LUXSHARE-ICT(002475) 国泰君安·2024-10-27 04:41Investment Rating - The report maintains a "Buy" rating for the company with a target price of 61.35 CNY [3][4]. Core Insights - The company's Q3 performance and full-year profit guidance are in line with expectations, benefiting from a deep layout in AI terminals led by Apple. Additionally, the automotive and communication businesses are accelerating growth, creating a new growth curve [2][3]. Financial Performance Summary - For Q3 2024, the company reported revenue of 73.579 billion CNY, representing a year-on-year increase of 27.07% and a quarter-on-quarter increase of 43.73%. The net profit attributable to shareholders was 3.679 billion CNY, up 21.88% year-on-year and 25.76% quarter-on-quarter, falling within the mid-range of previous guidance [3]. - The company expects a full-year net profit for 2024 to be between 13.143 billion CNY and 13.691 billion CNY, reflecting a year-on-year growth of 20% to 25% [3]. Business Growth Drivers - The company is deeply integrated with major clients across all product categories, benefiting from the AI terminal wave led by Apple. The introduction of system-level AI products, including AI smartphones and wearable devices, is expected to drive significant sales growth [3]. - The automotive and communication sectors are experiencing accelerated growth. The company is focusing on smart vehicle clients and expanding its product offerings in intelligent cockpits and autonomous driving, which are expected to sustain high growth rates [3]. Financial Forecast - The report projects EPS for 2024, 2025, and 2026 to be 1.90 CNY, 2.39 CNY, and 2.95 CNY respectively. The target price corresponds to a 2025 PE ratio of 25.67X, based on comparable company valuations [3][10]. - Revenue forecasts for 2024, 2025, and 2026 are 306.217 billion CNY, 372.699 billion CNY, and 458.743 billion CNY, respectively, indicating a growth rate of 32.0%, 21.7%, and 23.1% [9]. Market Data - The company's current stock price is 43.35 CNY, with a market capitalization of 313.256 billion CNY. The stock has traded within a range of 25.49 CNY to 46.33 CNY over the past 52 weeks [4][5]. - The company has a net asset value per share of 8.95 CNY and a current price-to-book ratio of 4.8 [5]. Comparative Valuation - The report references comparable companies with an average 2025 PE ratio of 21.66X, indicating that the company is positioned favorably within its industry [10].