证券日报网讯 立讯精密11月26日发布公告，在公司回答调研者提问时表示，无论是国内还是国外，主 动还是被动，公司都成功抓住了这些核心AI端侧大客户的市场机遇。公司非常有信心，在这些与公司 共同成长的品牌客户中，能够成为他们的第一供应商。当然，这并非完全由公司决定，也取决于品牌客 户自身在模型、生态系统以及内部硬件团队能力方面的实力。因此，公司也会根据客户对硬件投资的情 况来调整策略。关键在于公司能够卡位，充分发挥公司的优势。 （编辑 丛可心 袁冠琳） ...

Core Insights - The "Hengyue Advantage Select" fund has shown remarkable performance this year, with a growth rate of 144.74%, ranking second in the market despite a previous maximum drawdown exceeding 70% [1][10]. Fund Performance - The fund's share increased from 14.6 million to 18.1 million due to strong performance in the third quarter, ending a trend of net redemptions [3]. - The fund's maximum drawdown is reported at -71.61%, indicating significant volatility in its past performance [2]. Fund Management Changes - The previous fund manager, Ye Jia, was replaced due to poor performance, with Wu Haining now co-managing the fund [9][10]. - Wu Haining's management has led to a significant turnaround, achieving a return of 153.12% during her tenure [11]. Investment Strategy - Wu Haining's strategy involved a three-phase approach: initial average returns, a surge in performance from June to September driven by overseas computing power, and a focus on storage chips post-September [12][13][14]. - The fund's high turnover rate of 1500% reflects an aggressive trading strategy aimed at maximizing returns [17]. Market Context - The current market is experiencing a correction after reaching new highs, with a potential for further volatility as sectors that previously performed well are now seeing declines [19][28]. - The market dynamics indicate a shift from broad-based growth to sector-specific performance, suggesting a narrowing focus in investment opportunities [28].

Core Viewpoint - The company focuses on high-performance analog and mixed-signal chips, establishing a dual-engine product matrix of "power management + signal chain" [1] Product Matrix - Core products include signal chain optical sensors, wireless charging chips, wired fast charging chips, lighting driver chips, and automotive electronics, with no involvement in storage chip business [1] Market Applications - The company is accelerating applications in AI edge and robotics, with related products entering mass production in several well-known brands, leading to steady growth in sales revenue and volume [1] Future Focus - The company will continue to concentrate on three main areas: AI edge, robotics, and automotive-grade products, while increasing investment to further enhance product layout [1]

Group 1: Company Overview - The company specializes in the research, production, and sales of IoT intelligent products, focusing on communication, positioning, and AI technologies [1] - It aims to become a global expert in IoT intelligent application solutions, adhering to the mission of "empowering everything with wisdom" [1] - In 2024, the company achieved a revenue of CNY 1.402 billion, a year-on-year increase of 24.85%, and a net profit of CNY 176 million, an increase of 0.81% [1] - For the first three quarters of 2025, the company reported a revenue of CNY 1.272 billion, up 21.66%, and a net profit of CNY 180 million, an increase of 33.95% [2] Group 2: Product Development and Advantages - The company has developed its own wireless communication modules, which provide advantages over externally sourced modules, including reduced R&D cycles and improved product reliability [2] - The self-developed modules cover mainstream communication standards such as 2G, 3G, 4G, and NB-IoT, enhancing the company's competitive edge [2] - The company has expanded its application scenarios from smart transportation to various IoT applications, building a comprehensive technical architecture [2] Group 3: Market Trends and Growth Factors - The company's "going global" strategy has led to a steady increase in overseas customers and sales regions, contributing to rapid growth in operating performance [3] - The smart transportation, smart travel, and smart sleep sectors are experiencing technological upgrades and product innovations, driving demand for the company's products [3] - The rise of AI technologies is creating diverse market demands for "AI edge" applications, positioning the company to capitalize on these opportunities [4]

