立讯精密：紧抓AI时代机遇，成长再上新台阶

Investment Rating - The report maintains a "Buy-A" investment rating for the company with a target price of 45.50 CNY, corresponding to a dynamic P/E ratio of 25.00x for 2024 [5][6]. Core Insights - The company is positioned to leverage opportunities in the AI era, with growth expected to reach new heights through both organic and external growth strategies, establishing itself as a leader in precision manufacturing [1][2]. - The AI large model is rapidly evolving, with consumer electronics manufacturers actively launching AI-enabled products, which is anticipated to enhance user experience and drive sales, aligning with the recovery cycle in the market [2][40]. - The company has a comprehensive product capability in the computing power center scenario, extending from various components to server assembly, and is well-positioned to benefit from the growing demand for high-performance computing resources [3][35]. - The automotive sector is advancing towards electrification, intelligence, connectivity, and sharing, with the company aiming to become a Tier 1 supplier in the automotive parts industry through both internal R&D and strategic acquisitions [4][29]. Summary by Sections Section 1: Company Overview - The company has evolved into a leading precision manufacturing enterprise, deeply involved in consumer electronics, automotive, communication, and medical sectors, through significant R&D investment and strategic acquisitions [1][14]. - The ownership structure is relatively concentrated and stable, with key stakeholders actively engaging in employee stock incentives to enhance motivation [19][20]. Section 2: AI Empowerment in Consumer Electronics - The demand for consumer electronics is showing signs of recovery, with a positive trend in smartphone shipments expected to continue into 2024 [40][42]. - AI-enabled consumer electronics are anticipated to enhance user experience and drive sales, with significant growth projected in the AI smartphone and PC markets [45][47]. Section 3: Communication Business Growth - The company is benefiting from the ongoing development of 5G and AI applications, with a robust product lineup in communication components and systems [33][34]. Section 4: Automotive Sector Development - The company is actively expanding its automotive business, focusing on electric and intelligent vehicles, and aims to establish itself as a leading Tier 1 supplier [4][29][31].