LUXSHARE-ICT(002475) 国信证券·2024-05-17 00:00Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company achieved a revenue of 231.9 billion yuan in 2023, representing a year-on-year growth of 8.4%, and a net profit of 10.95 billion yuan, reflecting a year-on-year increase of 19.5% [3][6] - The company is well-positioned in the consumer electronics, automotive connectivity, and communication sectors, with significant growth potential driven by AI computing and automotive intelligence [3][6] - The forecasted net profit for 2024-2026 is 13.26 billion, 17.18 billion, and 20.55 billion yuan respectively, with a target price range of 36.95-40.64 yuan based on a relative valuation of 20-22 times PE for 2024 [3][6][20] Financial Performance - Revenue and net profit projections for the company are as follows: - 2024E Revenue: 252.22 billion yuan, 2025E: 288.75 billion yuan, 2026E: 336.03 billion yuan [3][14] - 2024E Net Profit: 13.26 billion yuan, 2025E: 17.18 billion yuan, 2026E: 20.55 billion yuan [3][16] - The company’s gross margin for 2023 was 11.58%, a decrease of 0.61 percentage points year-on-year, primarily due to an increase in low-margin system-level assembly products [3][11] Business Segments - The consumer electronics segment accounted for over 85% of total revenue in 2023, with a gross margin of 10.06% [3][10] - The automotive connectivity segment saw significant growth, with revenue reaching 9.25 billion yuan in 2023, a year-on-year increase of 50.5% [3][10] - The communication interconnect products segment generated revenue of 14.5 billion yuan in 2023, with a gross margin of 15.1% [3][10] Market Position - The company has established itself as a leader in the supply chain for major clients, particularly Apple, and is expanding its footprint in the automotive and communication sectors [3][20] - The company’s total market capitalization has grown significantly, reaching approximately 220.08 billion yuan as of the report date [1][6]