Guosen Securities: Maintains Lixun Precision's "Outperform the market" rating, 3Q25 performance forecast shows steady growth.

Guosen Securities research report pointed out that Luxshare Precision's net profit attributable to parent company in the first half of the year was 6.644 billion, and the net profit attributable to parent company in Q2 was 3.601 billion. The company has released a performance forecast for 3Q25, expecting to achieve a net profit attributable to parent company of 4.246-4.699 billion, with a median growth rate of 22%. The company has completed the acquisition of Wentai Technology's ODM and OEM business. Wentai's global market share in the global smartphone ODM business exceeds 20%, with downstream customers including Samsung, Xiaomi, and others. This acquisition can quickly enhance the scale and competitiveness of the company's ODM business. The company has deep technical accumulation in data center technology, providing integrated solutions for "copper, light, and electricity", and delivering a variety of high-speed, high value-added products in batches. The company's automotive connectivity products achieved revenue of 8.66 billion in the first half of 2025. Since 2022, the automotive business has maintained a growth rate of over 48%, opening the second growth curve. The current stock price corresponds to a PE of 21/17/14x, and the "outperform the market" rating is maintained.