立讯精密(A)：苹果AI势头强劲，推动长期增长；目标价上调至78元，维持买入评级

Stronger Apple momentum with AI to fuellong-term growth; lift PO to CNY78; Buy Reiterate Rating:BUY| PO:78.00 CNY| Price:63.00CNY Reiterate Buy; raise PO to CNY78 03 November 2025 We raise 2025-27E earnings by 0-9% to reflect iPhone 17 series upside, and long-termpositives at AI. We lift PO to CNY78 (24x 2H26-1H27E P/E) from CNY50 (18x 2026EP/E). Our 24x P/E is at its historical average. The share price rallied by 40%+ since Sepon the firm’s rising opportunities at AI. Despite small mix near-term, we believeLuxshare deserves a re-rating as it has a proven track record at server/global tech giants.Compared with other consumer electronics peers, its stronger execution could turn intohigher possibility to deliver in the AI era. Also, as Apple business is under an uptrend, webelieve market will be more willing to position for long-term story. We reiterate Buy. Equity Key beneficiary under the strong iPhone cycleLuxshare is a key assembler of iPhone 17/Pro Max models.The strong demand and higher UTR from Oct could bring earnings upside into 4Q25-1Q26. Our Apple analystWamsi Mohan models 239mn/250mn/258mn units iPhone shipment in 2025/26/27E, vsprevious high of 238mn units in 2021. Robert Cheng>>Research AnalystMerrill Lynch (Taiwan)robert.cheng@bofa.com Katherine Zhu>>Research AnalystMerrill Lynch (Hong Kong)kexin.zhu@bofa.com AI server and OpenAI projects drive long-term growthLuxsharehas been a key cable/connector supplier for global enterprise servers and top CSPs in China/US. In China, Luxshare is a tier-1 supplier to Alibaba/Tencent, and shouldcontinue to benefit from China’s AI datacenter build-up. In overseas, Luxshare is asupplier to Google/Cisco/Amazon/ Dell/Microsoft and expanded into Nvidia. We expectLuxshare to see fast expansion on rising Google TPU demand, while potential Nvidiaprojects could fuel 2026-27 upside. Besides, Luxshare’s optical transceiver is undercertification at Google, another long-term opportunity. Additionally, Luxshare is workingwith OpenAI on several consumer electronics projects. Although materialization is notuntil 2027, its deepened relationship and co-R&D with AI giants could continue tosupport valuation, like the situation of other China AI server component players. Doris Kao>>Research AnalystMerrill Lynch (Taiwan)doris.kao@bofa.com Cindy Lo>>Research AnalystMerrill Lynch (Taiwan)cindy.lo3@bofa.com This research report providesgeneral information only. No part of this report may be usedor reproduced or quoted in any manner whatsoever in Taiwan by the press or otherpersons without the express written consent of BofA Securities.>> Employed by a non-US affiliate of BofAS and is not registered/qualified as a research analyst AI: artificial intelligentUTR: utilization rate under the FINRA rules.Refer to "Other Important Disclosures" for information on certain BofA Securities entities that take responsibility for the information herein in particular jurisdictions.BofA Securities does and seeks to do business with issuers covered in its research reports. As a result, investors should be aware that the firm may have a conflict ofinterest that could affect the objectivity of this report. Investors should consider thisreport as only a single factor in making their investment decision.Refer to important disclosures on page 13 to 15. Analyst Certification on page 10. PriceObjective Basis/Risk on page 10.12895908 iQprofileSMLuxshare (A) Company SectorTechnology Strategy Company Description Luxshare is one of the top 10 connector suppliers and also akey assembler for Apple. Around 80% of its sales is fromconsumer segment, followed by9% from communicationand 6%/3% from automotive / computing segment. Inaddition to Apple, its key customers include Google, MSFT,HP, Dell, Lenovo. Investment Rationale We have a Buy rating on Luxshare on solid 25%+ earningsCAGR in 2024-27E, iPhone upcycle, and rising mix fromauto/communication especially AI server related Stock Data Price to Book Value4.4x Reiterate Buy; raise PO to CNY78We raise 2025-27E earnings by 0-9% to reflect iPhone 17 series upside, and long-term positives at AI. We lift PO to CNY78 (24x 2H26-1H27E P/E) from CNY50 (18x 2026EP/E). Our 24x P/E is at its historical average. The share price rallied by 40%+ since Sep on the firm’s rising opportunities at AI.Despite small mix near-term, we believe Luxshare deserves a re-rating as it has a proventrack record at server/global tech giants. Compared with other consumer electronicspeers, its stronger execution could turn into higher possibility to deliver in the AI era.Also, as Apple business is under an uptrend, we believe market will be more willing toposition for the long-term story. Exhibit1:We modelrevenueto grow by21%CAGR in2024-27E withauto/communication contributing 26% of revenue by 2027ERevenue trend by segment, 2022-27E Exhibit2:We expect Luxshare to deliverconsistent25%+ earningsgrowth into 2027Earnings growth trend, 2022-27E BofAe vs consensus, 2025-27