立讯精密(002475)：预告1H25净利润同增20-25%

Core Viewpoint - The company reported strong financial performance for 2024 and the first quarter of 2025, with significant year-over-year growth in revenue and net profit, indicating robust operational efficiency and strategic positioning in various business segments [1][2][3]. Financial Performance - For 2024, the company achieved revenue of 268.79 billion yuan, a year-over-year increase of 16%, and a net profit of 13.37 billion yuan, up 22% year-over-year [1]. - In Q4 2024, revenue reached 91.62 billion yuan, reflecting a year-over-year growth of 21% and a quarter-over-quarter increase of 24.5% [1]. - For Q1 2025, revenue was 61.79 billion yuan, representing an 18% year-over-year increase, although it saw a quarter-over-quarter decline of 33% [1][3]. - The company forecasts a 20-25% growth in net profit for the first half of 2025, with a non-GAAP net profit growth of 4.7-15.2% [1][3]. Business Segments Performance - The company experienced steady growth across its business lines, with revenue growth rates for computers, automotive, communications, and consumer electronics at 20%, 49%, 26%, and 14% respectively [2]. - The gross margins for these segments were 18.9%, 16.1%, 16.4%, and 9.1%, with slight variations year-over-year [2]. - The subsidiary, Lika Yancheng, reported a 15% increase in revenue, although net profit declined by 23%, primarily due to challenges in the Vision Pro business [2]. Strategic Outlook - The company is focusing on the integration of its non-A consumer electronics business following the acquisition of Wentai ODM assets, as well as improving profitability in automotive electronics and expanding in core areas of communications [3]. - There is an emphasis on monitoring the impact of tariff fluctuations and the company's global strategic layout in response to changing market conditions [3]. Profit Forecast and Valuation - The company has adjusted its profit forecasts for 2025, projecting net profits of 16.95 billion yuan, 21.41 billion yuan, and 25.06 billion yuan for 2025, 2026, and 2027 respectively [4]. - The target price is set at 46.8 yuan, based on a 20x PE valuation for 2025, reflecting the company's leading position and growth potential in non-A consumer electronics, automotive, and communications sectors [4].