Summary of Lixun Precision's Conference Call Company Overview - **Company**: Lixun Precision - **Period**: First half of 2025 - **Revenue**: 594.44 billion CNY - **Net Profit**: 55.99 billion CNY - **Year-on-Year Growth**: Revenue up 12.9%, Net Profit up 12.9% [2][3] Key Financial Metrics - **Gross Margin**: 11.61%, down 0.1 percentage points [2][3] - **Operating Expense Ratio**: 6.68%, down 0.31 percentage points [2][3] - **Net Profit Margin**: 5.86%, up 0.3 percentage points [2][4] - **Net Cash Flow**: Outflow of 16.58 billion CNY [3][10] - **Debt Ratio**: 62.87%, up 0.71 percentage points [3][10] - **Capital Expenditure**: Over 9.5 billion CNY, focused on overseas expansion and new product lines [3][10] Business Segments Performance Consumer Electronics - **Revenue Growth**: 14.32% year-on-year [2][5] - **Strategy**: Vertical integration and scenario innovation to strengthen market position [5] Communication - **Revenue Growth**: 48.65% year-on-year in communication interconnect products and precision components [2][6] - **Product Development**: 224G high-speed cables in mass production, 448G in research, and 800G silicon photonic modules in mass production [6] Automotive - **Revenue Growth**: 82.07% year-on-year [2][7] - **Key Projects**: High-voltage wiring harnesses and smart cockpit products expected to enter mass production in 2025 [7][8] Strategic Initiatives - **Global Expansion**: Establishing production bases in Vietnam, Malaysia, and other countries to enhance flexibility and meet customer demands [3][9] - **Technological Innovation**: Focus on AI applications and smart manufacturing to improve operational efficiency and cost control [3][9][12] Future Outlook - **Growth Potential**: Plans to solidify leadership in consumer electronics while expanding communication and automotive sectors, similar to the growth seen in 2017 [3][12] - **AI Integration**: Continuous investment in AI technologies to enhance product offerings and market competitiveness [13][25] - **ODM Industry Expectations**: Aiming for innovation in product definitions and maintaining competitiveness in the ODM sector [21] Challenges and Responses - **Global Economic Environment**: Adapting to challenges posed by global economic conditions and supply chain restructuring [9][18] - **Tariff Impacts**: Preparedness for tariff changes, particularly in relation to Indian manufacturing [17][18] Additional Insights - **Integration of New Businesses**: Successful integration of new acquisitions, leading to improved operational efficiency and customer satisfaction [19][20] - **Focus on Customer Value**: Emphasis on maintaining high service standards across all customer segments, regardless of size [22] This summary encapsulates the key points from Lixun Precision's conference call, highlighting financial performance, business segment growth, strategic initiatives, and future outlook.

证券研究报告 | 2025年08月27日 立讯精密（002475.SZ） 优于大市 汽车和通信业务高增，前期收并购项目已完成 长期稳健成长，3Q25 业绩预告稳健成长。公司发布 1H25 业绩，实现营收 1245.03 亿(YoY +20.18%)，归母净利润 66.44 亿(YoY +23.13%)，毛利率 11.61%(YoY -0.1pct)，净利率 5.86%(YoY +0.3pct)。对应 2Q25 营收 627.15 亿(YoY +22.51%，QoQ +1.50%)，归母净利润 36.01 亿(YoY +23.09%，QoQ +18.30%)，毛利率 12.04%(YoY -0.65pct，QoQ +0.86pct)，净利率 6.25%(YoY +0.02pct，QoQ +0.78pct)。公司发布了 3Q25 业绩预告，预计实现归母净利 润 42.46~46.99 亿元(YoY +15.41%~27.74%)，增速中值为 22%。 完成闻泰科技 ODM 和 OEM 业务收购。7 月公司已完成对闻泰科技旗下产品集 成业务相关 9 家标的公司和资产收购。1 月 26 日立讯通讯完成收购闻泰通讯 持 ...

