Business Daily Media

Luxshare Precision Reports Steady Growth in Q3 2024 Results, Optimistic About Annual Performance

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Luxshare Precision (002475.SZ) announced its Q3 2024 financial results on October 25. In the first three quarters of the year, the company achieved approximately RMB177.177 billion in revenue, reflecting a year-on-year growth of 13.67%.

The net profit attributable to shareholders of the listed company reached RMB9.075 billion, marking a year-on-year increase of 23.06%. These figures highlight the company's robust performance, driven by its deep engagement in several key business segments.

A core pillar of Luxshare Precision is consumer electronics, where strong partnerships with longstanding clients like Apple Inc. have yielded significant returns. Additionally, in the communication and data center sector, along with the automotive electronics area, the company has launched innovative products and solutions that have garnered positive market feedback, emerging as new growth drivers.

In the consumer electronics sector, Luxshare Precision continues to demonstrate its technological prowess. In September 2024, Apple Inc. launched the iPhone 16 series. According to Counterpoint Research, sales of the iPhone 16 Pro and Pro Max surged by 44% compared to last year's models. The new iPhone experienced a strong debut in the Chinese market, with sales in the first three weeks up 20% compared to the 2023 models. Recently, Apple's Chief Operating Officer, Jeff Williams, accompanied by Luxshare Precision's Chairwoman, Ms. Wang Laichun (Grace Wang), visited the factory in Kunshan, Jiangsu, where he praised the advanced automation and maturity of the production lines. This endorsement from such a pivotal partner not only underscores Luxshare Precision's significant role in the global consumer electronics market, but also highlights its commitment to quality and technological innovation.

Moreover, Apple Inc. has announced the launch of its Apple Intelligence feature on October 28, alongside iOS 18.1. This feature will integrate Siri and ChatGPT to enhance user experience. The introduction of Apple Intelligence is expected to boost sales of Apple products, from which Luxshare Precision stands to benefit, further promoting its development in the consumer electronics sector.

In the communication and data center sector, Luxshare Precision is focusing on core products related to electrical connections, air-cooled/liquid-cooled cooling systems, and power management to meet the demand for high-performance solutions. The company has made significant strides in high-speed interconnection within data centers. At the 2024 OCP Global Summit, Luxshare Precision showcased its proactive contributions to AI data center innovations. Its subsidiary, Luxshare-Tech, introduced 224G High-Speed Interconnect Systems, Liquid Cooling System Solutions, and High-Power Interconnect Systems, all designed with advanced manufacturing processes to ensure stability and reliability during high-speed data transmission, supporting the rapid growth of AI applications.

Overall, Luxshare Precision is continually deepening its diversified development strategy to solidify its position as a comprehensive technology manufacturing enterprise while actively addressing potential market challenges. Over the past year, the company has strategically executed several important acquisitions, further enhancing its market position in manufacturing and automotive sectors.

In the automotive sector, Luxshare Precision has formed strategic partnerships with major global automotive manufacturers in areas such as wiring harnesses, connectors, intelligent cabins, and intelligent driving. Through continuous innovation and improved production capacity, the company is enhancing its competitiveness in the automotive market. To accelerate the globalization of its automotive business, Luxshare Precision announced plans to acquire a 50.1% stake in German cable and harnessing manufacturing giant Leoni AG and 100% of its wholly-owned subsidiary, Leoni Kabel GmbH. Grace Wang stated that the company aims to leverage Leoni's resources in conjunction with Luxshare Precision's own strengths, thus expanding its global business footprint and driving innovation to provide greater value to customers. This strategic move will further solidify Luxshare Precision's position in the global automotive wiring harness market and expand additional market opportunities.

In the consumer electronics sector, Luxshare Precision plans to acquire a majority stake in Pegatron's Kunshan factory for RMB2.1 billion, which will make it the largest shareholder of the factory and position it to become the second-largest iPhone assembler globally. This acquisition is expected to further consolidate its role within Apple's supply chain.

Furthermore, Luxshare Precision has completed the acquisition of Qorvo's packaging and testing facility in China, which is expected to enhance its packaging and testing capabilities in the consumer electronics RF front-end module sector, further strengthening its competitive advantage in the industry. The acquired facility specializes in core components for wireless communication modules, focusing on the mobile cellular market. Through these strategic acquisitions, Luxshare Precision continues to optimize and deepen its business layout, laying a solid foundation for future growth.

