立讯精密：跟踪报告之十四：业绩成长确定性高，通讯汽车业务未来可期

Investment Rating - The report maintains a "Buy" rating for the company [2][66]. Core Views - The company has demonstrated robust growth in its performance despite challenges such as geopolitical conflicts and overall pressure on consumer electronics demand. Revenue from various segments in 2023 showed growth: Consumer Electronics at 197.18 billion, Communications at 14.54 billion, Computers at 7.49 billion, and Automotive at 9.25 billion, with year-on-year growth rates of +9.75%, +13.28%, -33.58%, and +50.46% respectively [2]. - The company is expected to achieve net profits of 13.76 billion, 17.49 billion, and 20.78 billion for 2024-2026, with growth rates of 26%, 27%, and 19% respectively, translating to P/E ratios of 20X, 16X, and 13X [2][66]. - The communications business is poised to benefit significantly from AI industry trends, with a projected compound annual growth rate of 11% for the global optical module market from 2024 to 2028 [2]. - The automotive sector is expected to become a second growth engine for the company, with a diverse product line including automotive wiring harnesses, connectors, and smart vehicle technologies [2]. Summary by Sections Performance Overview - The company has shown steady revenue growth from 137.63 billion in 2016 to 2319.05 billion in 2023, with a compound annual growth rate of 49.7% [12]. - The revenue structure indicates that consumer electronics still dominate at 85.03% in 2023, while contributions from automotive and communications are gradually increasing [15]. Business Segments - The automotive segment has been strategically developed, with a focus on electric and smart vehicles, and is expected to see rapid growth due to increasing demand for automotive electronics [24][27]. - The company has established a strong presence in the communications sector, focusing on copper and optical connections, which are critical for data centers and cloud services [52]. Strategic Partnerships and Acquisitions - The company has formed strategic partnerships, including a joint venture with Chery to enhance its automotive component business and aims to become a Tier 1 supplier [42]. - The acquisition of various companies has strengthened its capabilities in automotive connectors and wiring harnesses, positioning it as a leader in the industry [44]. Market Trends - The automotive market is experiencing a shift towards electrification, intelligence, and lightweight designs, with the penetration rate of new energy vehicles expected to reach 47% by May 2024 [27]. - The electronic and electrical architecture of vehicles is undergoing revolutionary changes, favoring modular and standardized manufacturing processes, which benefits the company [34].