Investment Rating - The investment rating for the company is "Buy" [1][5] Core Views - The company is expected to achieve steady growth in its performance for 2024 and the first half of 2025, with a solid layout in three core business segments: consumer electronics, automotive, and communication & data centers. The growth is supported by both organic and external development strategies, enhancing competitive strength for sustainable growth [3][8]. Financial Summary - The company’s projected revenue for 2024 is RMB 268.8 billion, representing a year-on-year growth of 15.9%. The net profit attributable to the parent company is expected to reach RMB 13.4 billion, up 22.0% year-on-year [7][8]. - For the first quarter of 2025, the company anticipates a revenue of RMB 61.79 billion, a 17.9% increase year-on-year, and a net profit of RMB 3.04 billion, reflecting a 23.2% growth [8]. - The earnings per share (EPS) for 2025 is projected at RMB 2.34, with corresponding price-to-earnings ratios of 13.2x for 2025, 11.1x for 2026, and 9.2x for 2027 [5][7]. Business Segments Performance - In the consumer electronics segment, revenue is expected to reach RMB 224.09 billion, growing by 13.65% year-on-year, accounting for 83.4% of total revenue [8]. - The automotive segment shows significant growth, with a revenue increase of 48.7% year-on-year, reaching RMB 13.76 billion, representing 5.1% of total revenue [8]. - The communication and precision components segment is projected to grow by 26.3% year-on-year, with revenue of RMB 18.36 billion, accounting for 6.8% of total revenue [8]. Valuation Metrics - The company’s estimated EBITDA for 2025 is RMB 28.41 billion, with a growth rate of 33.5% [7][8]. - The projected net profit for 2025 is RMB 16.99 billion, with a growth rate of 27.1% [7][8]. - The company maintains a strong financial position with a projected return on equity (ROE) of 20.1% for 2025 [14].

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 47.98 CNY per share [6][9]. Core Views - The company reported a revenue of 268.8 billion CNY for 2024, a year-on-year increase of 15.91%, and a net profit of 13.37 billion CNY, up 22.03% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 61.79 billion CNY, representing a 17.9% year-on-year growth, and a net profit of 3.04 billion CNY, which is a 23.17% increase year-on-year [1]. - The global consumer electronics market is experiencing a recovery, driven by the deep application of AI technology and breakthroughs in product innovation such as foldable screens [2]. - The company is expanding its ODM business, leveraging a cross-disciplinary technology platform to offer a variety of popular product categories, including AR/VR glasses and smart home devices [2]. - The company has successfully overcome technical bottlenecks in 224G interconnect technology and has achieved mass production of 800G optical modules, receiving high market recognition [3]. - The acquisition of Leoni Group aims to enhance the company's automotive business ecosystem, which includes a complete product matrix in automotive wiring harnesses and connectors [4]. Financial Summary - The company expects revenues of 320.82 billion CNY, 372.53 billion CNY, and 427.96 billion CNY for 2025, 2026, and 2027 respectively, with net profits projected at 17.39 billion CNY, 21.24 billion CNY, and 25.74 billion CNY for the same years [9][11]. - The company’s revenue growth rate is projected to be 19.4% in 2025, 16.1% in 2026, and 14.9% in 2027 [12]. - The net profit margin is expected to improve from 5.0% in 2024 to 6.0% in 2027 [11][12].