LUXSHARE-ICT(SZ:002475) Southwest Securities·2024-05-06 02:30Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company reported a revenue of 231.91 billion yuan in 2023, an increase of 8.4%, and a net profit attributable to shareholders of 10.95 billion yuan, up 19.5% [2] - The company is actively promoting product innovation and has significantly increased its dividend payout ratio to 19.7% [2] - The acquisition of Qorvo enhances the company's integrated advantages, with significant progress in the communications business [2] - The company expects a net profit of 5.23 to 5.44 billion yuan in the first half of 2024, representing a growth of 20% to 25% [2] - The company is projected to benefit from the rapid increase in demand for data center hardware and the upcoming projects in the automotive sector [10] Financial Performance Summary - In 2023, the company achieved revenues of 2319.05 million yuan, with a growth rate of 8.35% [3] - The net profit attributable to shareholders for 2023 was 109.53 million yuan, with a growth rate of 19.53% [3] - The company expects revenues of 2785.56 million yuan in 2024, with a growth rate of 20.12% [10] - The projected net profit for 2024 is 13.44 billion yuan, reflecting a growth rate of 22.74% [10] - The company’s EPS is expected to increase from 1.53 yuan in 2023 to 1.87 yuan in 2024 [3] Business Segment Performance - The revenue from consumer electronics in 2023 was 197.18 billion yuan, up 9.8% [2] - The communications segment saw a revenue increase of 13.3%, reaching 14.54 billion yuan [2] - The automotive segment experienced a remarkable growth of 50.5%, with revenues of 9.25 billion yuan [2] - The computer segment faced a decline of 33.6%, generating 7.49 billion yuan [2] - The company anticipates strong growth in the automotive and communications sectors, with projected order growth rates of 48.2% and 23.2% respectively from 2024 to 2026 [8]