事件：
公司發佈2023年年報，實現營業總收入2319.05億元，yoy+8.35%，實現歸母淨利潤爲109.53億元，yoy+19.53%。公司發佈2024年一季報，24Q1實現營收524億，yoy+5%，實現歸母淨利潤24.7億元，yoy+22.5%，。公司發佈2024年半年度業績預告，預計24H1公司實現歸母淨利潤52.3-54.4億，yoy+20%-25%。
2023 net profit up 20%; 24Q1 net profit up 23% yoy; substantially higher DPS
Luxshare Precision released 2023 and 24Q1 results on 25 April:
Key metrics:
•2023: revenue came to RMB231.91bn, up 8.35%, and net profit rose 19.53% to RMB10.95bn;
•24Q1: revenue arrived at RMB52.4bn, up 5% yoy, while net profit grew 22.5% yoy to RMB2.47bn.
•24H1E guidance: the company expects net profit to range within RMB5.23-5.44bn, up 20-25% yoy.
點評：
23年業績符合前期預告，24Q1業績&24年半年度業績預告符合預期，分紅力度提升明顯，持續佈局消費電子/通訊/汽車等核心賽道。
2023年公司實現營收2319.05億元，yoy+8.35%，實現歸母淨利潤109.53億元，yoy+19.53%，符合前期預告。分產品來看，電腦/汽車/通訊/消費性電子/其他分別實現營收75/92.5/145.4/1972/34億元，yoy-33.6%/+50.5%/+13.3%/+10%/-16%，毛利率分別爲20.8%/15.9%/15.8%/10.6%/18.83%，通訊業務毛利率提升4.7pct，提升明顯，電腦業務毛利率提升0.47pct，略有提升，消費電子/汽車/其他毛利率略有下滑，分別下滑0.87pct/0.2pct/0.3pct，綜合毛利率爲11.6%，yoy-0.6pct。分子公司來看，立鎧實現營收791億元，yoy+7%，實現淨利潤20億元，同比基本持平；聯營公司立臻貢獻明顯業績增量，2023年公司取得對聯營企業和合營企業的投資收益爲20.44億元，yoy+157%，同時立臻併購崑山世碩有助於進一步擴大規模體量，提高生產效率。公司擬派發現金紅利21.53億，股份支付率爲19.66%，22年股份支付率爲10.1%，分紅力度提升明顯，2023年資本開支爲114億元，yoy-16%。研發持續佈局消費電子/通訊/汽車核心賽道，消費電子研發項目覆蓋AR眼鏡/VR頭顯/可穿戴設備，通訊研發項目覆蓋光模塊/224G高速互聯/液冷散熱等，汽車研發項目覆蓋線束/域控/充電槍液冷系統等。
Our takeaways:
•2023 results are in line with our forecast; while 24Q1 results and 24H1 guidance are as expected.
•The dividend payout plan for 2023 is substantially higher yoy.
•Luxshare continues to build out its core businesses of consumer electronics, communications and automotive equipment.
Revenue streams: communications margin up 4.7ppt; investment income up 157%
2023 revenue rose 8.35% to RMB231.91bn, while net profit shot up 19.53% to RMB10.95bn, in line with our forecast. Gross margin fell 0.6ppt to 11.6%. Granular perspectives are as follows:
Product categories:
revenues contributed by product segments in 2023, their growth rates and gross margins were:
•Computers: RMB7.5bn (down 33.6%; GPM rose a tad by 0.47ppt to 20.8%)
•Automobiles: RMB9.25bn (up 50.5%; GPM dipped 0.2ppt to 15.9%)
•Communications: RMB14.54 (up 13.3%; GPM widened 4.7ppt to 15.8%)
•Consumer electronics: RMB197.2bn (up 10%; GPM dipped 0.87ppt to 10.6%)
•Others: RMB3.4bn (down 16%; GPM dipped 0.3ppt to 18.83%).
Subsidiaries, associates and JVs:
•Subsidiary LUXcase ICT contributed revenue of RMB79.1bn in 2023, up 7%, with net profit at RMB2bn, flat yoy.
•Investment income from associates and JVs increased 157% to RMB2.04bn in 2023: associate company Lizhen Precision Intelligent Manufacturing contributed considerable incremental growth, while Lizhen’s acquisition of Pegatron (Kunshan) helped expand scale and raised production efficiency.
DPS:
Luxshare plans to pay out RMB2.15bn in cash dividends for 2023, with the share-based payout ratio of 19.66% substantially higher than the 10.1% in 2022.
Expenses:
capex amounted to RMB11.4bn in 2023, down 16%. Luxshare kept building up R&D capabilities in its core markets, including consumer electronics, communications and automotives. In consumer electronics, its R&D projects included AR glasses, VR headsets and wearable devices, while in communications, the projects include optical modules, 224G high-speed interconnections and liquid cooling systems. Meanwhile, its R&D projects in automotive segments include wire harnesses, domain controls and liquid cooling systems for charging piles.
