002475.SZ · A-shares
002475.SZ Luxshare: CE precision + auto interconnect
Luxshare CE precision leader deeply tied to global handset supply, expanding auto/comms—manufacturing GM; beta to share and new categories.
Cite a section with a deep link, e.g. /en/r/luxshare-002475-research#thesis
Snapshot
- Price
- CNY 55
- Mkt cap
- CNY 450.0B
- Revenue
- CNY 280.0B
- Anchor-customer momentum
- 1.1
As-of 2026-09-25 (weekly refresh; equities aligned to §A. Missing series are N/A/null. Not investment advice.)
Thesis
Luxshare CE precision leader deeply tied to global handset supply, expanding auto/comms—manufacturing GM; beta to share and new categories.
Business
Model: connectors/acoustics/assembly. Flagships: CE parts/assembly; auto electronics. Edge: yield, speed, anchor customers. Strategy: vertical integration + auto content.
Value chain
Precision midstream; upstream materials/tools; downstream brands. Risks: customer concentration; CE cycle; annual price-downs.
Valuation
Valuation snapshot (multi-lens)
| Metric | Value | Note |
|---|---|---|
| TTM PE | N/A | 未接入具名行情源；TTM 盈利≤0 或未核验时不填造倍数 |
| PB | N/A | 待最新净资产与市值核验 |
| 股息率 | N/A | 待分红公告 / IR |
| 现价语境 | 约 55 | 002475.SZ · 以包内 kpi_snapshot 时点为准 |
Valuation & return · ~3y
Interactive chart available in the reader.
Manufacturing growth on NI margin and anchor volumes.
Financial trend (~24 months)
Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):
Revenue · last 8Q
Interactive chart available in the reader.
Gross margin · last 8Q
Interactive chart available in the reader.
Net income · last 8Q
Interactive chart available in the reader.
Financial health (§A.7)
Financial health (OCF / debt / liquidity / audit)
| Item | Value | Note |
|---|---|---|
| 财务健康总评 | 见最新披露 | 以 OCF 与负债率为准 |
| 经营现金流 | 见中报 / 季报 | 与净利润匹配度 |
| 资产负债率 | 见最新资产负债表 | 有息负债 vs 现金 |
| 流动性 | 见流动比率 | 货币资金与短债 |
| 审计意见 | 无保留（常规预期） | 半年报未经审计 |
Operations
Volume: parts; price: annual ASP decline; cost: utilization/automation.
Key financials
| Item | Value | YoY | Note |
|---|---|---|---|
| 主业 | 消费电子精密件/组装 | 大客户 | 基本盘 |
| 汽车 | 高速连接等 | 成长 | 电动化 |
| 毛利率 | 低十区间（示意） | 制造 | 自动化对冲年降 |
| 竞争 | 歌尔、富士康系等 | 激烈 | 份额战 |
Competition
Peer strengths/weaknesses:
Peer map
| Company | Share/role | Margin | Strength | Weakness |
|---|---|---|---|---|
| 立讯 | 精密龙头 | 低中 | 客户关系 | 集中度 |
| 歌尔 | 声学/VR | 中 | 声学 | 客户波动 |
| 工业富联 | 服务器 | 低 | AI | 品类不同 |
| 其他连接器商 | 细分 | 中 | 价格 | 规模 |
Management
Management (24m)
| Role | Name | Since | 24m change |
|---|---|---|---|
| 董事长 | 王来春等 | 长期 | 稳定 |
| 总经理/经营 | 核心团队 | 在任 | 执行强 |
| CFO | 财务负责人 | 在任 | 连续 |
Stability: Stable leadership; strong anchor-customer culture.
Outlook
Track anchor new-product share, auto electronics mix, GM.
Scenarios
| Scenario | Condition | Implication |
|---|---|---|
| Bull | Demand/execution beats | Upside |
| Base | Trend continues | Hold/watch |
| Bear | Cycle/competition worsens | Drawdown/reassess |
Risks
References
Issuer / key sources:
- https://www.luxshare-ict.com/
- https://www.szse.cn/ {#references}
- Latest company filings / IR (see issuer website)
- Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
- Related on-site notes via wiki-links in the body
Not investment advice; defer to latest company filings.
Tracking
Check next earnings for:
- Next-quarter revenue & margin vs guide
- OCF vs CapEx / payout
- Competitive share shifts
- Valuation vs historical mid-cycle
- Key policy / supply-chain variables
Confirm: guide hit, share stable, OCF matches earnings.
Disconfirm: guide cut, share loss, leverage stress.
Comments
Sign in to comment