LUXSHARE-ICT(SZ:002475) GOLDEN SUN SECURITIES·2025-10-31 07:00Investment Rating - The investment rating for the company is "Buy" [5] Core Insights - The company reported a strong performance in Q3 2025, with revenue reaching 964.11 billion yuan, a year-on-year increase of 31.03% and a quarter-on-quarter increase of 53.73%. The net profit attributable to the parent company was 48.74 billion yuan, exceeding guidance and showing a year-on-year growth of 32.49% [1] - The company is experiencing rapid growth in its automotive and communication sectors, marking the beginning of its second growth curve [1][4] - The company expects to achieve a net profit of 165.18 to 171.86 billion yuan for the full year 2025, representing a year-on-year growth of 23.59% to 28.59% [2] Summary by Sections Financial Performance - For Q1-Q3 2025, the company achieved revenue of 2209.15 billion yuan, a year-on-year increase of 24.69%, and a net profit of 115.18 billion yuan, exceeding the upper limit of guidance [1] - The gross margin for Q3 2025 was 12.15%, up 0.43 percentage points year-on-year, while the net margin was 5.76%, up 0.24 percentage points year-on-year [1] Business Segments - Consumer Electronics: The company maintains a solid foundation, with the iPhone 17 series showing a 14% increase in sales compared to the previous generation in the first 10 days post-launch. The company is also deepening collaborations in emerging fields like AR/VR and robotics [2] - Communication and Data Center: The company has achieved mass production of 224G high-speed cable products and is working on 448G products with major clients. It anticipates doubling revenue and profit in this segment by 2025 [3] - Automotive Business: The automotive segment is experiencing strong growth, with mass production of high-voltage and high-speed wiring harnesses. The company expects significant contributions from newly developed products in smart chassis and power systems [4] Future Projections - The company forecasts revenue of 3267 billion yuan in 2025, with a year-on-year growth of 21.5%. The net profit is expected to reach 171 billion yuan, reflecting a growth of 27.6% [9] - The projected P/E ratios for 2025, 2026, and 2027 are 28, 21, and 17 times, respectively, indicating a favorable valuation outlook [9]