Financial Performance - In the first three quarters of 2024, the company achieved a revenue of CNY 177.177 billion, representing a year-on-year growth of 13.67% [2][3] - The net profit attributable to shareholders was CNY 9.075 billion, an increase of 23.06% compared to the same period last year [2][3] - The company's gross profit margin for the first three quarters was 11.72%, remaining stable compared to 11.80% in the previous year [2][3] Business Segments - The consumer electronics segment remains the core revenue and profit driver, benefiting from a diversified product line and vertical integration advantages [1][2] - The automotive segment has established a solid foundation with a diversified product line, entering a rapid growth phase, especially following the acquisition of Leoni [2][3] - The communications segment has exceeded expectations, leveraging technological advantages to enter the supply pools of major global cloud vendors [2][3] Operational Efficiency - The operating expense ratio for sales, management, and R&D was 6.8%, up from 6.51% in the previous year, primarily due to increased market expansion and new product development costs [3] - The net profit margin improved to 5.52%, up from 5.31% year-on-year [3] - The company reported a net cash inflow from operating activities of CNY 6.675 billion, slightly down from CNY 7.222 billion in the previous year [3] Inventory and Capital Expenditure - As of the end of Q3 2024, the inventory was CNY 43.079 billion, an increase of 14.37% year-on-year, attributed to business growth and preparation for Q4 [3] - The capital expenditure for the first three quarters was CNY 8.537 billion, a decrease from CNY 9.063 billion in the previous year [3] Strategic Outlook - The company aims to maintain a high growth rate over the next 5-10 years, focusing on optimizing operational metrics such as ROE, Capex, and inventory cycles [2][3] - The management emphasized the importance of high-quality development over mere scale expansion, particularly in the automotive and communications sectors [5][6] - The company is actively exploring opportunities in AI-related products and robotics, viewing them as significant growth areas for the future [5][6]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 56.40 CNY based on a 30x PE valuation for 2024 [2][5][8] Core Insights - Q3 performance met expectations with a revenue of 177.2 billion CNY, a year-on-year increase of 14%, and a net profit attributable to the parent company of 9.1 billion CNY, up 23% year-on-year. The company expects a steady growth in 2024 with a projected net profit of 13.1 to 13.7 billion CNY, representing a growth of 20% to 25% [1][2] - The AI-driven innovation cycle for major North American clients is expected to boost the consumer electronics business, with iPhone shipments reaching 56 million units in Q3, a 3.5% year-on-year increase [1] - The company is expanding its "Communications + Automotive" strategy, with significant growth potential in its communications business and a recent acquisition of a global leader in automotive wiring harnesses to enhance its market position [1] Financial Summary - For 2024, the company forecasts revenue of 257.18 billion CNY, a year-on-year growth of 10.9%, and a net profit of 13.56 billion CNY, up 23.8% [4] - The earnings per share (EPS) for 2024 is projected at 1.88 CNY, with subsequent years showing growth to 2.42 CNY in 2025 and 2.95 CNY in 2026 [2][4] - The gross margin is expected to stabilize around 11.9% for 2024, with a net margin of 5.3% [4]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a revenue of 177.2 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 14%. The net profit attributable to shareholders was 9.1 billion yuan, an increase of 23% year-on-year [1] - The company is expected to benefit significantly from the AI wave in the consumer electronics sector, with a projected net profit of 13.69 to 13.7 billion yuan for the full year 2024, reflecting a growth of 20% to 25% [2][3] - The acquisition of Leoni, a leading supplier of cable and wiring systems, is a strategic move to enhance the company's automotive business and international presence, aiming to become a top ten Tier 1 supplier globally [2] Financial Performance Summary - For 2024, the company forecasts total revenue of 260.47 billion yuan, with a year-on-year growth of 12.32%. The net profit is projected to be 13.688 billion yuan, a growth of 24.97% [1][3] - The earnings per share (EPS) for 2024 is estimated at 1.89 yuan, with a price-to-earnings (P/E) ratio of 23.03 based on current market price [1][4] - The company’s total assets are projected to reach 194.896 billion yuan in 2024, with total liabilities of 110.294 billion yuan, resulting in a debt-to-asset ratio of 56.59% [8][9]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][3] Core Views - The company is expected to benefit from Apple's innovations and sales growth in 2025, with