立讯精密 20241006 摘要 • 立讯精密收购莱尼公司打开了其海外业务的大门，特别是在汽车业务方面。 通过莱尼的海外基地和客户资源，立讯精密预计在未来 5 到 10 年内实现 显著增长，目标是保持汽车业务 50%以上的复合增长率。 • 立讯精密过去十年的成长逻辑是围绕消费电子领域发展，从连接器起家， 到声学、天线、马达和无线充电等零部件及模组业务，并通过自身延展和 并购实现了多项新业务，包括近期收购的利凯公司。 • 立讯精密去年完成了约 4,000 万至 6,000 万部苹果手机的组装，并计划每 年增加 2000 万部左右。印度市场的发展将是关键因素，但由于塔塔工厂 火灾等问题，其进展可能较为缓慢。 • 在非苹果消费者电子产品领域，公司每年收入增量接近 100 亿元，由于客 户议价权较低，该部分利润率高于苹果相关产品，每年可带来七八亿元利 润增量。 • 通信和汽车是公司的第二成长曲线。在通信方面，公司主要从事电连接及 射频器件，并通过并购库尔封装工厂扩展相关业务。预计通信板块今年利 润增量三四亿元，明年可能更快。 • 公司在汽车领域除了限速业务，还涉足智能座舱及三电系统产品，包括预 控、雷达、屏幕以及 A ...

| 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-078 | | --- | --- | --- | | 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 关于召开 2024 年第一次临时股东会的提示性公告 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。 根据立讯精密工业股份有限公司（以下简称"立讯精密"或"公司"）第六届董 事会第三次会议决议，定于 2024 年 10 月 9 日召开公司 2024 年第一次临时股东会。 本次股东会采取现场投票与网络投票相结合的方式进行，现将有关具体情况通知如 下： （六）会议股权登记日：2024 年 9 月 23 日（星期一） （七）出席对象 1、截止 2024 年 9 月 23 日（星期一）下午收市时在中国证券登记结算有限责 任公司深圳分公司登记在册的公司全体股东。公司全体股东均有权出席股东会，并可 以以书面形式委托代理人出席本次会议并参加表决，该股东代理人不必是公司的股 东。 一、召开会议的基本情况 （一）股东会届次：2024 年第一次临时股东会 （二）会议召集人 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - The company announced the acquisition of Leoni AG and its wholly-owned subsidiaries to accelerate the globalization of its automotive business and enhance its competitiveness in the global automotive wiring harness market. The acquisition involves purchasing 50.1% of Leoni AG and 100% of Leoni Kabel GmbH, with respective prices of €205 million and €320 million [5][6]. - Leoni AG is a century-old German automotive wiring harness company and a leading supplier of cable, wire, and wiring harness system solutions. In 2023, Leoni AG reported revenues and net profits of €546 million and -€13 million, respectively [5]. - The acquisition aims to enhance the company's competitiveness and influence in the global automotive wiring harness sector. It will facilitate resource integration and improve vertical integration levels. The global production capacity of Leoni will help the company seize opportunities in the automotive business and provide efficient services to both Chinese and overseas automotive manufacturers [5]. - The company has a successful track record in the consumer electronics sector, leveraging both organic growth and acquisitions to achieve comprehensive development across multiple categories and clients. It is now applying this experience to the automotive sector, positioning itself to become a major player in the industry amid the opportunities presented by automotive intelligence and electrification [5]. - The projected net profits for the company from 2024 to 2026 are estimated to be ¥133.97 billion, ¥162.15 billion, and ¥189.91 billion, respectively. Given the company's robust growth potential, its current valuation may be underestimated [5]. Summary by Sections Acquisition Details - The company plans to acquire 50.1% of Leoni AG and 100% of Leoni Kabel GmbH for €205 million and €320 million, respectively, to enhance its automotive business [5][6]. Market Position and Financial Status - Leoni AG is a leading supplier in the automotive wiring harness industry, with a significant customer base and extensive R&D experience. However, it faces challenges such as low resource utilization and high operating costs [5]. Strategic Objectives - The acquisition is intended to improve the company's competitive edge in the automotive wiring harness market, facilitate resource integration, and enhance operational efficiency [5]. Financial Projections - The company anticipates net profits of ¥133.97 billion, ¥162.15 billion, and ¥189.91 billion for the years 2024 to 2026, indicating strong growth potential [5].

