%[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）点评报告 2024 年 09 月 10 日 [Table_Invest]买入|维持 [Table_Title] iPhone16 全系配备 AI，中国于明年上线 该功能 ——苹果秋季发布会点评 [Table_Summary] 报告要点： 北京时间 9 月 10 日凌晨苹果发布秋季发布会。iPhone 16 系列全系配 备 AI，中国地区将于明年上线 AI 功能。本次发布的四款新品 iPhone 16/16 Plus/16 Pro/16 Pro Max 起售价没有提升，9 月 13 日晚 8 点接受预购，9 月 20 日发售。在 Apple Intelligence 推出节奏上，在推出节奏方面，WWDC 大会上公布的功能将随着 Beta 版于 10 月份最早在美国地区推出，随后几 个月将有更多功能陆续推出；12 月份 AI 功能将上线澳洲、加拿大、新西 兰、南非、英国等地区，明年上线中国、法国、日本、西班牙等地区。 iPhone 16 系列预订情况或影响 24Q4 及 25H1 的生产计划，因此是接 下来市场的 ...

[Table_MainInfo] 公司研究/信息设备/电子元器件 证券研究报告 立讯精密（002475）公司半年报点评 2024 年 09 月 04 日 [Table_InvestInfo] 投资评级 优于大市 维持 | --- | |---------------------------------------------------------------------| | 股票数据 | | 09 [ Table_StockInfo 月 04 日收盘价（元） ] | | 52 周股价波动（元） | | 总股本 / 流通 A 股（百万股） | | 总市值 / 流通市值（百万元） | | 相关研究 | | [Table_ReportInfo] 《 23 年业绩稳健， 24Q1 归母净利同比增长》 | | 2024.05.08 《三季度归母利润同比增长， | | 稳健》 2023.11.03 | | 《上半年继续成长，三季度利润指引稳健》 | | 2023.09.08 市场表现 | 立讯精密 海通综指 -28.96% -14.96% -0.96% 13.04% 27.04% 2023/9 2023/12 202 ...

一、股东股份解除质押情况 | 证券代码：002475 | 证券简称：立讯精密 | 公告编号：2024-071 | | --- | --- | --- | | 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 关于控股股东部分股权解除质押及质押的公告 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。 立讯精密工业股份有限公司（以下简称"公司"）于 2024 年 8 月 29 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，获悉其在上海浦东发展 银行股份有限公司深圳分行（以下简称"浦发银行"）、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；此外，将其已持有的部 分本公司股份质押给浦发银行。现将有关情况说明如下： 三、股东股份累计质押的情况 截至 2024 年 8 月 28 日，立讯有限及其一致行动人所持股份及质押情况如下： 本次股份质押基本情况： 股 东 名 称 是否为 控股股 东或第 一大股 东及其 一致行 动人 本次质押股 份数量（股） 占其所 持股份 比例 占公 司总 股本 比 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 36.6 yuan [5]. Core Insights - The company reported a revenue of 1,035.98 billion yuan for the first half of 2024, representing a year-over-year growth of 5.74%. The net profit attributable to shareholders reached 53.96 billion yuan, up 23.89% year-over-year [1]. - The company is focusing on high-quality growth, with a significant increase in profitability driven by its automotive and communication sectors [2]. - The second quarter of 2024 saw a revenue of 512 billion yuan, a 6.6% increase year-over-year, and a net profit of 29.25 billion yuan, reflecting a 25.12% year-over-year growth [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a net profit of 53.96 billion yuan, with a year-over-year increase of 23.89%. The adjusted net profit was 49.60 billion yuan, up 19.38% year-over-year [1]. - The second quarter of 2024 showed a revenue of 512 billion yuan, with a gross margin of 12.69%, benefiting from a higher proportion of high-margin businesses [1]. - The company expects a net profit of 34.53 to 38.22 billion yuan for the third quarter of 2024, indicating a year-over-year growth of 14.39% to 26.61% [1]. Business Segments - In the first half of 2024, revenue from various segments included: computers (43.8 billion yuan), automotive (47.6 billion yuan), communications (74.7 billion yuan), consumer electronics (855.5 billion yuan), and others (14.5 billion yuan), with notable growth in automotive (48.30% year-over-year) and communications (21.65% year-over-year) [1]. - The automotive sector is expanding with a diverse product layout targeting a trillion-yuan market, leveraging partnerships with major automotive manufacturers [2]. Future Outlook - The company forecasts net profits of 150 billion yuan, 210 billion yuan, and 253 billion yuan for the years 2024, 2025, and 2026, respectively, maintaining its profit projections for 2024 to 2026 [2]. - The report highlights the company's strong capabilities in the consumer electronics sector, particularly in AI-related technologies, which are expected to drive future growth [2].

