LUXSHARE(002475):FY23 IN-LINE WITH BETTER-THAN-FEARED 1H24 EARNINGS GUIDANCE; SOLID OUTLOOK AHEAD
LUXSHARE(002475):FY23 IN-LINE WITH BETTER-THAN-FEARED 1H24 EARNINGS GUIDANCE; SOLID OUTLOOK AHEAD
Luxshare posted FY23 revenue/NP growth of 8%/20% YoY, largely in-line with pre-announcement of 20-25% YoY, while 1H24E earnings guidance of 20-25% YoY (implying 2Q24E 18%-27% YoY) is above market expectations. We believe the strong 1H24 outlook is mainly driven by 1) datacenter connectivity (optic/copper) products, cooling and power solutions, and 2) auto biz momentum on stronger NEV and ADAS/AD demand from overseas markets. Looking forward, despite recent macro headwinds and iPhone shipment weakness, we believe Luxshare is well-positioned to capture opportunities in datacentre connectivity business, automotive connector business, gain share in iPhone/MacBook/iPad/Watch OEM/components and Apple's multiple product launches in 2H24E. We slightly adjusted FY24-25E EPS by -1/-1% to factor in FY23 results. The stock now trades at 14.2x/11.5x FY24/25E P/E, close to 1- SD below 5-yr avg. P/E. Maintain BUY with TP of RMB46.61 based on same 24x FY24E P/E.
Luxshare公佈的23財年收入/淨利潤同比增長8％/20％，與預先公佈的同比增長20-25％基本一致，而 1H24E 的同比收益預期爲20-25％（意味着 2Q24E 同比增長18％-27％），高於市場預期。我們認爲，強勁的24年上半年前景主要是由1）數據中心連接（光學/銅）產品、冷卻和電源解決方案以及2）海外市場新能源汽車和ADAS/AD需求強勁的汽車業務勢頭推動的。展望未來，儘管最近出現宏觀不利因素和iPhone出貨量疲軟，但我們認爲Luxshare完全有能力抓住數據中心連接業務、汽車連接器業務、在iPhone/Macbook/iPad/Watch OEM/Components中獲得份額以及蘋果在 2H24E 中推出的多款產品方面的機會。考慮到23財年的業績，我們將FY24-25E 每股收益略微調整了-1/ -1％。該股目前的交易價格爲24/25財年的市盈率爲14.2倍/11.5倍，比5年平均水平低近1美元。市盈率維持買入，目標價爲人民幣46.61元，按相同24倍的 FY24E 市盈率計算。
FY23 & 1Q24 mostly in-line. Luxshare's FY23 revenue/earnings growth of 8%/20% YoY was mostly in-line with earlier preannouncement. By segment, CE/computer/auto/communication delivered +10%/-34%/+51%/+13% YoY. Mgmt. highlighted business breakthrough with key customers in datacentre connectivity products, cooling and power product solutions with potential client/order wins. Auto business saw healthy growth momentum backed by strategic partnerships and solid auto product portfolio. In addition, Luxshare pre-announced 1Q24 revenue/earnings growth of 4.9%/22.5% YoY with GPM of 10.7%, above market expectations.
23 財年和 24 年第一季度大多在線。Luxshare的23財年收入/收益同比增長8％/20％，與先前公佈的收入/收益基本一致。按細分市場劃分，CE/計算機/汽車/通信業績同比增長10％/-34％/+51％/+13％。Mgmt. 重點介紹了在數據中心連接產品、冷卻和電源產品解決方案領域與主要客戶的業務突破，這些突破可能贏得客戶/訂單。在戰略合作伙伴關係和穩健的汽車產品組合的支持下，汽車業務出現了健康的增長勢頭。此外，立訊預先宣佈24年第一季度收入/收益同比增長4.9％/22.5％，毛利率爲10.7％，高於市場預期。
Better-than-feared 1H24 earnings guidance; datacenter and auto business as key growth drivers. Luxshare pre-announced 1H24E earnings growth of 20-25% YoY, implying 18%-27% YoY growth in 2Q24E. We believe the solid 2Q24E earnings is driven by 1) accelerated demand in datacentre connectivity, 2) auto business expansion in both domestic and overseas markets, and 3) GPM recovery and expense controls.
24年上半年的收益指引好於擔憂；數據中心和汽車業務是關鍵增長動力。Luxshare預先宣佈，1H24E 收益同比增長20-25％，這意味着 2Q24E 的同比增長18％-27％。我們認爲，2Q24E 的穩健收益是由於 1) 數據中心連接需求的加快，2) 國內外市場的汽車業務擴張，以及 3) GPM 回收和費用控制所推動的。
Attractive risk/reward at 14.2x/11.5x FY24/25E; Reiterate BUY. We slightly adjusted FY24-25E EPS to reflect FY23 results. The stock now trades at 14.2/11.5x FY24/25E P/E, 1-SD below 5-year hist. avg P/E. Reiterate BUY with TP of RMB 46.61 based on same 24x FY24E P/E. Catalysts include top module/ iPhone share gain, datacenter/auto tier-1 business progress and Apple's multiple new product launches in the coming months.
24/25財年14.2倍/11.5倍的誘人風險/回報；重申買入。我們略微調整了 FY24-25E 每股收益，以反映 23 財年的業績。該股目前的市盈率爲24財年/25財年的14.2/11.5倍，比5年來的最高水平低1美元。平均市盈率重申買入，按24倍的 FY24E 市盈率計算，目標價爲人民幣46.61元。催化劑包括最高模塊/iPhone股價上漲、數據中心/汽車一級業務進展以及蘋果未來幾個月的多款新產品推出。
譯文內容由第三人軟體翻譯。