Preface
As a leader in the field of precision manufacturing, Luxshare Precision has always focused on consumer electronics, automobiles and communications. For a long time, the company has been relying on its keen insight into industry trends and deep understanding of customer needs, continuously promoting product innovation, technological breakthroughs and process optimization, and continuously creating value for customers as a "ferryman", and has won high praise and long-term trust from global top customers, and has also laid a solid foundation for the company's high-quality growth.
Revenue and net profit for the past year
From 2019 to 2023, Lixun Precision will achieve revenue of 62.516 billion yuan, 92.501 billion yuan, 153.946 billion yuan, 214.028 billion yuan and 231.905 billion yuan respectively. The year-on-year growth rates were 74.38%, 47.96%, 66.43%, 39.03% and 8.35%.
From 2019 to 2023, Lixun Precision achieved net profits of 4.714 billion yuan, 7.225 billion yuan, 7.071 billion yuan, 9.163 billion yuan and 10.953 billion yuan respectively. The year-on-year growth rates were 73.13%, 53.28%, -2.14%, 29.60% and 19.53%.
Lixun precision products mainly cover consumer electronics, automotive, communications, industrial and medical fields, and is committed to providing customers with one-stop multi-category core components, modules and system-level products.
In 2023, the revenue structure of Lixun Precision's products is shown in the figure above, with consumer electronics achieving revenue of 197.183 billion yuan, accounting for 85.03% of the total revenue in 2023, communication interconnection products and precision components revenue of 14.538 billion yuan, accounting for 6.27% of revenue, automotive interconnection products and precision components achieving revenue of 9.252 billion yuan, accounting for 3.99% of revenue, and computer interconnection products and precision components achieving revenue of 7.492 billion yuan, accounting for 3.23% of revenue. The revenue of other connectors and other businesses was 3.439 billion yuan, accounting for 1.48% of the revenue.
During the reporting period, the overall operation of Lixun Precision's business in different regions is shown in the figure above. In 2023, the export revenue will be 206.756 billion yuan, accounting for 89.16% of the revenue, and the domestic sales revenue will be 25.149 billion yuan, accounting for 10.84%.
Top 5 customers and suppliers
The sales volume of the top five customers and the proportion of the top five suppliers in 2023 are shown in the figure below:
In 2023, the sales of the top five customers of Lixun Precision will total 191.204 billion yuan, accounting for 82.44% of the total annual sales. Among them, the sales of the largest customer 1 were 174.490 billion yuan, accounting for 75.24% of the total annual sales.
In 2023, the procurement volume of the top five suppliers of Lixun Precision will total 115.276 billion yuan, accounting for 65.16% of the total annual procurement. Among them, the procurement amount of the largest supplier 1 was 109.487 billion yuan, accounting for 61.89% of the total annual procurement.
R&D investment over the years
According to the data of the Lixun Precision report, from 2019 to 2023, the R&D investment of Lixun Precision will be 4.376 billion yuan, 5.745 billion yuan, 6.642 billion yuan, 8.447 billion yuan and 8.189 billion yuan respectively. The year-on-year growth from 2019 to 2023 will be 74.01%, 31.28%, 15.62%, 27.17% and -3.06%, respectively.
As of the end of 2023, the company has a total of 19,063 R&D personnel, accounting for 8.20% of the company's employees. In 2023, the company's R&D expenses will be 8.189 billion yuan, accounting for 3.53% of the company's operating income.
The total market value of Lixun Precision
Lixun Precision Industry Co., Ltd. was established on May 24, 2004 and successfully listed on the Shenzhen Stock Exchange on September 15, 2010, with an issue price of 28.800 yuan and an issue quantity of 43.8 million shares.
Judging from the market value of Lixun Precision since January 2, 2020, the market value of Lixun Precision reached the highest of 436.173 billion yuan on January 13, 2021, and the lowest on April 27, 2023, at 179.329 billion yuan. As of April 29, 2024, the total market value of Luxshare Precision is 214.120 billion yuan.