Investment Rating - The report upgrades the investment rating of the company to "Buy-B" [1][9] Core Views - The company maintains its leading position in the global data transmission module market and has successfully transformed into a comprehensive IoT solution provider [3][4] - The company's revenue for the first three quarters of 2025 reached 17.877 billion yuan, a year-on-year increase of 34.96%, with a net profit of 733 million yuan, up 105.65% year-on-year [3] - The company is expanding its business into various sectors, including smart modules, antennas, AIOT PCBA solutions, and cloud management platforms, which opens new growth opportunities [4][5] Financial Performance - The company achieved a revenue of 6.33 billion yuan in Q3 2025, a year-on-year increase of 26.68% and a quarter-on-quarter increase of 1.63% [3] - The net profit for Q3 2025 was 262 million yuan, reflecting stable operational performance due to strict cost control [4] - The company expects to see significant growth in net profit, projecting 948 million yuan for 2025, with a year-on-year growth of 61.2% [9] Market Position and Strategy - The company holds a 37% share of the global IoT module market, reinforcing its top position [4] - The company is developing comprehensive AI capabilities, integrating large models and AI algorithms into its products, which diversifies its revenue streams [5][8] - The company has received regulatory approval for a capital increase aimed at expanding its AI module and solution production [8] Future Outlook - The company anticipates continued growth in the AI sector, with projections for net profit reaching 1.647 billion yuan by 2027, representing a compound annual growth rate of 39.8% [9] - The expected earnings per share (EPS) for 2025 is 3.62 yuan, with a price-to-earnings (P/E) ratio of 24.8 based on the closing price on November 12, 2025 [9][11]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a steady growth in Q3 2025, with revenue reaching 1.3 billion yuan, a year-on-year increase of 4.3%. The net profit attributable to the parent company was 210 million yuan, up 2.2% year-on-year, while the net profit excluding non-recurring items was 180 million yuan, reflecting a 3.9% increase year-on-year. The overall gross margin was 22.6%, a decrease of 0.3 percentage points year-on-year [4][6] - In Q3 2025, the company achieved revenue of 490 million yuan, representing a year-on-year growth of 7.2% and a quarter-on-quarter increase of 10.2%. The net profit attributable to the parent company was 80 million yuan, up 11.1% year-on-year but down 7.1% quarter-on-quarter. The net profit excluding non-recurring items was 70 million yuan, a year-on-year increase of 8.6% but a quarter-on-quarter decrease of 4.4%. The gross margin for the quarter was 22.0%, down 2.5 percentage points year-on-year and 1.0 percentage point quarter-on-quarter [4][6] Financial Performance - The company effectively controlled its expenses, with sales expense ratio, management expense ratio, and R&D expense ratio for the first three quarters of 2025 at 0.49%, 1.89%, and 8.77%, respectively, showing year-on-year increases of 0.04 percentage points, 0.08 percentage points, and 0.44 percentage points [5] - For Q3 2025, the sales expense ratio was 0.48%, up 0.05 percentage points year-on-year and 0.2 percentage points quarter-on-quarter. The management expense ratio was 1.29%, down 0.24 percentage points year-on-year and 0.65 percentage points quarter-on-quarter. The R&D expense ratio was 7.95%, down 0.8 percentage points year-on-year but up 1.33 percentage points quarter-on-quarter [5] Business Development - The company has been deepening its layout in the edge AI field. Since November 2024, the third-generation chip platform BT895X has been integrated with the Volcano Ark MaaS platform, providing users with software and hardware solutions compatible with the Doubao large model. The company is continuously collaborating with Volcano Engine in phases [6] - The company showcased an AI toy solution based on the AB6003G Wi-Fi chip at the 2025 Volcano Engine FORCE conference. The AB6003G is a high-performance SoC that integrates Wi-Fi, Bluetooth, and audio, aimed at enhancing performance and user experience in IoT scenarios [6] - Recently, the company launched the OC3 AI clip-on Bluetooth earphone, which is equipped with the BT8951H chip and supports AI intelligent Q&A, indicating a continued focus on AI edge products [6] Financial Forecast - The company is expected to achieve revenues of 2.16 billion yuan, 2.81 billion yuan, and 3.41 billion yuan for 2025, 2026, and 2027, respectively. The net profit attributable to the parent company is projected to be 360 million yuan, 460 million yuan, and 580 million yuan for the same years. The corresponding EPS is estimated to be 2.99 yuan, 3.77 yuan, and 4.83 yuan, with PE ratios of 44.26x, 35.08x, and 27.40x [7][10]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's Q3 performance met expectations, with strong growth momentum. For the first three quarters of 2025, the company reported a revenue of 4.39 billion yuan, a year-on-year increase of 16.1%, and a net profit attributable to shareholders of 180 million yuan, up 125.9% year-on-year [4][7] - The growth in profitability is primarily driven by an increase in the shipment proportion of high-margin products such as PC and wearable devices. The company has improved its operational efficiency and resource allocation [7] - The company is well-positioned in the PC lithium battery sector, with stable shipments supporting revenue growth. It is also focusing on AI-related hardware demands, contributing to incremental revenue [7] - Strategic collaborations in robotics and low-altitude economy sectors are expected to enhance long-term growth potential [7] - The profit forecast for 2025-2027 has been slightly adjusted upwards, with expected net profits of 259 million, 387 million, and 503 million yuan respectively, corresponding to PE ratios of 28, 19, and 15 [7] Financial Summary - For the first three quarters of 2025, the company achieved a total revenue of 4.39 billion yuan, with a net profit of 180 million yuan. The revenue growth rate is 16.1%, while the net profit growth rate is 125.9% [4][6] - The projected total revenue for 2025 is 6.218 billion yuan, with a year-on-year growth rate of 21.7%. The projected net profit for 2025 is 259 million yuan, reflecting a growth rate of 183.3% [6][9] - The company's gross margin is expected to be around 18.9% for 2025, with a return on equity (ROE) projected at 7.5% [6][9]

