具备激励资格；11 名激励对象考核结果不达标， 不具备当期部分股票期权激励资格。公司董事会经公司 2021 年第一次临时股东大会 的授权，根据《上市公司股权激励管理办法》及公司《2021 年股票期权激励计划（草 案）》及相关规定，同意上述 26 名离职人员已获授但尚未行权的全部股票期权、11 名绩效考核不达标人员已获授但尚未行权的当期部分股票期权不得行权，由公司进 行注销，拟注销的股票期权共计 891,998 份（含第一个行权期到期未行权的 63,002 份）。以上内容详见巨潮资讯网（http://www.cninfo.com.cn）《关于调整 2021 年股票 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][6] Core Views - The company's Q3 2024 performance met expectations, with revenue of 73.6 billion yuan, a year-on-year increase of 27%, and a net profit attributable to shareholders of 3.679 billion yuan, up 22% year-on-year [1][2] - The company forecasts a net profit attributable to shareholders for 2024 to be between 13.14 billion and 13.69 billion yuan, representing a year-on-year growth of 20-25% [3] - The report highlights the company's focus on high-quality growth in consumer electronics, communications, and automotive sectors, benefiting from advancements in AI and technology [4] Financial Performance Summary - Q3 2024 revenue was 73.6 billion yuan, with a gross margin of 11.75%, slightly down from previous periods due to increased costs [2] - The company expects Q4 2024 net profit to be between 4.068 billion and 4.616 billion yuan, indicating a year-on-year growth of 14% to 29% [3] - The report provides a detailed financial forecast, adjusting the net profit estimates for 2024, 2025, and 2026 to 13.53 billion, 17.53 billion, and 21.01 billion yuan respectively [5][9] Business Segment Insights - In the consumer electronics sector, the company is well-positioned to benefit from the AI wave, leveraging its core technologies in sound, light, electricity, and more [4] - The communications segment continues to deepen its presence in high-speed interconnects and data centers, collaborating with leading chip manufacturers to set next-generation standards [4] - The automotive segment is expanding its product offerings, targeting the trillion-yuan market with a diverse range of products, including connectors and smart cockpit solutions [4]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company's performance in Q3 2024 met expectations, with total revenue reaching 177.18 billion yuan, a year-on-year increase of 13.67%, and a net profit attributable to shareholders of 9.075 billion yuan, up 23.06% year-on-year [1]. - The company is leveraging AI to enhance its business across various sectors, including consumer electronics, communications, and automotive [1]. - The company is expected to achieve a net profit attributable to shareholders of 13.514 billion to 13.691 billion yuan in 2024, representing a growth of 20% to 25% [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported total revenue of 177.18 billion yuan, with a net profit of 9.075 billion yuan, and a non-recurring net profit of 8.117 billion yuan [1]. - In Q3 2024 alone, the company achieved revenue of 73.579 billion yuan, a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73% [1]. - The gross margin for Q3 2024 was 11.75%, showing a year-on-year decrease of 2.01 percentage points [1]. - The company forecasts revenues of 265.67 billion yuan for 2024, with a growth rate of 14.6% [2]. Business Development Insights - The company is focusing on diversifying its business by strengthening its consumer electronics base while expanding into communications and automotive sectors [1]. - In the consumer electronics sector, the company is iterating on products such as smartphones, PCs, and IoT devices [1]. - The automotive business has seen over 48% growth in revenue for the first half of 2024, indicating rapid growth in both volume and quality [1].

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-090 | | --- | --- | --- | | 债券代码：128136 | 债券简称：立讯转债 | | 立讯精密工业股份有限公司 4、付息日：2024年11月4日 5、"立讯转债"票面利率：第一年为0.10%、第二年为0.20%、第三年为0.30%、 第四年为1.50%、第五年为1.80%、第六年为2.00%。 6、"立讯转债"本次付息的债权登记日为2024年11月1日，凡在2024年11 月1日（含）前买入并持有"立讯转债"的投资者享有本次派发的利息。2024年 11月1日卖出"立讯转债"的投资者不享有本次派发的利息。在债权登记日前（包 括付息债权登记日）申请转换成公司股票的可转换公司债券，公司不再向其持有 人支付本计息年度及以后计息年度的利息。 关于可转换公司债券2024年付息公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、"立讯转债"将于2024年11月4日按面值支付第四年的利息，每10张"立 讯转债"（面值1,000.00元）利息为15.00元（含 ...