研報掘金丨長江證券:立訊精密當前估值或被低估,維持“買入”評級
長江證券研報指出,立訊精密(002475.SZ)3年歸母淨利潤109.53億元,同比+19.53%,24Q1歸母淨利潤24.71億元,同比+22.45%。預計上半年度實現歸母淨利潤52.27 億元-54.45億元,同比增長20%-25%。從一季報以及上半年業績預吿可以看出公司在消費電子行業整體弱復甦的背景下,依舊能夠實現高速增長,體現公司在生產製造、內部管理方面的優勢,判斷今年大客户各類產品線出貨依舊有望憑藉推新換代保持強勁,公司作為核心配套供應商有望參與更多產品料號並隨之成長,在手機組裝份額方面依舊在提升通道。過往消費電子的長足發展讓大家忽略了其汽車、通信業務的5-10年的戰略佈局,但是不可否認的是兩者在過去數年來的增速也是非常可觀的,如今公司迎來汽車智能化、電動化、AI算力發展機遇窗口,憑藉過往在消費電子硬件領域的積累,公司未來有望在汽車及通信領域再次成長為行業巨頭。考慮到公司未來的穩健成長性,當前估值或被低估,維持公司“買入”評級。
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