Profitability analysis
From 2019 to 2023, the gross profit margin of Lixun Precision sales is shown in the figure below. In 2023, the gross sales margin will be 11.58%.
Operational capability analysis
In the past five years, the inventory turnover rate of Lixun Precision is shown in the figure below. In 2023, the inventory turnover ratio is 6.11 times.
Solvency analysis
From 2019 to 2023, the asset-liability ratio of Lixun Precision is shown in the figure below. In 2023, the debt-to-asset ratio is 56.61%.
Core competitiveness
1. Intelligent manufacturing: the deep integration of digitalization and automation
With the continuous and deep integration of the new generation of information technology and the manufacturing industry, the company has always closely followed the underlying logic of intelligent manufacturing, and vigorously promoted the continuous empowerment of process development, personnel organization and production methods by automated processes and digital applications.
In terms of digital application, the company has introduced SAP, PLM, MES, WMS and other systems to further optimize the management process and production process of the whole life cycle from design and development, production to marketing, procurement, warehousing, after-sales, etc., so as to achieve "customer-centric" precision, scientific and intelligent management, and achieve continuous improvement of production efficiency and yield with an attitude of excellence.
In terms of automation process, the company actively gives full play to the significant advantages of machine vision in terms of accuracy, speed, repeatability, reliability, information aggregation, etc., to realize the positioning and error detection judgment of precision electronic components in the process process, the active matching positioning of parts and fixtures in the assembly process, and the machine AI-assisted inspection of the appearance of component products, relying on the real-time feedback of machine vision measurement data, enhancing the deep self-learning ability of automation equipment, and creating closed-loop control of automation process.
2. Strategic layout: forward-looking planning to create the second growth song
Under the guidance of the company's "three five-year plans" strategy, the company always grasps the market dynamics, conforms to the development trend of the industry, takes coordinated development as the fundamental purpose, carries out forward-looking layout around the main business, and is committed to providing the market with a complete and ultimate comprehensive solution for the industrial chain. On the one hand, the company has built a capability puzzle of "process + underlying technology", and uses capability as a stepping stone to achieve continuous development in the massive market of new and old products of core customers and other consumer electronics customers. In addition, the company continued to connect its capabilities horizontally and empower the automotive and communication sectors across borders, highlighting the company's differentiated advantages in related sectors, effectively supporting the implementation of the business plan, and realizing the company's diversified product layout. On the other hand, the company has fully independent key core process capabilities in terms of process, including mold/fixture design and processing, bare copper wire drawing, plastic particle molding, stamping/forging parts processing, precision implant molding, surface treatment, SMT, SiP and system-level assembly testing. Through vertical integration in the forward or reverse direction of assembly at the component, module, and system level, we continue to dig deep into the depth of product value.
3. R&D and innovation: promote technological innovation and product iteration
Since its establishment, the company has always regarded R&D and innovation as an important engine for enterprise development, increased R&D investment, continuously promoted the innovation of traditional manufacturing processes, improved the level of automated production, and platformized and modularized each section of precision manufacturing process. The company attaches great importance to the research and development of underlying materials and process technology, and its own R&D team has jointly established a number of R&D laboratories through close cooperation with global head customers, and on the basis of quickly grasping the development trend of cutting-edge science and technology, it gives full play to the company's in-depth understanding of precision manufacturing practice, as well as the comprehensive empowerment of digitalization and intelligence, realizes the joint innovation of new materials, new processes and new processes, and accelerates the commercialization process of the company's technological innovation achievements.
I love the audio network summary
Lixun Precision said: Looking forward to 2024, the complex and changeable external environment will still bring certain challenges to the industry in which the company is located, but under the new situation and new pattern of economic and social development, there are often huge development opportunities behind the challenges.
Tips: The above information is for reference only and is not intended as a suggestion to enter the market.
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