LUXSHARE-ICT(SZ:002475) Tianfeng Securities·2024-04-25 10:00Investment Rating - The report maintains a "Buy" rating for the company with a target price of 63 CNY per share, corresponding to a 30x PE for 2024 [3][6]. Core Insights - The company achieved a total revenue of 231.9 billion CNY in 2023, representing a year-over-year growth of 8.35%, and a net profit attributable to shareholders of 10.95 billion CNY, up 19.53% year-over-year [1][4]. - For Q1 2024, the company reported revenue of 52.4 billion CNY, a 5% increase year-over-year, and a net profit of 2.47 billion CNY, reflecting a 22.5% year-over-year growth [2][4]. - The company is strategically positioned in the consumer electronics sector, with a focus on innovative products such as AR glasses, VR headsets, and automotive components, which are expected to drive future growth [1][2]. Financial Performance Summary - In 2023, the company generated revenue of 231.9 billion CNY, with the following revenue breakdown by product segments: computers (7.5 billion CNY), automotive (9.25 billion CNY), communications (14.54 billion CNY), consumer electronics (197.2 billion CNY), and others (3.4 billion CNY) [1][4]. - The gross margin for the communications segment improved by 4.7 percentage points, while the overall gross margin decreased by 0.6 percentage points to 11.6% [1][4]. - The company plans to distribute a cash dividend of 2.15 billion CNY, with a payout ratio of 19.66%, up from 10.1% in the previous year [1][4]. Future Projections - The company forecasts a net profit of 15 billion CNY for 2024, with expected growth rates of 20%-25% for the first half of the year [2][3]. - The revenue projections for 2024 are estimated at 266.7 billion CNY, with a growth rate of 15% [4][8]. - The company is expected to maintain a strong focus on R&D in key sectors, including consumer electronics, communications, and automotive, to enhance its competitive edge [1][2].