立讯精密：汽车和通讯业务高增长

Core Viewpoint - Lixun Precision has undergone a transformative journey over the past decade, achieving a tenfold increase in market value and expanding its business from components to high-end assembly in the consumer electronics sector, while also diversifying into automotive and AI communication markets [1][2]. Group 1: Consumer Electronics Business - Lixun Precision established a foundation for AirPods production by acquiring Suzhou Meite in 2016 and became a core assembler for AirPods in 2017 [1]. - The company expanded into iPhone assembly by acquiring Wistron assets in 2020 and secured exclusive orders for VisionPro and iPhone Pro Max in 2023 and 2024, respectively [1]. - The company emphasizes risk mitigation by diversifying its business and is focusing on emerging markets, particularly in automotive and AI communication sectors, which are expected to grow similarly to the rapid expansion seen in consumer electronics from 2016 to 2017 [1]. Group 2: Automotive Business Expansion - Lixun Precision entered the automotive electronics and parts sectors through acquisitions in 2012 and 2013, which have facilitated the development of complex precision components and vehicle wiring harnesses [2]. - The company is positioned to benefit from the robust growth of the automotive supply chain in China, with expectations of double-digit growth rates, potentially exceeding 50% in the coming years [2]. - Collaborations with major domestic automakers like Chery and GAC have elevated Lixun's Tier 1 business, with plans for further development of ODM platforms and core component business [2]. Group 3: Strategic Acquisitions - In September 2024, Lixun Precision announced a significant acquisition of a 50.1% stake in the German automotive wiring harness manufacturer Leoni for approximately €5.25 billion, enhancing its competitive edge in the global automotive wiring harness market [3]. - This acquisition is expected to facilitate resource sharing and strategic collaboration, positioning Lixun to provide integrated services to both Chinese and traditional overseas automotive companies [3]. - The automotive business is projected to reach a scale of over 10 billion in 2024, leveraging Lixun's capabilities in consumer electronics and advanced manufacturing [3]. Group 4: AI and Innovation - Lixun Precision has been strategically positioned in the AI sector for over a decade, focusing on server-related electrical connections, optical modules, power supplies, and thermal management [4]. - The company has achieved mass production of 224G high-speed cable products and is set to begin pre-research on 448G products in January 2024 [4]. - Lixun's power module and thermal management products are expected to significantly outperform industry averages, with anticipated revenue and profit doubling in 2025 [4]. Group 5: Optical Modules and Connectivity - Lixun Precision currently possesses the capability to supply optical modules with specifications of 1.6T and higher, leveraging its leadership in electrical connection technology to deepen customer relationships [5]. - The company is making strides in high-speed interconnects, entering the supply chains of major global cloud providers and equipment manufacturers, while also advancing collaborative projects with clients [5]. - Intel's investment in Lixun Technology is expected to complement the company's advantages in high-speed interconnects, facilitating further expansion in the communications sector and overseas server markets [5].