2025 年 08 月 27 日 立讯精密(002475.SZ) AI 浪潮带来结构性机遇，25H1 通信及 汽车业务实现高增长 事件：8 月 25 日公司发布 25 年半年度报告及三季度业绩预告 1）25H1 公司实现营业收入 1245.03 亿元，同比增加 20.18%；归母净 利润 66.44 亿元，同比增加 23.13%；扣非后归母净利润 55.99 亿元， 同比增加 12.90%。 2）25Q2 公司实现营业收入 627.15 亿元，同比增加 22.51%；归母净 利润 36.01 亿元，同比增加 23.09%；扣非净利润 31.9 亿元，同比增 加 14.90%。 3）25Q3 公司预计实现归母净利润 42.46-46.99 亿元，同比增加 15.41%-27.74%；扣非净利润 35.96-42.99 亿元，同比增加 13.86%- 36.15%。 消费电子业务稳步发展，通信与汽车业务有望带来持续增量 1）消费性电子业务表现稳健：25H1 营业收入 977.99 亿元，营收占 比 78.55%，YoY+14.32%。2025 年，消费电子行业正式迈入由 AI 驱动 的全新创新周期，25H1 公司 ...

立讯精密（002475）(002475.SZ)业绩持续高速增长。 8月25日晚间，立讯精密发布的2025年半年度报告显示，公司实现营业收入1245.03亿元，同比增长 20.18%；净利润66.44亿元，同比增长23.13%。 其中，2025年上半年，立讯精密通讯互联产品及精密组件实现营业收入110.98亿元，同比增长48.65%， 占总营收8.91%；消费性电子实现营业收入977.99亿元，同比增长14.32%，占总营收78.55%。 同时，立讯精密公告显示，公司预计2025年前三季度净利润达108.9亿元至113.44亿元，比上年同期增长 20%至25%。 目前，立讯精密正在赴港上市。有报道显示，其此次IPO预计募资规模将超过10亿美元，资金将主要用 于全球化战略布局。 立讯精密2004年成立于深圳，并于2010年在深圳证券交易所挂牌上市。 作为一家精密智能制造企业，立讯精密主要产品涵盖消费电子、汽车、通信、工业及医疗等领域，主要 服务于海内外头部品牌客户，并为客户一站式提供多品类核心零部件、模组产品及系统解决方案。 8月25日晚间，立讯精密发布的2025年半年度报告显示，公司实现营业收入1245.03亿 ...

证券研究报告 | 半年报点评 gszqdatemark 2025 08 26 年 月 日 汽车业务营收高增：25H1，公司汽车互联产品及精密组件实现营收 86.6 亿元，同 比增长 82.1%。2022 年以来，汽车业务保持大于 48%的高速增长幅度，核心业务 包含汽车线束、汽车连接器、汽车智能座舱、智能辅助驾驶、智能底盘、动力总成 等电子电器产品，目前客户矩阵已成功覆盖国内外多家头部车企。对于汽车线束 厂商 Leoni 的收购，将快速塑造公司在全球汽车线束领域的差异化竞争优势，为中 国车企出海提供更加便捷的服务，进一步明确 Tier1 的战略目标，当前汽车业务处 高速发展爬坡期，为公司开启第二成长曲线。 盈利预测与投资建议：AI 正重塑产业格局，算力需求从云端向边缘及端侧渗透， 公司凭借在精密制造、材料科学、系统集成的积累，将紧握这为高端制造企业带来 的结构性机遇，协同发展消费电子、通信与数据中心、汽车三大业务板块。我们预 计公司在 2025/2026/2027 年分别实现营业收入 3171/3740/4420 亿元，同比增长 18.0%/17.9%/18.2% ， 实 现 归 母 净 利 润 169/20 ...

北京商报讯（记者 陶凤 实习记者 王天逸）8月25日，立讯精密工业股份有限公司发布2025年半年度报 告。报告显示，2025年上半年，立讯精密实现营业收入1245.03亿元，同比增长20.18%；归属于上市公 司股东的净利润66.44亿元，同比增长23.13%；基本每股收益0.92元，同比增长22.67%。 报告期内，立讯精密持续强化垂直整合与智能制造能力，协同推进消费电子、通信与数据中心、汽车三 大业务板块均衡发展。其中，汽车互联产品及精密组件收入同比增长82.07%，通讯互联产品及精密组 件收入同比增长48.65%，消费性电子收入同比增长14.32%。 ...

