Guosen Securities: Maintains a "better than market" rating on Lixun Precision, optimistic about the company's long-term development.

Guosen Securities research report pointed out that internal and external expansion support Luxshare Precision Industry's stable growth in 2024. The net profit attributable to the mother in 1Q25 was 3.679 billion. The acquisition of part of Ingen Technologies' product integration business has led to rapid growth in ODM business. Ingen has a global market share of over 20% in the global mobile phone ODM business, with downstream customers including Samsung, Xiaomi, etc. This acquisition can quickly increase the scale and competitiveness of the company's ODM business; the acquisition of Lenny helps increase market share, and the automotive business in 1Q25 grew by over 50% year-on-year. The company's automotive business covers four major product lines: automotive wiring harness, automotive connectors, smart controls, and power systems. The company's long-term development prospects are promising, with the current stock price corresponding to PE 15/12/10x, maintaining a "outperforming the market" rating.