PR Newswire TechnologyQwen · 实盘不做把握 3/10不做原因:无增量信息
北京时间·🕒 发布 08:00:00·⟳ 抓取 08:00:24 +24s·⚡ 决策 08-28 08:03:04 +2m40s·60.4 天前
立讯精密发布2026年上半年业绩：营收1745亿元同比增40.2%，归母净利78.4亿元增18.0%
TrendForce于08-27 04:02 UTC（北京时间08-27 12:02，A股午间）已处理同一份立讯精密2026H1业绩，核心数据（营收1745亿+40.16%、归母净利78.43亿+18.04%、通讯及数据中心166亿+49%）与本条PR Newswire通稿完全一致。本条新增的汽车电子+274.1%、800G量产、1.6T批量出货、Leoni整合超预期、现金流细节均为同一份半年报的组成部分，不构成独立的增量催化。且即使独立评估，扣非净利仅+6.5%、经营现金流H1净流出24.5亿元、汇兑损失19.9亿元，盈利质量偏弱，收入高增未有效转化为利润弹性。
📄 原文PR Newswire Technology↗ 原文
Luxshare Precision Reports 40.2% Revenue Growth in First Half 2026; Business Mix Supports Margin Expansion Broad-based…
不做 立讯精密（002475.SZ）
同一份H1 2026业绩核心数据已被08-27 04:02 UTC TrendForce条目处理并判为不做，本条PR Newswire为同一业绩英文官方通稿，无新增金额、指引修正或官方确认/否认。即使独立评估：扣非净利仅+6.5%远低于收入+40.2%、经营现金流H1净流出24.5亿元、毛利率仅11.78%，盈利质量偏弱；大市值下短线预期差不足，不形成正期望。
展开详情(成交明细 / 研究档案 / 原文全文 / 决策记录链)
研究档案
结论摘要
立讯精密2026H1业绩核心数据（营收+40%、净利+18%、扣非+6.5%）已于08-27由TrendForce条目处理并判为不做。本条PR Newswire为同一份业绩的英文官方通稿，无新增金额或指引修正。独立评估亦不支持做多：扣非利润增速远低于收入增速、经营现金流H1为负、毛利率仅11.78%，收入高增未转化为利润弹性，大市值下短线预期差不足。
🔎 新鲜度:最早出现 2026-08-27 · 扩散 high · price-in 风险 high ↗
主要风险
- 扣非净利仅+6.5%，远低于收入+40.2%的增速，盈利转化效率低；经营现金流H1净流出24.5亿元，季节性备货与战略库存占用大量资金
- 汇兑损失19.9亿元侵蚀利润，且汇率风险对冲收益13亿元被计入非经常性损益，扣非口径下汇率拖累更为显著
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对本次决策的影响:因判定为同一已处理事件的重复信息，未进入先例研究阶段
工具执行结果 · 成功 2 · 降级 0 · 失败 0 · 取消 0
- fetch_decision_experience 成功 stock_tools HTTP · 493 ms
{ - search_processed_events 成功 stock_tools HTTP · 4,851 ms
{"result": "search_processed_events:agent query=`luxshare precision h1 2026 results revenue growth | 立讯精密 2026半年报 业绩 | 立讯精密 中报 收入增长 40%`；结构化索引覆盖完整 72 小时；旧记录兼容扫描近 65.1/72 小时、11401 条本臂决策(完整)，返回 4 条候选。\n• 08-27 16:26 UTC(CST 08-28 00:26) [ticker] 不做 000725.SZ,002475.SZ,300433.SZ (news_center) — Huawei
原文全文
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Luxshare Precision Reports 40.2% Revenue Growth in First Half 2026; Business Mix Supports Margin Expansion
Broad-based growth across consumer electronics, communications and data center, and automotive electronics, supported by targeted investment in AI infrastructure, intelligent vehicles and global delivery capacity
DONGGUAN, China, Aug. 28, 2026 /PRNewswire/ -- Luxshare Precision Industry Co., Ltd. ("Luxshare Precision" or the "Company") (SZSE: 002475; HKEX: 02475), a global provider of precision intelligent manufacturing solutions, today announced unaudited results for the six months ended June 30, 2026.
Revenue increased 40.2% year over year to RMB 174.50 billion, while net profit attributable to shareholders rose 18.0% to RMB 7.84 billion. Net profit attributable to shareholders excluding non-recurring gains and losses increased 6.5% to RMB 5.96 billion. Gross margin expanded by 17 basis points to 11.78%.
The margin improvement reflected operating leverage and a more diversified revenue mix, with faster growth in Communications and Data Center and Automotive Electronics, both of which carry gross margins above the Company average. Internal innovation, AI-enabled manufacturing efficiency and disciplined cost management also helped absorb pressure from foreign-exchange movements, higher input costs and investment in new businesses.