Luxshare Precision projects that its net profit for the entire year of 2024 will reach between RMB13.143 billion and RMB13.691 billion, indicating a year-on-year increase of 20.00% to 25.00%. Excluding nonrecurring profit and loss, the net profit is projected to be between RMB11.486 billion and RMB12.713 billion, with a year-on-year growth of 12.76% to 24.82%. Having been listed among Fortune Global 500 for two consecutive years, Luxshare Precision will continue to pursue a dual-driven strategy of internal growth and external expansion to promote steady business growth. Looking ahead, with the launch of new Apple products and ongoing growth in the communications and automotive areas, Luxshare Precision's future business performance appears promising.
Hashtag: #LuxsharePrecision

The issuer is solely responsible for the content of this announcement.

News from Asia

Lee Kum Kee Garners Industry Cares Recognition Scheme 2024 ‘Grand Award’ from the Federation of Hong Kong Industries

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - On 26 September, Lee Kum Kee rejoiced as the recipient of the esteemed 'Grand Award', 'The Most Devoted Award' and 'The Most Innovative ...

Luxshare Precision Reports Steady Growth in Q3 2024 Results, Optimistic About Annual Performance

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Luxshare Precision (002475.SZ) announced its Q3 2024 financial results on October 25. In the first three quarters of the year, the compa...

Hong Kong’s First AI Company (Nasdaq: ATGL) Successfully Concludes Its One-Year-Anniversary Halloween Celebration

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - On the evening of October 31, 2024, Alpha Technology Group Limited. (NASDAQ: ATGL), Hong Kong's first AI company, successfully held a Ha...

DFA Awards 2024: Asia’s Creative Luminaries Shine

New ‘Designer of the Year’ Award Unveiled HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Hong Kong Design Centre (HKDC) is pleased to announce the esteemed laureates of the DFA Awards...

Lionrock Property: Continuous supply of student accommodation to build Hong Kong education hub

HONG KONG SAR – Media OutReach Newswire - 1 November 2024 – Lionrock Property is currently in charge of two student accommodation projects at 177 Prince Edward West and 56 Ma Tau Wai Road...

Outback Steakhouse celebrates its 25th anniversary in Hong Kong

Enticing promotions to thank customers for their support HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Outback Steakhouse celebrates its 25th anniversary in Hong Kong...

Hong Kong: reinforcing links with Saudi Arabia and the Middle East

HONG KONG SAR - Media OutReach Newswire - 31 October 2024 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region (HKSAR) Government, is visiting Saudi Arabia to attend the...

Hong Kong: Connecting the Middle East along the New Silk Road

HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - Paul Chan, Financial Secretary of the Hong Kong Special Administrative Region Government, wrapped up his Middle East visit (October 31) ...

Cambodian Delegation Visits Hong Kong to Bolster Investor Relationship for Preah Sihanouk Province

Special Working Group Committed to Strengthening Chinese Investment in Preah Sihanouk Province HONG KONG SAR - Media OutReach Newswire - 1 November 2024 - The Preah Sihanouk Province Investment Pr...

Subscribe to the Tamkeen Human Resources IPO via Sahm App

RIYADH, SAUDI ARABIA - Media OutReach Newswire - 3 November 2024 - Sahm Capital is pleased to announce that retail investors can now subscribe to the highly anticipated Tamkeen Human Resources Co...

Essentials That Can Aid in Seamless Business Functioning in this era

You have a breakthrough idea and a killer business plan for your startup. A talented workforce is ready to take on any challenges in the market. It ...

Business Training

7 Tips To Make The Most Out Of Your Coworking Space

The importance of a vibrant, flexible, and inspiring workspace cannot be overstated in a world where the boundaries of work and personal life cont...

Business Training

How to Improve Marketing Strategy Using Surveys

Every business owner knows how important marketing is. However, there are more than a few ways to go about forming your marketing strategies. Many m...

Business Training

The top reasons why gyms fail

Steve Grant is a Business Coach and Founder of GymHub.com.au   Every month thousands of new trainers walk out of their 6-month course with the qu...

Business Training

Importance Of Clotheslines In Every Home

As technology continues to advance, some household chores have become easier and more convenient. However, drying clothes still remains a task tha...

Property

The Importance of Your Balance Sheet: 5 Advantages of Keeping it Up-to-date

For many business owners, keeping up with bookkeeping and financial reporting is the most formidable challenge. Success requires the preparation and...

Business Training