Group 1: PCB Industry - In Q3 2025, the PCB industry achieved a revenue of 80.55 billion yuan, representing a year-on-year increase of 26.1% [1][3] - The net profit for Q3 2025 was 8.43 billion yuan, with a year-on-year growth of 75.6% [1][3] - The gross profit margin and net profit margin for Q3 2025 were 23.38% and 10.46%, respectively, showing year-on-year increases of 2.80 percentage points and 2.95 percentage points [1][3] - The balance of construction in progress at the end of Q3 2025 totaled 25.686 billion yuan, up 57.4% year-on-year [1][3] - The growth in the PCB sector is primarily driven by the sustained demand for overseas computing power chips, with PCB being an essential component that aligns with downstream growth [1][3] Group 2: Consumer Electronics - In Q3 2025, the consumer electronics sector reported a revenue of 588.946 billion yuan, marking a year-on-year increase of 27.2% [1][7] - The net profit for Q3 2025 was 28.03 billion yuan, reflecting a year-on-year growth of 35.3% [1][7] - The gross profit margin and net profit margin for Q3 2025 were 12.09% and 4.76%, respectively, with a slight decrease in gross margin of 0.03 percentage points and an increase in net margin of 0.28 percentage points year-on-year [1][7] - The strong performance in the consumer electronics sector is attributed to the booming sales of the iPhone 17 and ongoing government subsidies stimulating demand [1][7] Group 3: Investment Opportunities - The rapid development of cloud AI is expected to generate increased demand for computing hardware, benefiting the PCB, connectors, and copper cable sectors [2] - The consumer electronics industry may experience significant opportunities due to advancements in AI at the edge, with multiple growth engines anticipated [2] - Investors are encouraged to consider the consumer electronics ETF (561310) for potential investment [2]