Group 1 - The core point of the article is that Luxshare Precision (SZ 002475) held its 16th meeting of the 6th Board of Directors on August 11, 2025, to discuss the proposal regarding not adjusting the conversion price of "Luxshare Convertible Bonds" [2] - For the fiscal year 2024, Luxshare Precision's revenue composition is as follows: Consumer electronics account for 83.37%, communication and precision components account for 6.83%, automotive interconnect products and precision components account for 5.12%, computer interconnect products and precision components account for 3.35%, and other connectors and revenues account for 1.33% [2]

Core Insights - The annual Fortune China 500 list reveals a shift in competition among top companies from scale to "value" amidst a macroeconomic backdrop seeking new balance, with total revenue slightly adjusted and total profit rising [2] Group 1: Company Performance - SF Express ranked 93rd, leading the Bao'an group, with a remarkable financial performance, achieving a net profit exceeding 10.17 billion yuan for the first time [3] - Luxshare Precision ranked 103rd, transitioning from consumer electronics to the smart automotive sector, with a 50% year-on-year growth in automotive interconnect products [3] - Aoxin Energy, ranked 299th, saw a 107% surge in energy storage system installations, establishing itself as a significant player in the energy storage sector [4] - Grinmei, ranked 411th, is a leader in the global supply of ternary precursor materials for power batteries, converting waste batteries into key materials for electric vehicles [4] - Pengding Holdings, maintaining its position as the largest PCB manufacturer globally, ranked 397th, showcasing steady growth and solidifying its role in high-end manufacturing [4] Group 2: Regional Development - Bao'an's industrial land preparation ranked first in the city over the past three years, supplying 31 plots totaling 934,000 square meters, supporting 35 key enterprises and potentially increasing output by over 200 billion yuan [6] - The "industrial building up" model has opened new avenues for industrial development, enhancing land utilization efficiency [6] - Bao'an has developed a highly collaborative industrial ecosystem in electronics, intelligent equipment, and new materials, enabling efficient manufacturing processes within a one-hour production circle [7] - The district has implemented a "three ones" enterprise service system, achieving a 98.4% completion rate for 2,563 collected enterprise requests and facilitating approximately 47.43 billion yuan in financing [7][8]

Core Viewpoint - Luxshare Precision is actively planning to issue H-shares and list on the Hong Kong Stock Exchange, becoming the third major "fruit chain" company to pursue a Hong Kong listing after Lens Technology and GoerTek [1] Group 1: Company Performance - In 2024, Luxshare Precision achieved operating revenue of 268.795 billion yuan, a year-on-year increase of 15.91%, and a net profit attributable to shareholders of 13.366 billion yuan, up 22.03% [1] - In Q1 2025, the company continued its growth momentum with operating revenue of 61.788 billion yuan, a year-on-year increase of 17.9%, and a net profit of 3.044 billion yuan, up 23.17% [1] Group 2: Revenue Structure - The consumer electronics segment remains the main revenue source, generating 224.094 billion yuan in 2024, accounting for 83.37% of total revenue, although its growth rate of 13.65% is below the company's overall growth [1] - Other business segments are experiencing rapid growth: automotive interconnect products and precision components grew by 48.69%, communication interconnect products and precision components by 26.29%, and computer interconnect products and precision components by 20.15% [2] Group 3: Strategic Intent - The company's strategy to cultivate a second growth curve is closely related to its heavy reliance on a single customer and overseas markets, with sales to its largest customer, Apple, reaching 190.139 billion yuan in 2024, accounting for 70.74% of total sales [2] - The high dependence on international markets poses risks, as evidenced by a nearly 30% drop in stock price over five trading days due to trade tensions affecting the consumer electronics sector [2] - The planned Hong Kong listing is a strategic choice to mitigate risks from international trade disputes and to accelerate technological upgrades, capacity expansion, and business diversification [2]

