On July 3rd, Guojin Securities research report pointed out that Luxshare Precision Industry (002475.SZ) is the leader in consumer electronics, and has achieved comprehensive coverage through endogenous and exogenous growth from "parts to modules to systems". By 2023, the company's net income attributable to the parent is expected to reach 10.95 billion yuan, a year-on-year increase of 20%, achieving steady growth. According to IDC, by 2023, Apple's global ownership will reach 840 million units, and the replacement cycle will be 3.6 years. Software and hardware innovation is expected to drive a new round of replacement wave. Apple is the company's super customer, which deeply benefits downstream output. Electrification, intelligence, and integration are the trend. Domestic car brands are gradually emerging. As a domestic leading consumer electronics company, based on its historical accumulation of rapid iteration and cost control ability, Luxshare Precision Industry is expected to grow into a global Automotive Tier1 leading factory. Benefiting from the Apple replacement cycle and continuing output of communication auto business, referring to the average valuation of comparable companies, the company is given a 2025 PE valuation of 20 times, with a target price of 47.9 yuan and a "buy" rating.