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision achieved robust growth in H1 2024, with revenue of 1036 billion yuan (YoY +5 7%) and net profit of 5 4 billion yuan (YoY +23 9%) [2] - Q2 2024 revenue was 511 9 billion yuan (YoY +6 6%, QoQ -2 3%), with net profit of 29 3 billion yuan (YoY +25 1%, QoQ +18 4%) [2] - The company expects Q3 2024 net profit to grow 20%-25% YoY, with revenue increasing 14 4%-26 6% [2] - AI-driven consumer electronics upgrades and rapid growth in automotive and communication businesses are key drivers [2][4] Business Performance Consumer Electronics - H1 2024 revenue: 855 5 billion yuan (YoY +3 25%) [2] - Benefiting from AI-driven market demand, both new and existing products performed well [2] - Gross margin improved to 10 49% in H1 2024 (QoQ +0 98pct) [2] Automotive Business - H1 2024 revenue: 47 6 billion yuan (YoY +48 30%) [2] - Diversified product portfolio including wiring harnesses, connectors, smart cockpits, and autonomous driving solutions [2] - Leveraging global production bases to serve leading automakers [2] Communication Business - H1 2024 revenue: 74 7 billion yuan (YoY +21 65%) [2] - Strong capabilities in electrical/optical connections, power, cooling, and RF products [2] - Comprehensive solutions for server, switch, and base station applications [2] Financial Metrics Profitability - H1 2024 gross margin: 11 71% (YoY +1 07pct) [2] - Q2 2024 gross margin: 12 69% (YoY +1 42pct, QoQ +1 95pct) [2] - ROE expected to increase from 19 5% in 2023 to 21 2% in 2026 [5] Expense Ratios - H1 2024 sales, management, and R&D expense ratios: 0 42%, 2 49%, 4 07% respectively [3] - Q2 2024 R&D expense ratio: 4 52% (YoY +0 81pct) [3] Future Projections - 2024-2026 revenue forecast: 2505 27, 2781 36, 3101 77 billion yuan (YoY +8 0%, +11 0%, +11 5%) [4] - 2024-2026 net profit forecast: 139 44, 179 51, 224 29 billion yuan (YoY +27 3%, +28 7%, +24 9%) [4] - 2024-2026 EPS forecast: 1 94, 2 49, 3 11 yuan [5] Market Data - Closing price (2024-08-23): 37 89 yuan [3] - Market cap: 7203 32 million shares [3] - Net assets: 59518 28 million yuan [3] - Total assets: 182828 4 million yuan [3] Industry Outlook - AI-driven consumer electronics expected to drive new replacement cycles [4] - Automotive and communication businesses positioned as second and third growth engines [4] - Strong capabilities in core technologies (acoustics, optics, electronics, thermal, magnetic, RF) supporting future growth [4]

证券研究报告·公司点评报告·消费电子 立讯精密（002475） 2024 年中报业绩点评：业绩稳健高增，AI 助 力果链领军企业再腾飞 2024 年 08 月 28 日 买入（维持） | --- | --- | --- | --- | --- | --- | |----------------------------|--------|--------|--------|--------|--------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 214028 | 231905 | 260470 | 303882 | 338685 | | 同比（%） | 39.03 | 8.35 | 12.32 | 16.67 | 11.45 | | 归母净利润（百万元） | 9163 | 10953 | 13688 | 17060 | 20421 | | 同比（%） | 29.60 | 19.53 | 24.97 | 24.64 | 19.70 | | EPS-最新摊薄（元/股） | 1.27 | 1.52 ...

| --- | --- | --- | |-------------------------------------------------------------|----------------------------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | 消费电子 | AI | 新需求促业务稳健增长，汽车、通 | | | 信新板块增速显著 | | | | | —立讯精密（002475.SZ）公司事件点评报告 | | 增持(维持) | | 事件 | | 分析师：毛正 | S1050521120001 | 立讯精密发布 2024 年半年度报告：2024 年上半年公司实现 | | maozheng@ ...