a projected increase in iPhone sales due to the upcoming AI features [3] - The company's revenue and profit continue to grow, with Q3 2024 showing a revenue increase of 27.1% year-on-year and a net profit increase of 21.9% year-on-year [2][3] - The acquisition of Leoni is anticipated to accelerate the company's overseas expansion in the automotive sector, contributing to a 48.3% year-on-year growth in automotive revenue in H1 2024 [3] Financial Forecast and Valuation - Revenue is projected to grow from 231,905 million in 2023 to 340,247 million by 2026, with a compound annual growth rate (CAGR) of approximately 10% [1] - Net profit is expected to increase from 10,953 million in 2023 to 19,736 million by 2026, reflecting a CAGR of around 17% [1] - Earnings per share (EPS) is forecasted to rise from 1.52 in 2023 to 2.73 by 2026 [1] - The price-to-earnings (P/E) ratio is expected to decrease from 28.6 in 2023 to 15.9 in 2026, indicating improving valuation metrics [1] Market Position and Performance - The company has a market capitalization of approximately 313,256.15 million, with a share price of 43.35 [2] - The company reported a significant improvement in operating cash flow, with a net cash flow of 42.7 billion in Q3 2024, compared to a cash outflow of 15.9 billion in the same period last year [2] - The gross margin for Q3 2024 was reported at 11.8%, showing a slight decline compared to previous periods, while the net margin was 5.5% [2]

立讯精密（ [Table_StockNameRptType] 002475） 公司点评 | --- | --- | --- | |----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady progress across its main business segments, with Q3 performance exceeding expectations, benefiting significantly from the AI wave in the consumer electronics sector [2][4] - The company reported a revenue of 177.18 billion yuan for the first three quarters of 2024, 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 [3] - The Q3 revenue reached 73.579 billion yuan, reflecting a 27.07% year-on-year growth, with a net profit of 3.679 billion yuan, increasing by 21.88% year-on-year [3] Summary by Sections Financial Performance - For 2024, the company forecasts a net profit attributable to shareholders between 13.143 billion and 13.691 billion yuan, representing a year-on-year growth of 20% to 25%, with a midpoint estimate of 13.417 billion yuan, which is a 22.50% increase [3] - The company expects Q4 net profit to be between 4.068 billion and 4.616 billion yuan, a year-on-year increase of 13.69% to 28.99%, with a midpoint of 4.342 billion yuan, reflecting a 21.34% growth [3] Business Development - The company is closely collaborating with major clients, particularly in the smart device sector, which is expected to drive a wave of upgrades due to the upcoming launch of Apple Intelligence [4] - The company’s gross margin for the first three quarters of 2024 was 11.72%, a slight decrease of 0.08 percentage points year-on-year, while the net profit margin was 5.12% [4][6] Market Position - The company has a strong market presence, with a 17.7% market share in the smart device sector, and is expected to benefit from the AI integration in consumer electronics [4] - The report highlights the company's strategic focus on expanding into automotive and communication sectors, alongside its core consumer electronics business [6]

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company is expected to see a significant increase in net profit for 2024, with estimates ranging from 13.14 billion to 13.69 billion yuan, reflecting a strong performance across various business segments [4][6] - 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%, with a net profit attributable to shareholders of 9.07 billion yuan, up 23.06% year-on-year [4] - The company has successfully diversified its product offerings beyond consumer electronics to include components, modules, and accessories across various sectors, including automotive and communication [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 177.18 billion yuan and a net profit of 9.07 billion yuan, with a gross margin of 11.72% and a net margin of 5.52% [4] - The company forecasts a full-year net profit of 13.14 billion to 13.69 billion yuan for 2024, with a non-recurring profit estimate of 11.49 billion to 12.71 billion yuan [4][6] Business Development - The company has made significant progress in its smart module applications and system packaging processes, which are expected to enhance product penetration and application scope [4] - The company is leveraging its core technologies in sound, light, electricity, heat, magnetism, and radio frequency to provide comprehensive solutions from components to system integration [6] Market Position - The company has transitioned from a focus on consumer electronics to a diversified technology manufacturing enterprise, covering a wide range of components and modules [6] - The report highlights the company's strong position in the AI-driven consumer electronics market, which is expected to grow significantly [4][6] Financial Projections - Revenue projections for 2024 are set at 269.01 billion yuan, with a net profit of 13.40 billion yuan, reflecting a year-on-year growth of 22.3% [5][9] - The company is expected to maintain a stable gross margin of around 12.1% to 12.2% over the next few years [5][9]

Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company achieved a revenue of 73.579 billion yuan in Q3 2024, representing a year-on-year growth of 27.07%, with a net profit of 3.679 billion yuan, up 21.88% year-on-year. The gross margin was 11.75%, down 2.01 percentage points, while the net margin was 5.47%, down 0.66 percentage points [6]. - For the first three quarters, the total revenue reached 177.177 billion yuan, a 13.67% increase year-on-year, and the net profit was 9.075 billion yuan, up 23.06% year-on-year. The gross margin was 11.72%, slightly down by 0.08 percentage points, and the net margin improved by 0.21 percentage points to 5.52% [6]. - The company is expected to see continued growth in assembly share from major clients, driven by AI and the strong performance of iPhone sales, particularly the iPhone 16 series, which saw a 20% increase in sales year-on-year [6]. - The acquisition of Leoni AG's core businesses is progressing well, with a focus on becoming a leading Tier 1 supplier in the automotive parts sector, targeting a compound annual growth rate of over 50% in this segment [6]. - The company projects a net profit of 13.143 billion to 13.691 billion yuan for Q4 2024, indicating a year-on-year growth of 20% to 25% [6]. Financial Summary - The company reported total revenue of 231.905 billion yuan in 2023, with projections of 269.310 billion yuan for 2024, 309.494 billion yuan for 2025, and 351.472 billion yuan for 2026 [10]. - The net profit for 2023 was 10.953 billion yuan, with forecasts of 13.675 billion yuan for 2024, 16.533 billion yuan for 2025, and 18.872 billion yuan for 2026 [10]. - The earnings per share (EPS) for 2023 was 1.51 yuan, expected to rise to 1.89 yuan in 2024, 2.29 yuan in 2025, and 2.61 yuan in 2026 [10].

[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 立讯精密(002475)公司点评报告 2024 年 10 月 26 日 [Table_Title] 全年业绩符合预期，通讯&汽车业务进展顺利 [Table_Invest]买入|维持 ——立讯精密 24Q3 业绩点评 [Table_ 当前价：TargetPrice 43.35 元 ] 目标期限： 6 个月 [Table_Summary] 报告要点： 公司前三季度实现营业收入 1771.8 亿元，同比+13.7%；实现归母净利 润 90.7 亿元，同比+23.06%，扣非后归母净利润 81.2 亿元，同比+15.43%； 毛利率 11.72%，同比-0.08pct，其中 Q3 环比-0.94pct。24Q3 公司实现营 业收入735.8亿元，同比+27.1%，实现归母净利润36.8亿元，同比+21.88%。 公司对 24 年业绩进行预告，预计 2024 年公司实现归母净利润 131.4- 136.9 亿元，同比+20-25%，对应 EPS 为 1.82-1.90 元/股。利润端增速基 本符合我们对全年业绩增长的判断。 消费电子领域，我们认 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 61.35 CNY [3][4]. Core Insights - The company's Q3 performance and full-year profit guidance are in line with expectations, benefiting from a deep layout in AI terminals led by Apple. Additionally, the automotive and communication businesses are accelerating growth, creating a new growth curve [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 73.579 billion CNY, representing 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 CNY, up 21.88% year-on-year and 25.76% quarter-on-quarter, falling within the mid-range of previous guidance [3]. - The company expects a full-year net profit for 2024 to be between 13.143 billion CNY and 13.691 billion CNY, reflecting a year-on-year growth of 20% to 25% [3]. Business Growth Drivers - The company is deeply integrated with major clients across all product categories, benefiting from the AI terminal wave led by Apple. The introduction of system-level AI products, including AI smartphones and wearable devices, is expected to drive significant sales growth [3]. - The automotive and communication sectors are experiencing accelerated growth. The company is focusing on smart vehicle clients and expanding its product offerings in intelligent cockpits and autonomous driving, which are expected to sustain high growth rates [3]. Financial Forecast - The report projects EPS for 2024, 2025, and 2026 to be 1.90 CNY, 2.39 CNY, and 2.95 CNY respectively. The target price corresponds to a 2025 PE ratio of 25.67X, based on comparable company valuations [3][10]. - Revenue forecasts for 2024, 2025, and 2026 are 306.217 billion CNY, 372.699 billion CNY, and 458.743 billion CNY, respectively, indicating a growth rate of 32.0%, 21.7%, and 23.1% [9]. Market Data - The company's current stock price is 43.35 CNY, with a market capitalization of 313.256 billion CNY. The stock has traded within a range of 25.49 CNY to 46.33 CNY over the past 52 weeks [4][5]. - The company has a net asset value per share of 8.95 CNY and a current price-to-book ratio of 4.8 [5]. Comparative Valuation - The report references comparable companies with an average 2025 PE ratio of 21.66X, indicating that the company is positioned favorably within its industry [10].