2025 年 8 月 27 日 公司研究 精密线缆解决方案商，立讯控股赋能"数据中心+汽车"业务发展 ——汇聚科技（1729.HK）首次覆盖报告 要点 汇聚科技是一家定制电线互连方案供应商，立讯精密是控股股东。公司成立 于 2017 年，并于 2018 年上市。2022 年，立讯精密通过其境外全资子公司 收购汇聚科技 74.67%股权，成为公司控股股东。公司业务布局多元，形成 电线组件、数字电线及服务器三大板块，服务于电信、数据中心、工业、医 疗及汽车领域。FY2024 公司营业收入 73.9 亿港元，同比+53.1%；毛利润 10.8 亿港元，同比+58.6%；净利润 4.5 亿港元，同比+62.7%，业绩提升主 要系数据中心、网络电线、特种线与服务器等分部的收益增加。 AI 市场强劲增长推动公司 AI 相关业务发展。IDC 数据显示，全球 AI 市场正 经历强劲扩张，2024 年 AI 相关投资达 3,158 亿美元，预计 2028 年将突破 8,159 亿美元。AI 算力维持景气将深度赋能公司相关业务：1）电线组件业 务下的数据中心分部受益于 AI 算力需求增长，FY2024 营收 12.14 亿港元， ...

Core Viewpoint - The article discusses the upcoming IPO of Luxshare Precision, highlighting its significant growth and potential to become a major player in the Hong Kong stock market, driven by its strong ties with Apple and the booming capital market in China [4][6][23]. Group 1: Company Overview - Luxshare Precision, known as a leader in the "fruit chain," has a market capitalization exceeding 300 billion yuan and is preparing for an IPO in Hong Kong, aiming to replicate the fundraising success of other A-share leaders [4][6]. - The company has experienced remarkable growth since its A-share debut in 2010, with its stock price increasing over 40 times, driven by the global demand for smart devices and its partnership with Apple [5][11]. Group 2: Financial Performance - In 2024, Luxshare Precision reported revenue of 268.8 billion yuan, a year-on-year increase of 15.91%, and a net profit of 13.37 billion yuan, up 22.03% from the previous year [22]. - The company's revenue from non-Apple clients has increased to 25%, indicating a diversification of its customer base, while Apple's contribution to revenue has decreased to 64.7% in the first quarter of 2025 [22]. Group 3: Market Position and Strategy - Luxshare Precision has positioned itself as a key player in the automotive electronics and communication sectors, with a remarkable growth rate of 98.9% in automotive electronics in early 2025 [22]. - The company has successfully integrated advanced manufacturing technologies, enhancing production efficiency and quality, which has attracted more orders from Apple and other major clients [17][22]. Group 4: Future Prospects - The anticipated IPO in Hong Kong is expected to further enhance Luxshare Precision's market position and could lead to a significant increase in the personal wealth of its founder, Wang Laichun [6][23]. - The changing dynamics in the smartphone market, with Apple facing increased competition in China, may provide Luxshare Precision with greater negotiating power and opportunities for growth [21][22].