24年上半年業績穩健增長。
公司發佈2024年一季報，24Q1實現營收524億，yoy+5%，實現歸母淨利潤24.7億元，yoy+22.5%，實現扣非歸母淨利潤21.8億元，yoy+23.23%。公司發佈2024年半年度業績預告，預計24H1公司實現歸母淨利潤52.3-54.4億，yoy+20%-25%，對應24Q2預計實現歸母淨利潤27.56-29.74億，yoy+18%-27%，預計24H1公司實現扣非歸母淨利潤47.9-50.8億元，yoy+15.3%-22.2%，對應24Q2預計實現扣非歸母淨利潤26.06 -28.94億，yoy+9%-21%。
24Q1 results:
revenue came to RMB52.4bn, yoy +5%, net profit of RMB2.47bn, yoy +22.5%, and ex-nonrecurring net profit of RMB2.18bn, yoy +23.23%.
24H1E guidance:
Luxshare also published its guidance for H1E: it anticipates net profit of RMB5.23-5.44bn, up 20-25% yoy; this incorporates its projected Q2E net profit of RMB2.76-2.97bn (up 18-27% yoy) and the Q1 result of RMB2.47bn. It expects ex-nonrecurring net profit of RMB4.79-5.08bn in 24H1E, up 15.3-22.2% yoy, which incorporates its Q2E projection of RMB2.61-2.89bn (up 9-21% yoy).
Vision Pro作爲新一代空間計算平臺構建全新PC生態，立訊作爲Vision Pro整機制造獨家供應商，卡位關鍵，有望跟隨Vision Pro行業高速成長：
立訊作爲Vision Pro整機組裝獨家供應商，關鍵卡位新一代消費電子平臺，後續有望跟隨產品持續迭代創新同時挖掘零部件彈性，進一步提升單機價值量。
Consumer electronics and communications: Vision Pro and interconnections
Vision Pro markets:
we like Luxshare’s key positioning in new-generation consumer electronics platforms. As the exclusive supplier of Apple’s whole-device Vision Pro spatial computing platform, we expect Luxshare will ride the rising tide of Vision Pro’s new PC ecosystem buildout. And while it continues to iterate and innovate these products, we anticipate the manufacturer will leverage this growth to add component markets so as to raise value per device.
通訊及數據中心領域持續深耕電連接、光連接、風冷/液冷散熱、電源管理、射頻等產品，高速互聯領域技術優勢和市場競爭力突出。
數據中心高速互聯領域，公司協同頭部芯片廠商前瞻性爲全球主流數據中心及雲服務廠商共同制定 800G、1.6T 等下一代高速連接標準，部分細分領域產品如外部高速銅纜、線纜及連接器組件、背板連接器及背板線纜、HSIO、SSIO 等更是以領先的技術、成本優勢和優異的產品表現贏得了客戶的認可。在此基礎上，公司以此爲切入口，全面拉動光連接、散熱、電源模塊等產品與頭部客戶展開進一步深度合作。
Interconnections and other products:
in the data center market, Luxshare develops electrical connections, optical connections, air and liquid cooling systems, and power management and RFID systems. We like its tech edge and high competitiveness in high-speed interconnection systems. It collaborates with leading chip manufacturers to develop next-generation high-speed connection standards, such as 800G and 1.6T, for global mainstream data centers and cloud service providers. Customers favor Luxshare’s cutting-edge technology, cost effectiveness and product performance, particularly in products like external high-speed copper cables, cable and connector modules, backplane connectors and backplane cables, HSIO and SSIO. Luxshare leverages this prowess to enter other segments and, in providing full coverage across optical connections, heat dissipation systems, power modules and other products, the company thus strengthens its ties with leading customers.
汽車業務多維產品佈局面向萬億級市場，出海口策略成功加速汽車Tier 1業務成長。
汽車領域產品佈局多元：以線束爲基礎進一步拓展連接器、新能源、智能座艙、智能網聯等產品，多維產品線充分受益於汽車電動化、智能化、網絡化轉型；合作整車企業提供爲汽車零部件提供出海口，加速產品研發、導入、量產進程：①奇瑞：集團持有奇瑞控股20%股權，上市公司與奇瑞新能源成立合資公司；②廣汽：與廣汽集團及廣汽零部件成立立昇汽車科技；集團業務深度協同：體外收購標的BCS汽車電子積累深厚，掌握優質客戶資源（寶馬、大衆、通用、福特等），積極佈局智能座艙&智能駕駛領域拓展能力邊界。
Automotives: diverse product portfolio; collaborations with tier-1 automakers
Luxshare gears the buildout of a diverse product matrix toward the trillion-RMB autos market. The company engages in an export strategy, which has steered growth acceleration in its tier-1 business. From wiring harnesses, Luxshare went on to expand its connector business into NEVs, smart cockpits, smart networks and other solutions. We believe its diverse full-coverage portfolio will benefit fully from the market shift toward automobile electrification, intelligentization and networks. It cooperates with automakers to provide access to exports of auto parts and expedite the product development, launch and mass production processes.
The partnerships include:
•Chery:
Luxshare has a 20% stake in Chery Holdings and the listed company set up a JV with Chery New Energy.
•GAC:
It joined hands with the GAC group and GAC Component Company to establish Lisheng Automotive Technology to deepen synergy with its businesses.
•BCS:
this external acquisition comes with deep experience in automotive electronics and premium customer resources (BMW, Volkswagen, General Motors, Ford). Through BCS, Luxshare expands its capabilities to smart cockpits and smart driving.
