立讯精密（002475）：业绩超预期，全年预告强势增长

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported strong performance in Q3 2025, with revenue of 220.91 billion yuan, a year-on-year increase of 24.69%, and a net profit attributable to shareholders of 11.52 billion yuan, up 26.92% year-on-year [2][6]. - The company forecasts a net profit attributable to shareholders for 2025 to be between 16.51 billion and 17.18 billion yuan, representing a growth of 23.59% to 28.59% year-on-year [2][6]. - The company is benefiting from three main business segments: consumer electronics, communication and data center, and automotive, which are all contributing to revenue growth [11]. Summary by Sections Financial Performance - For Q3 2025, the company achieved revenue of 96.41 billion yuan, a 31.03% increase year-on-year, and a net profit of 4.87 billion yuan, up 32.49% year-on-year [2][6]. - The non-recurring net profit for Q3 was 3.94 billion yuan, reflecting a 24.85% year-on-year growth [2][6]. Business Segments - Consumer electronics remain a stable foundation for the company, leveraging deep customer relationships and technological advancements to maintain growth [11]. - The communication and data center segment is emerging as a new growth engine, driven by the global expansion of AI applications and infrastructure [11]. - The automotive segment is developing rapidly, with the company expanding its product offerings in smart cockpits and intelligent driving systems, gaining traction with major automotive clients [11]. Global Strategy - The company is deepening its globalization strategy, establishing production bases and R&D centers in various countries, which enhances its ability to respond to geopolitical and trade challenges [11]. - Recent acquisitions are expected to enrich the company's customer base and product lines, facilitating low-risk expansion [11]. Future Outlook - The company aims to optimize its product structure and continue its growth trajectory in the automotive and communication sectors, with projected net profits of 16.76 billion, 21.38 billion, and 26.29 billion yuan for 2025, 2026, and 2027 respectively [11].