国信证券：维持立讯精密“优于大市”评级 3Q25业绩预告稳健成长

Core Viewpoint - Guosen Securities report indicates that Luxshare Precision's net profit attributable to shareholders for the first half of the year reached 6.644 billion (YoY +23.13%) [1] - The company has completed the acquisition of Wistron Technology's ODM and OEM business, which holds over 20% market share in global mobile ODM [1] Financial Performance - The net profit attributable to shareholders for Q2 was 3.601 billion (YoY +23.09%, QoQ +18.30%) [1] - The company forecasts a net profit of 4.246 to 4.699 billion for Q3 2025 (YoY +15.41% to +27.74%), with a median growth rate of 22% [1] Business Development - The acquisition of Wistron is expected to enhance the scale and competitiveness of the company's ODM business [1] - The company has a strong technological foundation in data centers, providing integrated solutions of "copper, optics, and electricity" with multiple high-speed, high-value products being delivered in bulk [1] Automotive Sector Growth - In the first half of 2025, revenue from automotive connectivity products reached 8.66 billion (YoY +82.1%) [1] - Since 2022, the automotive business has maintained a growth rate above 48%, marking the beginning of a second growth curve [1] Valuation - The current stock price corresponds to a PE ratio of 21/17/14x, maintaining an "outperform" rating [1]