LUXSHARE-ICT(SZ:002475) Haitong Securities·2024-05-08 08:02Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [1] Core Views - The company achieved a revenue of 231.9 billion yuan in 2023, representing a year-on-year growth of 8.35%. The net profit attributable to shareholders was 10.953 billion yuan, up 19.53% year-on-year. The first quarter of 2024 showed a revenue of 52.407 billion yuan, with a net profit of 2.471 billion yuan, reflecting a year-on-year increase of 22.45% [4][5] - The company has increased its dividend payout ratio, proposing a cash dividend of 2.153 billion yuan, with a payout ratio of 19.66% [4] - The company is leveraging vertical integration and synergy advantages across its business segments, including consumer electronics, communications, and automotive [4] Financial Summary - The company’s revenue and net profit forecasts for 2024 to 2026 are as follows: - Revenue: 281.718 billion yuan in 2024, 336.550 billion yuan in 2025, and 400.822 billion yuan in 2026 - Net profit: 13.496 billion yuan in 2024, 17.795 billion yuan in 2025, and 21.603 billion yuan in 2026 - EPS is projected to be 1.88 yuan in 2024, 2.48 yuan in 2025, and 3.01 yuan in 2026 [5][7] - The company’s gross margin is expected to improve from 11.6% in 2023 to 12.7% in 2026, while the net profit margin is projected to increase from 4.7% in 2023 to 5.4% in 2026 [7] Business Development - The company is focusing on expanding its existing business and exploring new fields, technologies, and products, aiming to create a complete vertical integration loop in the consumer electronics, communication, and automotive sectors [4][6] - The company has made significant breakthroughs in its consumer electronics segment through vertical integration and horizontal mergers, enhancing its core capabilities and business scale [4]