Core Viewpoint - Lixun Precision, a leading player in the "fruit chain" with a market value exceeding 200 billion, reported impressive financial results for 2024, showcasing significant revenue and profit growth [1][2]. Financial Performance - In 2024, Lixun Precision achieved revenue of 268.8 billion yuan and a net profit of 13.37 billion yuan, representing year-on-year increases of 15.91% and 22.03% respectively [2][3]. - For Q1 2025, the company reported revenue of 61.79 billion yuan and a net profit of 3.04 billion yuan, reflecting growth rates of 17.90% and 23.17% compared to the same period last year [4][5]. - The company anticipates a net profit for the first half of 2025 to be between 6.48 billion and 6.75 billion yuan, indicating a year-on-year growth of 20%-25% [4][5]. Business Segments - The consumer electronics segment remains the core of Lixun Precision's operations, accounting for 83.37% of total revenue in 2024, with a year-on-year growth of 13.65% [6][7]. - The automotive interconnect products segment, although only 5.12% of total revenue, showed a remarkable year-on-year growth of 48.69%, indicating high potential for future growth [7]. - The telecommunications interconnect products segment contributed 6.83% to total revenue, with a year-on-year increase of 26.29% [6]. Market Context - Despite concerns over the impact of U.S. tariffs on the supply chain, Lixun Precision's recent performance suggests that the actual effects may be less severe than anticipated [8][9]. - The company has established production bases in various countries, including Vietnam and Mexico, to mitigate potential tariff impacts [10]. - Analysts remain optimistic about the long-term resilience of the consumer electronics supply chain, suggesting that current market corrections may present investment opportunities [11].

Core Insights - Lixun Precision achieved a revenue of 268.795 billion yuan in 2024, marking a year-on-year growth of 15.91%, with a net profit of 13.366 billion yuan, up 22.03% [1] - The automotive business has become the fastest-growing segment for Lixun, with revenue reaching 13.758 billion yuan, a significant increase of 48.69% year-on-year, contributing to 5.12% of total revenue [1] - The company has ambitious plans to become a leading Tier 1 supplier in the global automotive parts market, with automotive revenue increasing over 18 times from 0.723 billion yuan in 2014 to 13.758 billion yuan in 2024 [1][2] Automotive Business Development - Lixun established its automotive division in 2011, focusing on harnesses and connectors, which are critical components in both traditional and electric vehicles [2] - The company has pursued both organic growth and acquisitions to expand its automotive business, acquiring several companies between 2012 and 2017 to enhance its capabilities in complex precision components and body control systems [2] - By 2022, Lixun had become a comprehensive supplier for low-voltage and high-voltage harnesses, as well as charging solutions, positioning itself well within the automotive supply chain [3] Market Trends and Opportunities - The shift towards electric and intelligent vehicles has led to a reduction in harness length but an increase in the value of harnesses per vehicle, with the average value of a harness in electric vehicles estimated at around 5,000 yuan, a 40%-100% increase compared to traditional vehicles [3] - Lixun has formed strategic partnerships with major automotive manufacturers, including a significant investment in Chery Automobile to enhance its capabilities as a Tier 1 supplier [4] - In 2023, Lixun co-founded Lisheng Technology with GAC Group, focusing on core components for intelligent connected vehicles, with production set to begin in 2024 [5] Strategic Acquisitions and Global Expansion - In September 2024, Lixun announced a major acquisition of a 50.1% stake in German automotive harness manufacturer Leoni, which will enhance its competitive edge in the global automotive harness market [5] - The company aims to leverage its extensive experience in consumer electronics and communication to adapt quickly to the automotive supply chain, enhancing its manufacturing capabilities [5][6] - Lixun's automotive business has reached a scale of over 10 billion yuan, and the company plans to continue expanding through both organic growth and acquisitions [6] Future Outlook - Lixun has established a diversified strategic framework across consumer electronics, automotive, and communication sectors, aiming for collaborative growth among its core business units [7] - The company is focused on enhancing its global footprint and technological advantages while exploring new markets, with a strategic plan for the next five years [7] - Analysts predict that Lixun's automotive segment will continue to grow rapidly, and the upcoming "super replacement cycle" for Apple products may significantly boost its consumer electronics business [8]