"Our first-half performance demonstrates the resilience of Luxshare Precision's diversified portfolio and global operating platform," said Wang Laichun, Chairwoman and General Manager of Luxshare Precision. "We are investing with discipline in areas supported by clear customer demand and defined technology roadmaps, particularly AI-enabled devices, AI infrastructure and intelligent vehicles. Our priorities remain execution, operating efficiency and sustainable value creation."
Strategic Investment and Financial Discipline
Research and development investment increased 43.1% to RMB 6.57 billion, primarily reflecting higher spending on engineering talent, tooling, materials and certification. More than half of the Company's R&D investment supported technology preparation for programs approaching commercialization.
Capital expenditures totaled RMB 10.27 billion, up RMB 742 million year over year, and were mainly directed toward overseas facility expansion, supporting infrastructure and new product lines. The Company prioritizes investments linked to customer programs, localized delivery and long-term manufacturing flexibility.
Inventory was RMB 50.37 billion at June 30, 2026, up 19.0% from year-end 2025, below the Company's 40.2% revenue growth. The increase primarily reflected business expansion and strategic material preparation for selected products.
First-half operating cash flow was an outflow of RMB 2.45 billion, mainly due to seasonal supplier payments and more than RMB 5 billion of strategic inventory preparation. Operating cash flow turned positive in the second quarter, reaching RMB 4.62 billion.
Foreign-exchange volatility resulted in approximately RMB 1.99 billion of losses on foreign-currency-denominated monetary assets and liabilities. Foreign-exchange risk management activities generated approximately RMB 1.30 billion in related gains. Under applicable accounting treatment, these gains were recorded as non-recurring items, while the corresponding losses remained within both disclosed net profit measures.
Growth Across Three Core Businesses
Consumer Electronics revenue increased 19.3% to RMB 122.48 billion. Luxshare Precision continued to deepen core customer relationships and strengthen its ODM and end-to-end product development capabilities. By integrating expertise across acoustics, optics, electrical systems, thermal management, magnetics and precision structures, the Company is extending its participation from components and modules to product definition, system development and volume manufacturing. Priority areas include AI PCs, smart wearables, AI glasses and intelligent acoustic products.
Communications and Data Center revenue increased 49.7% to RMB 16.61 billion. The Company is building an integrated AI infrastructure portfolio spanning high-speed copper interconnects, optical interconnects, thermal management and power management. Operational progress included volume production of 800G optical products, batch shipments of 1.6T DAC, ACC and AEC products, continued customer introductions for liquid-cooling solutions, and scaled production of DC-DC server power modules. Luxshare Precision is also advancing 224G and 448G copper technologies and next-generation optical architectures.
Automotive Electronics revenue increased 274.1% to RMB 32.39 billion, supported by organic growth, customer program ramps and Leoni's contribution. The Company continued to expand its portfolio across connectors, wiring harnesses, intelligent control systems, smart chassis technologies and powertrain solutions. High-speed connectors and rear-wheel steering products have entered mass production, while intelligent cockpit and advanced driver-assistance platforms are progressing across multiple vehicle programs. Leoni's integration continued to outperform expectations, strengthening global customer access, engineering resources and localized delivery capabilities.
Global Platform and Outlook
Luxshare Precision operates across five continents, 29 countries and more than 100 production sites. This network supports localized delivery, customer collaboration and supply chain resilience. The Company's vertically integrated platform spans precision components, functional modules and system-level products, supported by AI-enabled digital tools for quality management, predictive maintenance, production scheduling and standardized global execution.
For the remainder of 2026, Luxshare Precision will continue supporting consumer electronics product launches and ODM/JDM programs; accelerating commercialization across high-speed interconnects, optical products, liquid cooling and power management; and expanding automotive customer programs while capturing further benefits from the Leoni integration.
The Company will maintain disciplined capital allocation and continue investing in technology, manufacturing capacity and global delivery capabilities that support sustainable, high-quality growth.
About Luxshare Precision
Luxshare Precision Industry Co., Ltd. is a global provider of precision intelligent manufacturing solutions serving Consumer Electronics, Communications and Data Center, Automotive Electronics and other technology-driven industries. The Company supports customers from product definition and process development through new product introduction, volume manufacturing and global delivery.
Broad-based growth across consumer electronics, communications and data center, and automotive electronics, supported by targeted investment in AI infrastructure, intelligent vehicles and global delivery capacity
DONGGUAN, China, Aug. 28, 2026 /PRNewswire/ -- Luxshare Precision Industry Co., Ltd. ("Luxshare Precision" or the "Company") (SZSE: 002475; HKEX: 02475), a global provider of precision intelligent manufacturing solutions, today announced unaudited results for the six months ended June 30, 2026.
