LUXSHARE-ICT(SZ:002475) Xin Lang Cai Jing·2025-11-03 10:41Core Insights - Q3 revenue exceeded guidance with a significant year-on-year growth of 31%, reaching 96.4 billion yuan, while net profit attributable to shareholders grew by 32% to 4.9 billion yuan [1] - The integration of Lanyin has progressed better than expected, with the automotive business experiencing accelerated growth, potentially contributing substantial profits from 2026 onwards [1][3] - The company is positioned as a leading provider of integrated solutions in the data center sector, with increasing market share among major cloud service providers and AI server clients [2] Financial Performance - Q3 net profit attributable to shareholders was 4.9 billion yuan, with a non-GAAP net profit of 3.9 billion yuan, reflecting a year-on-year increase of 32% and 25% respectively [1] - The full-year guidance for 2025 indicates a net profit of 16.5 to 17.2 billion yuan, representing a growth of 23.6% to 28.6% [1] - Earnings per share forecasts for 2025-2027 are adjusted to 2.33, 3.22, and 4.15 yuan respectively, with a target price of 83.88 yuan based on a 36x PE ratio [4] Business Segments - The company’s automotive and communication sectors are entering a phase of rapid growth, with the automotive business expected to become a global leader in automotive wiring harnesses following the integration of Lanyin [3] - The data center business is enhancing its product offerings, including high-speed copper cables and power management systems, with successful validation of the 448G copper link technology [2]