Luxun Precision (002475) In-depth Research Report: Layout of Multi-Field Precision Manufacturing High Growth Momentum Does Not Diminish

Luxun Precision (002475) In-depth Research Report: Layout of Multi-Field Precision Manufacturing High Growth Momentum Does Not Diminish
Core points: 1. 1. Consumer electronics leader with clear growth path.The company focuses on the multi-category layout of consumer electronics, starting from PC connectors, and building precision manufacturing platforms with smart devices, automobiles, and communications as its core. The connector ranks first in China and top ten in the 武汉夜网论坛 world.The founder and leadership team have been deeply involved in electronics manufacturing for 30 years, and have launched equity incentive plans in recent years, demonstrating consensus and long-term confidence.The company accurately grasps the development trend of the industry and lays out high-quality industries early. The future has huge room for growth and a clear growth path. 2. Stand firmly in the sub-sectors and help high performance growth.The company integrates industry acuity, focuses on the development of core components of smart devices such as electro-acoustics, pan-radio frequency, motors, and optics. While improving its technology, it quickly cuts into relevant industrial chains through episodic mergers and acquisitions, closely follows major customers, and has a continuous market shareThe performance has 上海夜网论坛 continued to increase significantly. Since the listing, the revenue / net profit CAGR has reached 56/48% respectively.R & D expenses and the ROE industry are leading and maintaining an upward trend, and the quality of revenue is high and sustainable. 3. Automotive electronics and communications are planned ahead of time, and future growth momentum is expected.Relying on precision manufacturing capabilities, the company foresight lays out future high-quality areas.An integrated solution for the automotive electronics industry has been formed, with revenue growing by 53% in 18 years, and its continued contribution to the future is highly certain.The 5G commercialization of base station side services is gradually maturing, and high-speed connection products cover enterprise-level equipment, which is expected to provide long-term performance growth momentum. 4. Profit forecast and investment rating.It is expected that the Luxeon Precision 2019E-2021E EPS will be 0.89/1.21/1.60 yuan, corresponding to PE is 29/22/16 times.Lixun Precision is a leading domestic precision manufacturing company with huge potential space in the future business area. For the first time, it will be given an “overweight” rating. 5. Risk warning.Large customers concentrated risk, 5G development fell short of expectations, and automotive and communications business expansion fell short of expectations.

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