LUXSHARE-ICT(002475) 天风证券·2024-08-29 08:41Investment Rating - The report maintains a "Buy" rating for the company, with a target price set above the current price of 36.6 yuan [5]. Core Insights - The company reported a revenue of 1,035.98 billion yuan for the first half of 2024, representing a year-over-year growth of 5.74%. The net profit attributable to shareholders reached 53.96 billion yuan, up 23.89% year-over-year [1]. - The company is focusing on high-quality growth, with a significant increase in profitability driven by its automotive and communication sectors [2]. - The second quarter of 2024 saw a revenue of 512 billion yuan, a 6.6% increase year-over-year, and a net profit of 29.25 billion yuan, reflecting a 25.12% year-over-year growth [1]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a net profit of 53.96 billion yuan, with a year-over-year increase of 23.89%. The adjusted net profit was 49.60 billion yuan, up 19.38% year-over-year [1]. - The second quarter of 2024 showed a revenue of 512 billion yuan, with a gross margin of 12.69%, benefiting from a higher proportion of high-margin businesses [1]. - The company expects a net profit of 34.53 to 38.22 billion yuan for the third quarter of 2024, indicating a year-over-year growth of 14.39% to 26.61% [1]. Business Segments - In the first half of 2024, revenue from various segments included: computers (43.8 billion yuan), automotive (47.6 billion yuan), communications (74.7 billion yuan), consumer electronics (855.5 billion yuan), and others (14.5 billion yuan), with notable growth in automotive (48.30% year-over-year) and communications (21.65% year-over-year) [1]. - The automotive sector is expanding with a diverse product layout targeting a trillion-yuan market, leveraging partnerships with major automotive manufacturers [2]. Future Outlook - The company forecasts net profits of 150 billion yuan, 210 billion yuan, and 253 billion yuan for the years 2024, 2025, and 2026, respectively, maintaining its profit projections for 2024 to 2026 [2]. - The report highlights the company's strong capabilities in the consumer electronics sector, particularly in AI-related technologies, which are expected to drive future growth [2].