LUXSHARE-ICT(SZ:002475)2024-10-27 08:43Investment Rating - The report maintains a "Buy" rating for the company [6][7]. Core Insights - The company achieved a revenue of 73.579 billion yuan in Q3 2024, representing a year-on-year growth of 27.07%, with a net profit of 3.679 billion yuan, up 21.88% year-on-year. The gross margin was 11.75%, down 2.01 percentage points, while the net margin was 5.47%, down 0.66 percentage points [6]. - For the first three quarters, the total revenue reached 177.177 billion yuan, a 13.67% increase year-on-year, and the net profit was 9.075 billion yuan, up 23.06% year-on-year. The gross margin was 11.72%, slightly down by 0.08 percentage points, and the net margin improved by 0.21 percentage points to 5.52% [6]. - The company is expected to see continued growth in assembly share from major clients, driven by AI and the strong performance of iPhone sales, particularly the iPhone 16 series, which saw a 20% increase in sales year-on-year [6]. - The acquisition of Leoni AG's core businesses is progressing well, with a focus on becoming a leading Tier 1 supplier in the automotive parts sector, targeting a compound annual growth rate of over 50% in this segment [6]. - The company projects a net profit of 13.143 billion to 13.691 billion yuan for Q4 2024, indicating a year-on-year growth of 20% to 25% [6]. Financial Summary - The company reported total revenue of 231.905 billion yuan in 2023, with projections of 269.310 billion yuan for 2024, 309.494 billion yuan for 2025, and 351.472 billion yuan for 2026 [10]. - The net profit for 2023 was 10.953 billion yuan, with forecasts of 13.675 billion yuan for 2024, 16.533 billion yuan for 2025, and 18.872 billion yuan for 2026 [10]. - The earnings per share (EPS) for 2023 was 1.51 yuan, expected to rise to 1.89 yuan in 2024, 2.29 yuan in 2025, and 2.61 yuan in 2026 [10].