Group 1: Business Performance and Strategy - The company is focused on a strategic shift from "scale first" to "quality first," resulting in improved profitability and a clear path for value creation [3][4] - Despite challenges in the external environment, the company has optimized its product structure and customer mix, particularly in the AI sector, leading to a gradual recovery in profitability [2][3] - The company has established deep partnerships with leading global AI brands, which are expected to drive revenue growth through new technology mass production projects in 2026 [3][4] Group 2: Financial Metrics and Growth Drivers - The company reported a positive trend in financial indicators for the first three quarters of the year, indicating a shift towards quality improvement [2] - The storage business has achieved profitability, contributing to a second growth curve for the company [3][7] - The company anticipates further enhancement of overall profitability as the proportion of high-end AI products increases and the scale effects from its manufacturing bases are realized [3][4] Group 3: Product Development and Innovation - Continuous investment in innovative technologies such as solid-state, high-silicon, and sodium batteries ensures the company maintains a competitive edge and avoids price competition [4][5] - The company is actively developing energy solutions for data centers, having made significant breakthroughs in backup battery systems [8][9] - The company is positioned to meet the growing demand for AI-related products, including AI glasses and toys, which are expected to become market leaders [9][10] Group 4: Market Challenges and Responses - The company has implemented a three-pronged strategy to address rising raw material costs, including short-term pricing adjustments, mid-term product upgrades, and long-term technological advantages [5][6] - The company is focused on optimizing its product structure towards high-value, high-margin products to navigate through market cycles [5][6] - The storage market is viewed as a long-term opportunity, with the company leveraging its expertise in battery safety technology to build a competitive advantage [7][8] Group 5: Competitive Advantages - The company has built a robust competitive advantage through long-term relationships with major global brands, underpinned by a commitment to safety, quality, delivery, and cost (SQDC) [11][12] - The company’s forward-looking technology layout and product definition capabilities allow it to meet current market demands while ensuring sustainable competitive advantages [11][12] - Lean manufacturing capabilities and the successful operation of its production bases provide resilience against complex international trade environments [12]

Core Viewpoint - The company reported a decline in Q3 performance primarily due to the delayed shipment of a new product from a major client, impacting revenue and profit margins [1][2]. Financial Performance Summary - Q3 revenue was 42.68 billion yuan, a year-on-year decrease of 2.0% and a quarter-on-quarter decrease of 2.4% [1]. - Gross profit for Q3 was 2.95 billion yuan, down 20.0% year-on-year and 8.5% quarter-on-quarter, with a gross margin of 6.9%, reflecting a decline of 1.6 percentage points year-on-year and 0.5 percentage points quarter-on-quarter [1]. - Net profit for Q3 was 1.41 billion yuan, a year-on-year decrease of 9.0% but a quarter-on-quarter increase of 27.0%, resulting in a net margin of 3.3%, down 0.3 percentage points year-on-year but up 0.8 percentage points quarter-on-quarter [1]. Business Outlook - For 2026, the company anticipates growth driven by three main areas: AI edge computing, smart vehicles, and computing power [2]. - In the consumer electronics sector, the company expects to increase its market share in A client's Pad and mobile glass business, while enhancing the quality and efficiency of mobile casing production [2]. - The automotive business is projected to maintain rapid growth despite a slowdown in the parent company's vehicle sales, driven by increased shipments of smart cockpit and thermal management products [2]. - The computing power segment is expected to expand significantly, with liquid cooling products anticipated to ramp up production in the first half of next year [2]. - The robotics sector will leverage the company's expertise in system integration and sensor fusion to enhance its offerings in key components and systems [2]. Investment Recommendation - The company is positioned as a leading precision manufacturing enterprise with strong material research, product design, and vertical integration capabilities [3]. - The long-term growth potential is supported by its strategic positioning in the innovation cycle of major clients, new product launches in smart vehicles, breakthroughs in computing power, and advancements in robotics [3].