HONG KONG, Oct 27, 2023 - (ACN Newswire) - Luxshare Precision, a leading global manufacturer of cable & connector assembly and system solutions for consumer electronics, automotive interconnect, and communication interconnect, recently unveiled its 2023FYQ3 financial results, showcasing robust performance and indicating the potential for exceptional results for the full year. According to the financial report, the company's revenue for the first three quarters amounted to RMB155.875 billion, reflecting a year-on-year growth of 7.31%. Additionally, Luxshare Precision achieved a net profit attributable to shareholders of the listed company after the deduction of non-recurring gain or loss of RMB7.033 billion, marking a significant increase of 17.63% compared to the previous year. The net profit attributable to shareholders of the listed company reached RMB7.374 billion, demonstrating a year-on-year growth of 15.22%.Furthermore, Luxshare Precision issued its annual performance forecast, anticipating that the growth of net profit attributable to shareholders of the listed company will be between 17.5% and 22.5% for the full year of 2023 compared to the previous year. This projection indicates a range of RMB10.767 billion to RMB11.225 billion, surpassing RMB10 billion for the first time in Luxshare's history.
The disclosed financial report underscores Luxshare Precision's consistent improvement in sales gross margin and net profit margin. These figures rose from 10.03% and 4.20% at the beginning of the year to 11.8% and 5.31%, respectively. The company's profitability has shown continuous enhancement, positioning it favorably for future growth.
With the imminent arrival of the traditional peak season for consumer electronics and the launch of new products by Apple, Luxshare Precision stands to benefit from significant opportunities. Luxshare Precision has enjoyed a fruitful collaboration with Apple Inc. spanning over a decade, encompassing product lines such as iPhone, Apple Watch, and AirPods. In a previous interview, Wang Laichun, Chairwoman of Luxshare Precision, emphasized the company's substantial contribution to iPhone production, stating that its iPhone business had doubled in size over the past year. Wang also likened the relationship between Luxshare Precision and Apple to that of a "phoenix" and a "swift bird," symbolizing their soaring success together.
Moreover, Apple CEO Tim Cook recently visited China and specifically toured Luxshare Precision's Apple Watch assembly factory alongside Wang Laichun. Additionally, Wang revealed that Luxshare Precision is preparing for the production of Apple's upcoming Apple Vision Pro, set to launch early next year. Ming-Chi Kuo, an analyst at TF International Securities, shares a positive outlook on the synergistic development between Luxshare Precision and Apple, anticipating further collaboration and stating that Luxshare Precision is currently involved in the introduction of a new high-end iPhone in 2024.
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