LUXSHARE-ICT(SZ:002475) Guoxin Securities·2025-08-27 14:46Investment Rating - The investment rating for the company is "Outperform the Market" [6] Core Views - The company is experiencing robust growth in its automotive and communication businesses, with a completed acquisition of assets from Wentai Technology, enhancing its ODM capabilities [2][4] - The company has also completed the acquisition of Leoni's related assets, further expanding its automotive product lines and client base [3] - The company forecasts steady growth for Q3 2025, with expected net profit ranging from 4.246 to 4.699 billion, representing a year-on-year increase of 15.41% to 27.74% [1] Financial Performance Summary - In the first half of 2025, the company achieved revenue of 124.503 billion (YoY +20.18%) and a net profit of 6.644 billion (YoY +23.13%), with a gross margin of 11.61% [1] - The second quarter of 2025 saw revenue of 62.715 billion (YoY +22.51%, QoQ +1.50%) and a net profit of 3.601 billion (YoY +23.09%, QoQ +18.30%) [1] - The company's revenue from consumer electronics in 1H25 was 97.8 billion (YoY +14.3%), while its communication products revenue surged to 11.1 billion (YoY +48.7%) and automotive products revenue reached 8.66 billion (YoY +82.1%) [4] Earnings Forecast and Financial Metrics - The company is projected to achieve net profits of 16 billion, 19.4 billion, and 23.5 billion for the years 2025, 2026, and 2027 respectively, with growth rates of 20%, 22%, and 21% [5] - The current stock price corresponds to a PE ratio of 21, 17, and 14 for the years 2025, 2026, and 2027 respectively [5] - The company maintains a strong return on equity (ROE) of approximately 19.5% for 2023, with a slight increase projected in subsequent years [5]