立讯精密：俊鸟与凤凰同飞，AI+助力果链龙头再出发

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 32.51 CNY [1]. Core Insights - The company, Luxshare Precision (002475.SZ), is a leading player in the fruit chain industry, expanding through both organic growth and acquisitions, with a strong focus on vertical integration across its supply chain [4][11]. - The company has established deep ties with major clients, particularly Apple, which enhances its growth prospects in consumer electronics, automotive electronics, and communications sectors [4][6]. - The company is poised to benefit from the upcoming AI applications, particularly in collaboration with Apple, which is ramping up its AI capabilities [5][6]. Summary by Sections Company Overview - Luxshare Precision was founded in 2004, initially focusing on computer connectors and has since expanded into various sectors including consumer electronics, automotive, and communications [11]. - The company has achieved significant revenue growth, with a CAGR of 36.5% from 2017 to 2023, and is expected to continue this trend with projected revenues of 261.7 billion CNY in 2024 [4][20]. AI and Technology Development - The report highlights the imminent explosion of AI applications, particularly in mobile devices, with Apple leading the charge in AI development [5][22]. - Apple is investing heavily in AI, with various models and frameworks being developed to enhance its product offerings, which will likely benefit Luxshare as a key supplier [26][29]. Client Relationships and Market Position - The company has a strong and growing relationship with major North American clients, which provides a high degree of revenue certainty [6][14]. - Luxshare's revenue from consumer electronics was 204.68 billion CNY in 2023, accounting for 88.3% of total revenue, while automotive electronics and communications contributed 4.0% and 6.3% respectively [14][19]. Financial Projections - The company is projected to achieve revenues of 261.7 billion CNY in 2024, with net profits expected to reach 13.72 billion CNY, reflecting a year-over-year growth of 12.8% [4][20]. - The report indicates that the company's valuation is below the industry average, suggesting potential for price appreciation [7].