8月27日立讯精密大宗交易一览 | 成交量 | 成交金额 | 成交价格 | 相对当日收盘折溢 | 买方营 | 卖方营业部 | | --- | --- | --- | --- | --- | --- | | （万股） | （万元） | （元） | 价（%） | 业部 | | | 10.70 | 481.29 | 44.98 | 0.00 | 机构专 | 广发证券股份有限公司昆明广福 | | | | | | 用 | 路证券营业部 | | 10.70 | 481.29 | 44.98 | 0.00 | 机构专 | 机构专用 | | | | | | 用 | | | 10.70 | 481.29 | 44.98 | 0.00 | 机构专 | 机构专用 | | | | | | 用 | | 立讯精密8月27日大宗交易平台共发生3笔成交，合计成交量32.10万股，成交金额1443.87万元。成交价 格均为44.98元。从参与大宗交易营业部来看，机构专用席位共出现在3笔成交的买方或卖方营业部中， 合计成交金额为1443.87万元，净买入481.29万元。 进一步统计，近3个月内该股累计发生13笔大宗交易，合计成交金额为1.33 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 57.32 CNY per share, compared to the current price of 44.98 CNY [5][8]. Core Insights - The company achieved a revenue of 124.5 billion CNY in H1 2025, representing a year-on-year increase of 20.18%. The net profit attributable to shareholders was 6.644 billion CNY, up 23.13% year-on-year [1]. - The communication and automotive sectors are expected to drive sustained growth, with the automotive business showing a remarkable year-on-year increase of 82.07% in H1 2025 [3][4]. - The company is benefiting from the AI-driven innovation cycle in the consumer electronics sector, which is projected to continue its growth trajectory [2]. Summary by Sections Financial Performance - In H1 2025, the company reported a revenue of 124.5 billion CNY, with a net profit of 6.644 billion CNY, marking increases of 20.18% and 23.13% respectively [1]. - For Q2 2025, the revenue was 62.715 billion CNY, a 22.51% increase year-on-year, and the net profit was 3.601 billion CNY, up 23.09% [1]. - The Q3 2025 forecast indicates a net profit of 4.246 to 4.699 billion CNY, reflecting a year-on-year increase of 15.41% to 27.74% [1]. Business Segments - The consumer electronics segment generated 97.799 billion CNY in H1 2025, accounting for 78.55% of total revenue, with a year-on-year growth of 14.32% [2]. - The communication and data center business saw a revenue of 11.098 billion CNY in H1 2025, a significant increase of 48.65% year-on-year [2]. - The automotive business reported a revenue of 8.658 billion CNY in H1 2025, with a remarkable growth of 82.07% year-on-year, driven by new projects from major automotive manufacturers [3]. Profitability and Cost Management - The overall gross margin for H1 2025 was 11.61%, slightly down by 0.09 percentage points year-on-year, primarily due to a decrease in the gross margin of the consumer electronics segment [4][8]. - The company maintained stable expense ratios, with sales, management, and R&D expense ratios at 0.45%, 2.53%, and 3.69% respectively [8]. - The net profit margin improved to 5.86%, reflecting a year-on-year increase of 0.30 percentage points, indicating resilience in profitability [11].

Core Insights - The consumer electronics industry is showing signs of recovery, with 80 out of 101 companies reporting revenue growth year-on-year, and 35 companies achieving over 20% growth [1] - Industrial Fulian leads the sector with significant revenue and profit growth, achieving 360.76 billion yuan in revenue and 12.11 billion yuan in net profit for the first half of 2025, marking a year-on-year increase of 35.58% and 38.61% respectively [2] - The emergence of "dark horse" companies is notable, with several firms reporting revenue growth exceeding 50%, particularly those focused on AI applications [4] Industry Performance - The consumer electronics sector has 22 companies with revenues exceeding 10 billion yuan, with notable performances from companies like Luxshare Precision and Hikvision, which reported revenues of 124.50 billion yuan and 41.82 billion yuan respectively [3] - A total of 14 companies reported net profit growth exceeding 100%, with Qianfang Technology and Silan Micro achieving remarkable increases of 1287.12% and 1162.42% in net profit [5] AI Impact - AI technology is driving new growth points in the consumer electronics industry, with products like AI smartphones and smart home devices gaining traction [6] - The short-term effects of AI-related investments are evident, particularly for companies that have early adopted AI technologies [6] Market Disparities - Despite the overall recovery, there is a clear divergence within the industry, with 16 companies reporting a decline in net profit exceeding 30% [7] - Companies like AOC Technology and OFILM have reported losses, with AOC's net profit dropping to -0.49 billion yuan from a profit of 0.05 billion yuan in the previous year [7] Competitive Landscape - The competitive environment is intense, with leading companies capturing a significant market share, making it challenging for smaller firms to compete effectively [8]

证券研究报告 立讯精密 (002475 CH) 指引 3Q25 归母净利同增 15%–28% 目标价 58.6 元，给予买入评级 我们预计 25/26/27 年归母净利润 163/207/244 亿元（下修 3.6/3.2/2.8%）。 考虑到地缘政治中产业链重构的潜在不确定性，我们给予 20 倍 2026 年 PE 估值（Wind 一致预期可比估值 26 年 23.7 倍），给予目标价 58.6 元（前值： 20 倍 2025 年 PE 估值，目标价 46.8 元，Wind 一致预期可比公司 PE 平均 数 25 年 18x），及"买入"评级。 风险提示：海外政策波动风险，宏观下行风险，创新产品渗透不及预期风险。 | | | | 华泰研究 | | | 中报点评 | 投资评级(维持): | 买入 | | --- | --- | --- | --- | --- | --- | | 2025 年 | 8 月 | 27 日│中国内地 | 消费电子 | 目标价(人民币): | 58.60 | 公司公布上半年业绩：收入 1245 亿元（yoy+20.2%），归母净利润 66 亿 元（yoy+23%），扣非归母净利润 5 ...

