Gelonghui, May 11 | According to the Changjiang Securities Research Report, Lixun Precision (002475.SZ)'s net profit for 3 years was 10.953 billion yuan, +19.53% YoY, and 24Q1 net profit of 2,471 billion yuan, +22.45% YoY. It is expected to achieve net profit of 5.227 billion yuan to 5.445 billion yuan in the first half of the year, an increase of 20%-25% over the previous year. As can be seen from the quarterly report and the performance forecast for the first half of the year, the company is still able to achieve rapid growth in the context of the overall weak recovery of the consumer electronics industry, reflecting the company's advantages in manufacturing and internal management. It is judged that shipments of various product lines to major customers this year are still expected to remain strong through the promotion of new generations. As a core supporting supplier, the company is expected to participate in more product models and grow with it, and is still improving the channel in terms of mobile phone assembly share. In the past, the rapid development of consumer electronics made everyone ignore the 5-10 year strategic layout of its automotive and communications businesses, but it is undeniable that the growth rate of both has been impressive in the past few years. Now, the company has ushered in a window of opportunity for the development of intelligent automotive, electrification, and AI computing power. With past accumulation in the field of consumer electronics hardware, the company is expected to grow again into an industry giant in the automotive and communications fields in the future. Considering the company's steady future growth, the current valuation may be undervalued, maintaining the company's “buy” rating.