002475.SZ Luxshare: CE precision + auto interconnect

Snapshot

Price

CNY 55

Mkt cap

CNY 450.0B

Revenue

CNY 280.0B

Anchor-customer momentum

1.1

Thesis

Luxshare CE precision leader deeply tied to global handset supply, expanding auto/comms—manufacturing GM; beta to share and new categories.

Business

Model: connectors/acoustics/assembly. Flagships: CE parts/assembly; auto electronics. Edge: yield, speed, anchor customers. Strategy: vertical integration + auto content.

Value chain

Precision midstream; upstream materials/tools; downstream brands. Risks: customer concentration; CE cycle; annual price-downs.

Valuation

Manufacturing growth on NI margin and anchor volumes.

Financial trend (~24 months)

Illustrative 8Q with YoY/QoQ (reconstructed from public disclosures; not audit-line):

Revenue · last 8Q

Interactive chart available in the reader.

Gross margin · last 8Q

Interactive chart available in the reader.

Operations

Volume: parts; price: annual ASP decline; cost: utilization/automation.

Key financials

Key financials

Item	Value	YoY	Note
主业	消费电子精密件/组装	大客户	基本盘
汽车	高速连接等	成长	电动化
毛利率	低十区间（示意）	制造	自动化对冲年降
竞争	歌尔、富士康系等	激烈	份额战

Competition

Peer strengths/weaknesses:

Peer map

Peer map

Company	Share/role	Margin	Strength	Weakness
立讯	精密龙头	低中	客户关系	集中度
歌尔	声学/VR	中	声学	客户波动
工业富联	服务器	低	AI	品类不同
其他连接器商	细分	中	价格	规模

Management

Management (24m)

Management (24m)

Role	Name	Since	24m change
董事长	王来春等	长期	稳定
总经理/经营	核心团队	在任	执行强
CFO	财务负责人	在任	连续

Stability: Stable leadership; strong anchor-customer culture.

Outlook

Track anchor new-product share, auto electronics mix, GM.

Scenarios

Risks

References

Issuer / key sources:

• https://www.luxshare-ict.com/
• https://www.szse.cn/ {#references}

1. Latest company filings / IR (see issuer website)
2. Exchange filings / SEC EDGAR — https://www.sec.gov/edgar
3. Related on-site notes via wiki-links in the body

Not investment advice; defer to latest company filings.