中报指引强化全年增长确定性，受益AI浪潮涌现新业务机会

Investment Rating - Buy rating maintained for Luxshare Precision (002475 SZ) [1] Core Views - Luxshare Precision's interim report guidance reinforces full-year growth certainty, with new business opportunities emerging from the AI wave [1] - The company's consumer electronics business is steadily growing, while automotive and communication businesses are contributing incremental growth [2] - Communication product series are comprehensive, with potential for rapid growth under the AI trend [2] Financial Performance Revenue and Profit - 2023 revenue: RMB 231 9 billion, up 8 4% YoY; net profit attributable to parent company: RMB 10 95 billion, up 19 5% YoY [1] - 2024E revenue: RMB 260 05 billion, up 12 1% YoY; net profit attributable to parent company: RMB 13 618 billion, up 24 3% YoY [4] - 2025E revenue: RMB 306 636 billion, up 17 9% YoY; net profit attributable to parent company: RMB 17 461 billion, up 28 2% YoY [4] Segment Performance - 2023 consumer electronics revenue: up 9 75% YoY; automotive interconnect and precision components revenue: up 50 46% YoY; communication interconnect and precision components revenue: up 13 28% YoY [2] Profitability - 2023 gross margin: 11 58%, down 0 6pct YoY [1] - 2024E gross margin: 11 5%; net margin: 5 5%; ROE: 16 4% [4] Business Development - Consumer electronics: achieved steady increase in assembly share, with more incremental space in core components and precision module businesses [2] - Communication and data center: won customer recognition in optical modules and high-speed copper cables, with further deep cooperation expected in optical connection, heat dissipation, and power modules [2] - Automotive business: established deep strategic cooperation with leading domestic and overseas OEMs and automotive brand customers, with more products expected to grow [2] Valuation - 2024E PE: 14 6x; 2025E PE: 11 4x; 2026E PE: 10 4x [3] - 2024E PB: 3 5x; 2025E PB: 2 4x; 2026E PB: 1 9x [1] Future Outlook - Communication business expected to grow rapidly under AI trend, with more opportunities in electrical connection, optical connection, thermal management, and server systems [2] - 800G OSFP DR8LRO silicon photonic module officially released and sampled to key customers [2]