立讯精密（002475）：指引3Q25归母净利同增15%–28%

Investment Rating - The report maintains an investment rating of "Buy" for the company [1][4]. Core Views - The company reported a revenue of 124.5 billion RMB for the first half of 2025, representing a year-over-year increase of 20.2%, and a net profit attributable to shareholders of 6.6 billion RMB, up 23% year-over-year [1]. - The company forecasts a net profit for the third quarter of 2025 to be between 4.25 billion and 4.7 billion RMB, indicating a year-over-year growth of 15.4% to 27.7% [1]. - The company is focusing on balanced growth across three main business segments: consumer electronics, communications and data centers, and automotive [1]. Business Segment Performance - In the first half of 2025, the revenue growth rates for various business segments were as follows: consumer electronics +14.3%, automotive +82.1%, computers +11.7%, communications +48.7%, and others +42.0% [2]. - The automotive segment's growth was significantly supported by the consolidation of the Lainai assets [2]. - The communications segment's net profit contribution reached over 10%, driven by AI server-related orders [2]. Future Outlook - The consumer electronics segment is expected to benefit from new product launches by Apple, including ultra-thin screens and foldable devices, which will support steady growth [3]. - The company is enhancing its integrated solutions for communications, which is expected to increase its market share among leading cloud service providers and AI server clients [3]. - The automotive business is expanding its customer base with new projects from major domestic and international car manufacturers [3]. Price Target and Valuation - The target price for the company is set at 58.6 RMB, based on a 20x PE valuation for 2026 [4]. - The estimated net profits for the years 2025, 2026, and 2027 are projected to be 16.3 billion, 20.7 billion, and 24.4 billion RMB, respectively [4].