Investment Rating - The report maintains a "Buy" rating for the company, with a current price of 37.35 CNY and no specified target price for the next six months [1]. Core Insights - The company reported a revenue of 103.6 billion CNY for the first half of 2024, representing a year-on-year increase of 5.7%, and a net profit attributable to shareholders of 5.4 billion CNY, up 23.9% year-on-year. The performance aligns with market expectations [2]. - Profitability is improving, with gross and net profit margins increasing to 11.7% and 5.6%, respectively, both up by 1.1 percentage points and 0.7 percentage points year-on-year [2]. - The company is experiencing strong growth across its three main business segments: consumer electronics, communications, and automotive, with notable increases in revenue from the automotive sector [2]. - The company anticipates a net profit of 8.85 to 9.22 billion CNY for Q3 2024, reflecting a year-on-year growth of 20% to 25% [2]. Summary by Sections Financial Performance - For H1 2024, the company achieved a revenue of 103.6 billion CNY, with a net profit of 5.4 billion CNY. Q2 alone contributed 51.19 billion CNY in revenue and 2.93 billion CNY in net profit, marking increases of 6.6% and 25.1% year-on-year, respectively [2]. - The revenue breakdown by segment includes consumer electronics at 85.55 billion CNY, communications at 7.46 billion CNY, automotive at 4.76 billion CNY, computers at 4.38 billion CNY, and connectors at 1.45 billion CNY, with respective year-on-year growth rates of 3.3%, 21.7%, 48.3%, 4.6%, and -8.4% [2]. Profitability Metrics - The company's gross margin for H1 2024 was 11.7%, and the net margin was 5.6%, both showing improvement from the previous year [2]. - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 0.4%, 2.5%, and 4.1%, respectively [2]. Business Growth Drivers - The consumer electronics segment is advancing with a focus on core technologies in sound and light, gaining recognition in AR/VR and other areas [2]. - The communications segment is expanding with comprehensive solutions in electrical and optical connections, while the automotive segment is diversifying its product offerings to meet the growing demand for smart vehicle connectivity [2]. - The company expects continued growth in automotive sales volume and average selling price per vehicle due to rising demand for electronic components [2]. Future Outlook - Revenue projections for 2024 to 2026 are 278.6 billion CNY, 320.4 billion CNY, and 382.2 billion CNY, with net profits expected to be 13.4 billion CNY, 18 billion CNY, and 20.5 billion CNY, respectively [3].

公司研究 24H1 业绩稳健增长，AI 终端落地带动增速提升 ——立讯精密(002475.SZ)跟踪报告之十五 要点 公司盈利预测与估值简表 | --- | --- | --- | --- | --- | --- | |--------------------------|---------|---------|---------|---------|---------| | 指标 | | | | | | | 营业收入（百万元） | 214,028 | 231,905 | 278,718 | 319,197 | 362,301 | | 营业收入增长率 | 39.03% | 8.35% | 20.19% | 14.52% | 13.50% | | 归母净利润（百万元） | 9,163 | 10,953 | 13,757 | 17,486 | 20,782 | | 归母净利润增长率 | 29.60% | 19.53% | 25.61% | 27.10% | 18.85% | | EPS（元） | 1.29 | 1.53 | 1.91 | 2.43 | 2.89 | | ROE（归属母公司)（摊薄） | 20.21 ...

浦银国际研究 公司研究 | 科技行业 浦银国际 公司研究 立讯精密 （002475.CH） 立讯精密（002475.CH）：享受苹果 AI 上行红利，汽车通讯高速成长 重申立讯精密的"买入"评级，上调目标价至人民币 45.1 元，潜在 升幅 19%。 重申立讯精密的"买入"评级：立讯精密二季度净利润同比增长 25%， 公司预计三季度增长 20%左右。我们预期立讯今年利润同比增速为 23%，明年将继续保持 20%的增长。这主要得益于大客户组装利润 释放以及汽车、通讯两个业务板块的高速成长。立讯有望受益于苹 果进入 AI 智能手机的行业红利，明后两年的消费电子板块依然有 稳定增长空间。同时，立讯在汽车业务板块布局汽车线束、智能座 舱等 Tier 1 业务；在通讯板块，借助电连接器等强势产品，公司在 AI 服务器的成长也有较大空间。公司目前股价对应 20x 2024E PE， 我们预期公司仍有较大上行空间，重申"买入"评级。 二季度业绩亮眼，三季度指引稳定增长：在今年二季度，立讯收入 环比下降 2%，同比增长 7%。毛利率为 12.7%，环比增长 1.9 个百 分点，同比增长 1.4 个百分点。今年上半年，消费电子 ...