Revenue increased 40.2% year over year to RMB 174.50 billion, while net profit attributable to shareholders rose 18.0% to RMB 7.84 billion. Net profit attributable to shareholders excluding non-recurring gains and losses increased 6.5% to RMB 5.96 billion. Gross margin expanded by 17 basis points to 11.78%.
The margin improvement reflected operating leverage and a more diversified revenue mix, with faster growth in Communications and Data Center and Automotive Electronics, both of which carry gross margins above the Company average. Internal innovation, AI-enabled manufacturing efficiency and disciplined cost management also helped absorb pressure from foreign-exchange movements, higher input costs and investment in new businesses.
"Our first-half performance demonstrates the resilience of Luxshare Precision's diversified portfolio and global operating platform," said Wang Laichun, Chairwoman and General Manager of Luxshare Precision. "We are investing with discipline in areas supported by clear customer demand and defined technology roadmaps, particularly AI-enabled devices, AI infrastructure and intelligent vehicles. Our priorities remain execution, operating efficiency and sustainable value creation."
Strategic Investment and Financial Discipline
Research and development investment increased 43.1% to RMB 6.57 billion, primarily reflecting higher spending on engineering talent, tooling, materials and certification. More than half of the Company's R&D investment supported technology preparation for programs approaching commercialization.
Capital expenditures totaled RMB 10.27 billion, up RMB 742 million year over year, and were mainly directed toward overseas facility expansion, supporting infrastructure and new product lines. The Company prioritizes investments linked to customer programs, localized delivery and long-term manufacturing flexibility.
Inventory was RMB 50.37 billion at June 30, 2026, up 19.0% from year-end 2025, below the Company's 40.2% revenue growth. The increase primarily reflected business expansion and strategic material preparation for selected products.
First-half operating cash flow was an outflow of RMB 2.45 billion, mainly due to seasonal supplier payments and more than RMB 5 billion of strategic inventory preparation. Operating cash flow turned positive in the second quarter, reaching RMB 4.62 billion.
Foreign-exchange volatility resulted in approximately RMB 1.99 billion of losses on foreign-currency-denominated monetary assets and liabilities. Foreign-exchange risk management activities generated approximately RMB 1.30 billion in related gains. Under applicable accounting treatment, these gains were recorded as non-recurring items, while the corresponding losses remained within both disclosed net profit measures.
Growth Across Three Core Businesses
Consumer Electronics revenue increased 19.3% to RMB 122.48 billion. Luxshare Precision continued to deepen core customer relationships and strengthen its ODM and end-to-end product development capabilities. By integrating expertise across acoustics, optics, electrical systems, thermal management, magnetics and precision structures, the Company is extending its participation from components and modules to product definition, system development and volume manufacturing. Priority areas include AI PCs, smart wearables, AI glasses and intelligent acoustic products.
Communications and Data Center revenue increased 49.7% to RMB 16.61 billion. The Company is building an integrated AI infrastructure portfolio spanning high-speed copper interconnects, optical interconnects, thermal management and power management. Operational progress included volume production of 800G optical products, batch shipments of 1.6T DAC, ACC and AEC products, continued customer introductions for liquid-cooling solutions, and scaled production of DC-DC server power modules. Luxshare Precision is also advancing 224G and 448G copper technologies and next-generation optical architectures.
Automotive Electronics revenue increased 274.1% to RMB 32.39 billion, supported by organic growth, customer program ramps and Leoni's contribution. The Company continued to expand its portfolio across connectors, wiring harnesses, intelligent control systems, smart chassis technologies and powertrain solutions. High-speed connectors and rear-wheel steering products have entered mass production, while intelligent cockpit and advanced driver-assistance platforms are progressing across multiple vehicle programs. Leoni's integration continued to outperform expectations, strengthening global customer access, engineering resources and localized delivery capabilities.
Global Platform and Outlook
Luxshare Precision operates across five continents, 29 countries and more than 100 production sites. This network supports localized delivery, customer collaboration and supply chain resilience. The Company's vertically integrated platform spans precision components, functional modules and system-level products, supported by AI-enabled digital tools for quality management, predictive maintenance, production scheduling and standardized global execution.
For the remainder of 2026, Luxshare Precision will continue supporting consumer electronics product launches and ODM/JDM programs; accelerating commercialization across high-speed interconnects, optical products, liquid cooling and power management; and expanding automotive customer programs while capturing further benefits from the Leoni integration.
The Company will maintain disciplined capital allocation and continue investing in technology, manufacturing capacity and global delivery capabilities that support sustainable, high-quality growth.
About Luxshare Precision
Luxshare Precision Industry Co., Ltd. is a global provider of precision intelligent manufacturing solutions serving Consumer Electronics, Communications and Data Center, Automotive Electronics and other technology-driven industries. The Company supports customers from product definition and process development through new product introduction, volume manufacturing and global delivery.
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