Investment Rating - The report initiates coverage with a **Buy** rating and sets a target price of **43.70 RMB** for the stock [2] Core Views - The company is a leading precision manufacturing platform with diversified business prospects, spanning consumer electronics, automotive electronics, and communications [1] - AI-driven innovation cycles in consumer electronics, particularly with North American clients, are expected to drive growth, with the company benefiting from increased assembly share and product value [1] - The automotive and communications sectors are emerging as the company's second growth curve, with significant revenue growth in automotive business reaching **9.25 billion RMB** in 2023, a **50% YoY increase** [1] Financial Performance - Revenue for 2023 reached **231.905 billion RMB**, an **8.4% YoY increase**, with net profit attributable to shareholders at **10.953 billion RMB**, up **19.5% YoY** [3] - The company's EPS is projected to grow from **1.90 RMB** in 2024 to **3.02 RMB** in 2026, with a CAGR of **23.0%** [3] - Gross margin and net margin are expected to improve slightly, with net margin reaching **6.2%** by 2026 [3] Business Segments Consumer Electronics - The company has a strong foothold in consumer electronics, contributing **88%** of total revenue in 2023, with deep integration into Apple's supply chain [18] - The company is expected to benefit from Apple's AI-driven innovation cycles, particularly in iPhone assembly and Vision Pro production [23][24] Automotive - The automotive business has seen rapid growth, with revenue reaching **9.25 billion RMB** in 2023, a **50% YoY increase**, driven by product diversification and strong client relationships [1][18] - The company is expanding its automotive product portfolio, including wire harnesses, connectors, and smart cockpit solutions, with a focus on electric and autonomous vehicles [42][43] Communications - The communications business is poised for growth, with the company expanding its product lines to include high-speed connectors, optical modules, and thermal management solutions [57] - The company is well-positioned to capitalize on the growing demand for AI servers and data center infrastructure, with a focus on high-speed interconnect technologies [55][57] Strategic Developments - The company has made strategic acquisitions, such as Leoni AG, to strengthen its position in the automotive wire harness market and expand its global footprint [51] - Partnerships with major automakers like Chery and GAC are expected to drive growth in the automotive sector, with a focus on becoming a leading Tier 1 supplier [53][54] Industry Trends - The global AI server market is projected to grow from **19.5 billion USD** in 2022 to **34.7 billion USD** by 2026, driven by increasing demand for AI and machine learning applications [55] - The automotive industry is shifting towards electrification and smart connectivity, with the company well-positioned to benefit from these trends through its diversified product offerings [42][43]

上 市 公 司 证 券 研 究 报 告 电子 2024 年 09 月 19 日 立讯精密 (002475) ——收购 Leoni 及子公司股权，提升汽车线束全球竞争力 | --- | --- | |------------------------------------|-------------------------------| | 市场数据： | 2024 年 09 月 18 日 | | 收盘价（元） | 35.90 | | 一年内最高/最低（元） | 43.30/24.88 | | 市净率 | 4.4 | | 息率（分红/股价） | 0.83 | | 流通 A 股市值（百万元） | 258,040 | | 上证指数/深证成指 | 2,717.28/7,992.25 | | 注："息率"以最近一年已公布分红计算 | | | --- | --- | |------------------------------|-------------------------------| | | | | 基础数据 : | 2024 年 06 月 30 日 | | 每股净资产（元） | 8.21 | | 资产负债率 ...

