证券研究报告 | 2025年08月27日 立讯精密（002475.SZ） 优于大市 汽车和通信业务高增，前期收并购项目已完成 长期稳健成长，3Q25 业绩预告稳健成长。公司发布 1H25 业绩，实现营收 1245.03 亿(YoY +20.18%)，归母净利润 66.44 亿(YoY +23.13%)，毛利率 11.61%(YoY -0.1pct)，净利率 5.86%(YoY +0.3pct)。对应 2Q25 营收 627.15 亿(YoY +22.51%，QoQ +1.50%)，归母净利润 36.01 亿(YoY +23.09%，QoQ +18.30%)，毛利率 12.04%(YoY -0.65pct，QoQ +0.86pct)，净利率 6.25%(YoY +0.02pct，QoQ +0.78pct)。公司发布了 3Q25 业绩预告，预计实现归母净利 润 42.46~46.99 亿元(YoY +15.41%~27.74%)，增速中值为 22%。 完成闻泰科技 ODM 和 OEM 业务收购。7 月公司已完成对闻泰科技旗下产品集 成业务相关 9 家标的公司和资产收购。1 月 26 日立讯通讯完成收购闻泰通讯 持 ...

立讯精密（002475）今日晚间发布2025年上半年财报及前三季度业绩预告，各个板块都有亮点，业绩实 现稳健上扬。 热管理业务预计在2025年将实现营收和利润的翻倍增长，电源管理模块的电源产品已通过北美核心客户 认证并进入量产阶段，具备了一次、二次、三次电源能力，全方位提升了公司在通讯业务领域的综合实 力。 汽车业务延续了强劲的增长势头。汽车线束在高压、高速线束领域持续发力，2024年获得多个新项目定 点，并在2025年陆续实现量产；汽车连接器方面，高压产品稳定供货，低压、高速产品在主流车厂项目 中取得突破；智能控制领域除了EMS模式项目，自主研发产品也获得头部客户定点，预计在2025年第 四季度实现批量供货；2024年新布局的智能底盘产品线，在2025年有望实现从0到1的营收突破；动力系 统已实现批量稳定供货，并在2025年启动JDM合作模式，不断拓宽业务边界，提升市场份额。 展望2025年前三季度，立讯精密业绩增长预期依旧强劲。公司预计前三季度归母净利将达108.9亿元至 113.44亿元，同比增长20%至25%。其中，第三季度净利润预计为42.46亿元至46.99亿元，同比增长 15.41%至27.74 ...

Financial Performance - In 2024, the company achieved revenue of CNY 268.795 billion, a year-on-year increase of 15.91% [3] - Net profit attributable to shareholders was CNY 13.366 billion, up 22.03% from the previous year [3] - The gross profit margin for 2024 was 10.41%, down 1.17 percentage points from 11.58% in 2023 [3] - In Q1 2025, revenue reached CNY 61.788 billion, a 17.90% increase year-on-year [6] - Q1 2025 net profit was CNY 3.377 billion, a 31.25% increase compared to the same period last year [6] Operational Efficiency - Operating expense ratio for 2024 was 5.94%, down from 6.30% in 2023, indicating improved operational efficiency [3] - The company’s cash flow from operating activities in 2024 was CNY 27.117 billion, slightly down from the previous year [4] - Inventory turnover days decreased to 45.94 days in 2024, down 12.98 days year-on-year, reflecting better inventory management [5] Business Segments Consumer Electronics - The consumer electronics segment saw significant growth, with a focus on "scene ecology, AI empowerment, and global collaboration" [7] - The wearable device market is projected to reach 190 million units in 2024, with a focus on health monitoring features [8] - The company plans to reduce the carbon footprint of health monitoring products by 30% by 2025 [9] Communication - The communication segment's revenue for 2024 was CNY 18.359 billion, a 26.29% increase year-on-year [14] - The company is positioned to benefit from the growing demand for AI infrastructure, with expected GPU server penetration increasing from 7% in 2023 to 30% by 2028 [15] Automotive - Automotive sales reached CNY 13.7 billion in 2024, nearly a 50% increase from 2023 [20] - The automotive wiring harness segment accounted for 60% of automotive business revenue, with significant growth in high-voltage and high-speed harnesses [20] - The company is the only domestic firm capable of fully developing automotive connectors, with high-voltage connectors now in stable supply to major manufacturers [21] Strategic Outlook - The company aims to enhance its technology capabilities and expand its market presence in the automotive sector, particularly in smart driving and intelligent cockpit products [22] - Future capital expenditures are expected to focus on upgrading facilities in Vietnam and Indonesia, with a projected capacity contribution of nearly 30% from the Vietnam plant by 2025 [26] - The company plans to maintain a growth target of 20%-25% despite fluctuating tariff policies, indicating resilience in its operational strategy [30]