Core Insights - The report highlights the strong performance of Times Angel, with a 33% year-on-year revenue growth to $160 million in the first half of 2025, driven primarily by rapid expansion in overseas markets [2] - The report maintains a "Buy" rating for Times Angel, adjusting the target price to HKD 86.47 based on a sum-of-the-parts valuation, reflecting a 15x P/E for its mature domestic business and an 8x P/S for its rapidly expanding overseas operations [7] - The report indicates that while domestic case volume remains resilient, pricing pressures are expected to continue, impacting profit margins [6] Company Analysis Times Angel - Times Angel's overseas invisible orthodontics case volume reached 117,200, a 103% increase year-on-year, with overseas revenue growing 123% to $71.62 million [7] - The domestic business saw case volume grow 14% year-on-year to 108,600, but revenue remained flat at $89.68 million due to declining average selling prices [6] - The report anticipates that despite short-term profit margin pressures, the company's strategic investments in compliance and localization will support sustainable global expansion [7] Beike (贝壳) - Beike reported a 11% year-on-year revenue growth to RMB 26 billion in Q2 2025, driven by new home transactions and rental services [8] - The non-GAAP net profit for the quarter was RMB 1.8 billion, a 32% decline year-on-year, reflecting ongoing industry headwinds [8] - The report suggests that Beike is on the right track to improve operational efficiency, which may enhance profitability during industry recovery [8] Luxshare Precision (立讯精密) - Luxshare's revenue and net profit both grew 23% year-on-year in the first half of 2025, with strong growth in communication and automotive sectors [9] - The gross margin improved to 12.0% in Q2 2025, driven by product mix enhancement and operational efficiency [9] - The report highlights potential growth drivers including increased iPhone market share and expansion in the automotive sector [9] BOE Technology (京东方) - BOE's revenue grew 8% year-on-year in the first half of 2025, with net profit increasing by 5% [10] - The automotive display segment outperformed the industry, with high-end products seeing significant growth [10] - The report projects that BOE will continue to grow faster than the industry average in the second half of 2025 [10] EHang (亿航智能) - EHang delivered 68 eVTOL aircraft in Q2 2025, a 39% year-on-year increase, despite lowering its full-year revenue guidance by over 40% [11] - The management emphasizes that the reduction in delivery targets is due to safety considerations rather than a decrease in end-demand [11] - The report maintains a positive outlook on EHang's growth potential in the eVTOL market [11] Green Tea Group (绿茶集团) - Green Tea Group reported positive same-store sales growth despite a decline in average price per item [10] - The report anticipates continued sales growth and margin improvement driven by strong takeaway orders and new product launches [10] - The target price is adjusted to HKD 10.74, reflecting confidence in the company's growth trajectory [11]

证券时报·数据宝统计显示，共有3家公司公布了前三季度业绩预告。业绩预告类型来看，业绩预增的有 3家。 前三季度业绩预告一览 | 代码 | 简称 | 业绩预告 | 业绩预 | 预计净利润增 | 最新收盘 | 7月以来涨 | 近5日主力资金 | 申万 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 日期 | 告类型 | 幅中值（%） | 价（元） | 跌（%） | 净流入（万元 | 行业 | | 002475 | 立讯 精密 | 2025.08.26 | 预增 | 22.50 | 45.60 | 32.19 | 90543.25 | 电子 | | 920101 | 志高 | 2025.08.01 | 预增 | 17.37 | 52.52 | -8.91 | | 机械 | | | 机械 | | | | | | | 设备 | | 920056 | 能之 | 2025.08.11 | 预增 | 7.57 | 33.00 | 3.00 | | 基础 | | | 光 | | | | | | | 化工 | 随着半年报业绩的披露，部分公司提前对前三 ...