LUXSHARE-ICT(SZ:002475) Huaxin Securities·2024-08-28 09:00Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company has experienced stable growth driven by new AI demands in the consumer electronics sector, with significant growth in its automotive and telecommunications segments [5][6] - In the first half of 2024, the company achieved a revenue of 103.598 billion yuan, a year-on-year increase of 5.74%, and a net profit of 5.396 billion yuan, up 23.89% year-on-year [4] - The automotive business saw a remarkable revenue growth of 48.30% year-on-year, reaching 4.756 billion yuan, while the telecommunications segment's revenue grew by 21.65% to 7.465 billion yuan [6] Summary by Sections Financial Performance - The company reported a revenue of 1035.98 billion yuan in the first half of 2024, with a net profit of 53.96 billion yuan, indicating strong performance in the consumer electronics market [4][5] - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 49.60 billion yuan, reflecting a 19.38% year-on-year growth [4] Business Segments - The consumer electronics sector is benefiting from the AI era, leading to increased product shipments and market demand [5] - The automotive segment has diversified its product matrix, including components for smart driving and intelligent cockpits, contributing to its rapid growth [6] - The telecommunications segment has exceeded expectations in its electrical connection business, driven by increased demand for 224G products [6] Future Outlook - Revenue forecasts for 2024-2026 are projected at 2692.89 billion yuan, 3144.75 billion yuan, and 3633.76 billion yuan, respectively, with corresponding EPS estimates of 1.88 yuan, 2.26 yuan, and 2.62 yuan [9] - The current stock price corresponds to a PE ratio of 19.4 for 2024, 16.1 for 2025, and 13.9 for 2026, indicating potential for growth as the company continues to strengthen its core competitiveness [9]