【私募调研记录】神农投资调研立讯精密、水晶光电

Group 1: Luxshare Precision (立讯精密) - The company stated that the impact of the US tariffs on its exports is limited, as the proportion of finished products exported to the US is relatively small [1] - Luxshare expects customers to request the relocation of products exported to the US to regions with lower tariffs, with Vietnam being a key area due to its advantages in logistics, supply chain, and talent [1] - The company believes that the competitive landscape in the consumer electronics industry will not change significantly due to tariffs, as the supply chain structure primarily depends on corporate competitiveness [1] Group 2: Crystal Optoelectronics (水晶光电) - The company is committed to a global, technology-driven, and open cooperation strategy, continuing to embrace major clients and firmly establishing a dual circulation layout [2] - Crystal Optoelectronics is advancing its production base adjustments and the construction of its Singapore operations center, with AR being identified as a third growth curve [2] - The company has achieved breakthroughs in coating filter technology and expects to capture a significant market share in the future, with the second phase of its Vietnam factory expected to commence mass production in the second half of this year [2]