立讯精密（002475）：立讯精密(002475)：消费电子稳健增长,AI算力及汽车打开增量空间250826

<p style="text-indent:28px"><span style="font-size: 14px;"><span style="">事件：公司发布</span> <span style="">2025 </span><span style="">年中报和 </span><span style="">25Q3 </span><span style="">预告：</span><span style="">1</span><span style="">）</span><span style="">25H1</span><span style="">：营收 </span><span style="">1245.0 </span><span style="">亿元，</span><span style="">yoy+20.2%</span><span style="">，归母净利润 </span><span style="">66.4 </span><span style="">亿元，</span><span style="">yoy+23.1%</span><span style="">，扣非归母 </span><span style="">56.0 </span><span style="">亿元，</span><span style="">yoy+12.9%</span><span style="">；毛利率 </span><span style="">11.6%</span><span style="">，</span><span style="">yoy-0.1pct</span><span style="">，净利率 </span><span style="">5.9%</span><span style="">，</span><span style="">yoy+0.3pct</span><span style="">。</span><span style="">2</span><span style="">）</span><span style="">25Q2</span><span style="">：营收</span><span style="">627.2</span><span style="">亿元，</span><span style="">yoy+22.5%</span><span style="">，</span><span style="">qoq+1.5%</span><span style="">，归母净利润</span><span style="">36.0</span><span style="">亿元，</span><span style="">yoy+23.1%</span><span style="">，</span><span style="">qoq+18.3%</span><span style="">，扣非归母</span><span style="">31.9</span><span style="">亿元，</span><span style="">yoy+14.9%</span><span style="">，</span><span style="">qoq+32.4%</span><span style="">；毛利率</span><span style="">12.0%</span><span style="">，</span><span style="">yoy-0.7pct</span><span style="">，</span><span style="">qoq+0.9pct</span><span style="">，净利率 </span><span style="">6.3%</span><span style="">，</span><span style="">yoy+0.02pct</span><span style="">，</span><span style="">qoq+0.8pct</span><span style="">。</span><span style="">3</span><span style="">）</span><span style="">25Q3</span><span style="">：预计归母净利润 </span><span style="">42.5~47.0 </span><span style="">亿元（</span><span style="">yoy+15.4%~27.7%</span><span style="">），中值 </span><span style="">44.7 </span><span style="">亿元（</span><span style="">yoy+21.6%</span><span style="">）；扣非归母净利润 </span><span style="">36.0~43.0 </span><span style="">亿元（</span><span style="">yoy+13.9%-36.2%</span><span style="">），中值 </span><span style="">39.5</span><span style="">亿元（</span><span style="">yoy+25.0%</span><span style="">）。</span></span></p><p><br/></p>