2024 年 9 月 19 日 收益表现 % 1M 3M 1Y 相对 6.71 9.07 42.88 绝对 1.17 -1.49 27.94 资料来源：Wind 公司研究 收购全球线束龙头莱尼公司，内生外延打造多元化汽车矩阵 ——立讯精密(002475.SZ)跟踪报告之十六 买入（维持） 当前价：35.90 元 作者 分析师：刘凯 执业证书编号：S0930517100002 021-52523849 kailiu@ebscn.com 分析师：何昊 执业证书编号：S0930522090002 021-52523869 hehao1@ebscn.com 分析师：王之含 执业证书编号：S0930524070008 021-52523691 Wangzhihan@ebscn.com 市场数据 总股本(亿股) 72.03 总市值(亿元)： 2585.99 一年最低/最高(元)： 24.70/43.30 近 3 月换手率： 58.77% 股价相对走势 -15% 1% 17% 33% 49% 09/23 12/23 03/24 06/24 09/24 立讯精密 沪深300 相关研报 24H1 业绩稳健增长，AI 终端落地带 ...

公司报告 | 公司点评 拟并购莱尼拓展全球化的产能和客户资源，汽车业务有望加速成长 事件：立讯于 2024 年 9 月 13 日审议通过了《关于收购 Leoni AG 及其下属全资子公司股权的议案》， 拟收购 Leoni AG（"莱尼公司"）的 50.1% 股权及 Leoni AG 之全资子公司 Leoni Kabel GmbH（"Leoni K"）的 100%股权。 点评： Leoni 是全球头部汽车线束供应商，拥有全球化的产能和客户资源，整体资产负债率较高经 营承压。2021 年 Leoni 汽车线束市场份额为 6%，全球第四，欧洲第一，客户涵盖全球汽车主机厂， 宝马、奔驰、大众、通用、福特等。Leoni AG 旗下包含两大核心业务，分别是汽车电缆事业部("ACS 业务")和线束系统事业部("WSD 业务")。Leoni 拥有全球化的开发、生产、销售，在 26 个国家/ 地区拥有 52 家子公司。全球生产网络由位于西欧和东欧、北非、美洲和亚洲的生产设施组成。Leoni 整体负债率较高，经营压力明显，根据公告披露，Leoni AG 2023 年及 1Q2024 未经审计收入分别为 546,241.24/12 ...

002475.SZ 买入 原评级：买入 市场价格:人民币 35.90 板块评级:强于大市 股价表现 (%) 今年 1 3 12 (22%) (8%) 6% 20% 35% 49% Sep-23Oct-23Nov-23Dec-23Jan-24Mar-24Apr-24May-24Jun-24Jul-24Aug-24Sep-24 立讯精密 深圳成指 至今 个月 个月 个月 绝对 5.7 (3.1) (5.5) 22.7 | --- | --- | --- | --- | --- | |-------------------------------|--------|------------|-------|------------| | 相对深圳成指 | 20.6 | 1.2 | 8.7 | 44.4 | | 发行股数 ( 百万 ) | | | | 7,203.32 | | 流通股 ( 百万 ) | | | | 7,187.75 | | 总市值 ( 人民币 百万 ) | | | | 258,599.03 | | 3 个月日均交易额 ( 人民币 | 百万 ) | | | 2,527.49 | | 主要股东 | | | ...

立讯精密投资者关系活动记录表 LUXSHAREIC 证券代码: 002475 证券简称:立讯精密 立讯精密工业股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | --- | |--------------------------|---------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------|----------------| | | | | | 编号: 2024-005 | | | o特定对象调研 | □分析师会议 | | | | | □媒体采访 | □业绩说明会 | | | | 投资者关系 ...

立讯精密（002475.SZ）事件点评 收购莱尼公司，完善汽车业务版图 2024 年 09 月 17 日 | --- | --- | --- | --- | --- | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|----------------------|--------------------------- ...