立讯精密Q3营收同比增长31.03%，净利增32.49%，AI与汽车业务成新增长引擎 | 财报见闻

Core Insights - Lixun Precision achieved Q3 revenue of 96.41 billion yuan, a year-on-year increase of 31.03%, and a net profit of 4.87 billion yuan, up 32.49% year-on-year [1][2] Financial Performance - For the first three quarters, revenue reached 220.91 billion yuan, growing by 24.69% year-on-year, while net profit was 11.52 billion yuan, an increase of 26.92% [3] - As of the end of the reporting period, total assets amounted to 300.26 billion yuan, reflecting a growth of 34.15% compared to the end of the previous year [3] - The company reported a significant increase in accounts receivable by 58.90% and inventory by 64.01% [3] - Operating cash flow decreased by 47.89% to 3.48 billion yuan, primarily due to increased cash expenditures for goods and services [3] Business Growth Drivers - The surge in generative AI applications is driving demand for AI smartphones and servers, as well as components for the automotive industry's smart transformation [1][4] - The consumer electronics sector is experiencing explosive growth in AI-enabled devices, leading to increased demand for high-precision components [4] - The telecommunications and data center business is benefiting from the rapid expansion of AI server and infrastructure needs, with the company gaining significant market share [4] Automotive Sector Expansion - The automotive business is identified as a key growth area, capitalizing on the ongoing trends of electrification, intelligence, connectivity, and sharing [5] - The company has successfully expanded its offerings from traditional wiring and connectors to core components for smart cockpits and advanced driving assistance systems [5] - Recent acquisitions, including the integration of Leoni Group assets, are enhancing the customer base and product orders in the automotive sector [5]