立讯精密：年报预增，各项业务进展顺利

Investment Rating - The report maintains a "Recommended" rating for the company [2] Core Views - The company is expected to see a significant increase in net profit for 2024, with estimates ranging from 13.14 billion to 13.69 billion yuan, reflecting a strong performance across various business segments [4][6] - The company achieved a revenue of 177.18 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 13.67%, with a net profit attributable to shareholders of 9.07 billion yuan, up 23.06% year-on-year [4] - The company has successfully diversified its product offerings beyond consumer electronics to include components, modules, and accessories across various sectors, including automotive and communication [6] Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a revenue of 177.18 billion yuan and a net profit of 9.07 billion yuan, with a gross margin of 11.72% and a net margin of 5.52% [4] - The company forecasts a full-year net profit of 13.14 billion to 13.69 billion yuan for 2024, with a non-recurring profit estimate of 11.49 billion to 12.71 billion yuan [4][6] Business Development - The company has made significant progress in its smart module applications and system packaging processes, which are expected to enhance product penetration and application scope [4] - The company is leveraging its core technologies in sound, light, electricity, heat, magnetism, and radio frequency to provide comprehensive solutions from components to system integration [6] Market Position - The company has transitioned from a focus on consumer electronics to a diversified technology manufacturing enterprise, covering a wide range of components and modules [6] - The report highlights the company's strong position in the AI-driven consumer electronics market, which is expected to grow significantly [4][6] Financial Projections - Revenue projections for 2024 are set at 269.01 billion yuan, with a net profit of 13.40 billion yuan, reflecting a year-on-year growth of 22.3% [5][9] - The company is expected to maintain a stable gross margin of around 12.1% to 12.2% over the next few years [5][9]