立讯精密：收购Leoni AG股权，蓄力汽车业务成长

Investment Rating - The report maintains a "Buy" rating for Luxshare Precision (002475) [1] Core Views - Luxshare Precision is actively expanding its overseas market presence through strategic acquisitions, particularly in the automotive sector [3] - The acquisition of Leoni AG and its subsidiaries is seen as a reasonable deal, with potential for long-term growth despite short-term profitability challenges [4] - The company is well-positioned to benefit from the automotive electrification and intelligence trends, with expected revenue growth and improved profitability [4] Financial Performance and Projections - Revenue is projected to grow from RMB 214.03 billion in 2022 to RMB 331.29 billion in 2026, with a CAGR of 11.56% [5] - Net profit attributable to shareholders is expected to increase from RMB 9.16 billion in 2022 to RMB 19.96 billion in 2026, with a CAGR of 24.33% [5] - EPS is forecasted to rise from RMB 1.29 in 2022 to RMB 2.77 in 2026 [5] - ROE is expected to remain stable around 19.5%-20.2% from 2022 to 2026 [5] Operational Efficiency - The company's asset turnover days are expected to improve, with fixed asset turnover days decreasing from 66 days in 2022 to 38 days in 2026 [6] - Inventory turnover days are projected to decrease from 56 days in 2022 to 47 days in 2026, indicating improved inventory management [6] - Accounts receivable turnover days are expected to remain stable around 36-38 days from 2024 to 2026 [6] Valuation Metrics - The PE ratio is expected to decline from 24.61x in 2022 to 13.67x in 2026, reflecting improved earnings growth [5] - The PB ratio is projected to decrease from 4.98x in 2022 to 2.67x in 2026, indicating potential undervaluation [5] - EV/EBITDA is forecasted to decrease from 12.3x in 2022 to 5.8x in 2026, suggesting improved valuation attractiveness [6] Growth Drivers - The company's growth is driven by its strategic focus on automotive electrification and intelligence, as well as its expansion into overseas markets [4] - The acquisition of Leoni AG is expected to provide Luxshare Precision with access to new markets and customer resources, enhancing its long-term growth potential [4]