立讯精密(002475.SZ) 业绩符合预期，三季报预增 推荐 ( 维持) 股价:42.95元 主要数据 公 司 报 告 电子 2025年08月26日 | 行业 | 电子 | | --- | --- | | 公司网址 | www.luxshare-ict.com | | 大股东/持股 | 立讯有限公司/37.67% | | 实际控制人 | 王来胜,王来春 | | 总股本(百万股) | 7,252 | | 流通A股(百万股) | 7,239 | | 流通B/H股(百万股) | | | 总市值(亿元) | 3,115 | | 流通A股市值(亿元) | 3,109 | | 每股净资产(元) | 10.23 | | 资产负债率(%) | 62.9 | 行情走势图 证券分析师 | 徐勇 | 投资咨询资格编号 | | --- | --- | | | S1060519090004 | | | XUYONG318@pingan.com.cn | | 杨钟 | 投资咨询资格编号 | | | S1060525080001 | | | yangzhong035@pingan.com.cn | 事项： 公 司 公 布 2025 年 ...

Group 1 - As of August 6, 2025, the stock price of GoerTek is reported at 23.03 yuan, with a decrease of 0.04 yuan, representing a decline of 0.17% from the previous trading day [1] - The trading volume on that day was 557,783 hands, with a total transaction amount of 1.278 billion yuan [1] - GoerTek's main business includes the research, development, manufacturing, and sales of precision components in acoustics, optics, microelectronics, and smart hardware [1] Group 2 - GoerTek's products are widely used in smart phones, smart wearable devices, and virtual/augmented reality applications [1] - On the evening of August 6, GoerTek announced that the total guarantee amount for the company and its subsidiaries is 744,616.98 million yuan, all of which are guarantees for subsidiaries within the consolidated financial statements [1] - The current guarantee balance is 78,839.36 million yuan, accounting for 0.95% of the company's audited total assets as of the end of 2024, and 2.38% of its net assets [1] - The company stated that there are no overdue external guarantee situations [1]

Core Viewpoint - The company, Yingtong Communications Co., Ltd., has completed the registration change of its capital, increasing its registered capital and total share capital significantly [1][2]. Group 1: Capital Change - The company held a board meeting on April 24, 2025, and an annual shareholders' meeting on May 16, 2025, where the proposal for capital change was approved [1]. - From April 25, 2024, to December 18, 2024, the convertible bonds will convert into 30,731,218 shares, increasing the total share capital by the same number of shares [1]. - The registered capital has increased from 155,552,744 yuan to 186,283,962 yuan, and the total share capital has increased from 155,552,744 shares to 186,283,962 shares [1]. Group 2: Company Information - The company has submitted and completed the registration application for the change of registered capital and the amendment of the Articles of Association, obtaining a new business license [2]. - The new business license indicates the company name as Yingtong Communications Co., Ltd., with a registered capital of 186,283,962 yuan [2]. - The company was established on October 23, 2010, and operates in various sectors including research, production, and sales of communication products and electronic devices [2].

Core Viewpoint - The company reported a revenue of 268.795 billion yuan for 2024, representing a year-on-year increase of 15.91%, and a net profit attributable to shareholders of 13.366 billion yuan, up 22.03% year-on-year [1][2] Financial Performance - The company achieved a revenue of 268.795 billion yuan in 2024, with a net profit of 13.366 billion yuan, and a non-recurring net profit of 11.694 billion yuan, reflecting a growth of 14.81% year-on-year [2][3] - The overall gross margin and net margin for 2024 were 10.41% (down 1.17 percentage points year-on-year) and 5.42% (up 0.14 percentage points year-on-year) respectively [2] - For Q1 2025, the company reported a revenue of 61.788 billion yuan, a 17.90% increase year-on-year, and a net profit of 3.044 billion yuan, up 23.17% year-on-year [2] Business Segments - Revenue from various business segments in 2024 included: consumer electronics at 224.094 billion yuan (up 13.65% YoY), computers at 9.002 billion yuan (up 20.15% YoY), automotive at 13.758 billion yuan (up 48.69% YoY), and communications products at 18.360 billion yuan (up 26.29% YoY) [2] - The revenue share for these segments was 83.37%, 3.35%, 5.12%, and 6.83% respectively [2] Operational Efficiency - The company maintained good control over expenses, with sales expense ratio at 0.39% (up 0.01 percentage points YoY), management expense ratio at 2.36% (down 0.03 percentage points YoY), financial expense ratio at -0.19% (down 0.40 percentage points YoY), and R&D expense ratio at 3.18% (down 0.35 percentage points YoY) [3] - The company has a comprehensive vertical integration capability, covering key materials, components, modules, and core processes [3] Strategic Developments - The company initiated the acquisition of German automotive wiring harness manufacturer Leoni Group in September 2024, aiming for resource sharing and strategic synergy [5] - The company is expanding its presence in communication and automotive sectors while enhancing its consumer electronics market share [5] Future Outlook - The company forecasts a net profit for the first half of 2025 to be between 6.475 billion yuan and 6.745 billion yuan, with a non-recurring net profit between 5.191 billion yuan and 5.711 billion yuan [3] - Profit forecasts for 2025-2027 are projected at 16.140 billion yuan, 19.204 billion yuan, and 22.637 billion yuan respectively, with corresponding P/E ratios of 14, 12, and 10 [5]

Investment Rating - The investment rating for Luxshare Precision (002475.SZ) is "Recommended" (maintained) with a current stock price of 31.61 CNY [1]. Core Views - The company is expected to achieve a revenue of 268.795 billion CNY in 2024, representing a year-over-year growth of 15.91%, and a net profit attributable to shareholders of 13.366 billion CNY, reflecting a 22.03% increase year-over-year [3][6]. - The company plans to distribute a cash dividend of 2 CNY per 10 shares to all shareholders [3]. - The overall gross margin and net margin for 2024 are projected to be 10.41% (down 1.17 percentage points year-over-year) and 5.42% (up 0.14 percentage points year-over-year), respectively [6]. Summary by Sections Financial Performance - In 2024, the company is expected to generate revenues of 268.795 billion CNY, with a year-over-year growth of 15.91% [5]. - The net profit for 2024 is projected at 13.366 billion CNY, marking a 22.03% increase year-over-year [5]. - The first quarter of 2025 is anticipated to show revenues of 61.788 billion CNY (up 17.90% year-over-year) and a net profit of 3.044 billion CNY (up 23.17% year-over-year) [6]. Business Segments - Revenue from various business segments in 2024 is expected to be as follows: Consumer Electronics 224.094 billion CNY (up 13.65% YoY), Computers 9.002 billion CNY (up 20.15% YoY), Automotive 13.758 billion CNY (up 48.69% YoY), and Communications 18.360 billion CNY (up 26.29% YoY) [6]. - The company is actively expanding its product layout from consumer electronics to a diversified range of components, modules, and accessories, including connectors, acoustic products, antennas, and wireless charging systems [7]. Future Outlook - The company has adjusted its profit forecasts for 2025-2027, expecting net profits of 16.140 billion CNY, 19.204 billion CNY, and 22.637 billion CNY, respectively, with corresponding P/E ratios of 14, 12, and 10 times [8]. - The company is also pursuing strategic acquisitions, such as the planned acquisition of the German automotive wiring harness manufacturer Leoni Group, which is expected to enhance product development and market expansion [7].