LUXSHARE-ICT(SZ:002475) Guohai Securities·2024-10-27 15:05Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown steady progress across its main business segments, with Q3 performance exceeding expectations, benefiting significantly from the AI wave in the consumer electronics sector [2][4] - The company reported a revenue of 177.18 billion yuan for the first three quarters of 2024, a year-on-year increase of 13.67%, and a net profit attributable to shareholders of 9.075 billion yuan, up 23.06% year-on-year [3] - The Q3 revenue reached 73.579 billion yuan, reflecting a 27.07% year-on-year growth, with a net profit of 3.679 billion yuan, increasing by 21.88% year-on-year [3] Summary by Sections Financial Performance - For 2024, the company forecasts a net profit attributable to shareholders between 13.143 billion and 13.691 billion yuan, representing a year-on-year growth of 20% to 25%, with a midpoint estimate of 13.417 billion yuan, which is a 22.50% increase [3] - The company expects Q4 net profit to be between 4.068 billion and 4.616 billion yuan, a year-on-year increase of 13.69% to 28.99%, with a midpoint of 4.342 billion yuan, reflecting a 21.34% growth [3] Business Development - The company is closely collaborating with major clients, particularly in the smart device sector, which is expected to drive a wave of upgrades due to the upcoming launch of Apple Intelligence [4] - The company’s gross margin for the first three quarters of 2024 was 11.72%, a slight decrease of 0.08 percentage points year-on-year, while the net profit margin was 5.12% [4][6] Market Position - The company has a strong market presence, with a 17.7% market share in the smart device sector, and is expected to benefit from the AI integration in consumer electronics [4] - The report highlights the company's strategic focus on expanding into automotive and communication sectors, alongside its core consumer electronics business [6]