China A-share · SZSE · 002475
Luxshare Precision (002475) stock analysis: valuation and financials
计算机、通信和其他电子设备制造业
¥48.09 +1.0% Price as of Oct 21, 2026
Leading consumer electronics assembly player, 5-year revenue CAGR 29.2% but gross margin only 11.9%, ROIC down to 15.5%; net debt RMB 59.46 billion, free cash flow negative; PE 20.9x, base case upside only 14.8%, risk-reward roughly symmetric.
- Market cap
- ¥372.4B
- P/E
- 20.9x
- EV/Sales
- 1.1x
- FCF yield
- -0.6%
- 52-week range
- ¥44.65 – ¥79.96
Research as of Oct 21, 2026 · Translated from the Chinese report
Business quality scorecard
- Growth75
- Profitability22
- Cash flow50
- Balance sheet49
- Capital allocation50
- Innovation59
- Valuation39
0–100, computed from reported financials; higher is better, and a higher valuation score means cheaper.
How it makes money
The company sells connectors, acoustics, wireless charging, motors, antennas and other components, modules and whole-device assembly on a per-piece basis to international consumer electronics brands and cloud/automotive manufacturers. FY2025 revenue was RMB 332.3 billion and net profit RMB 16.6 billion; consumer electronics accounted for 79.5% of revenue and is the main source of scale and profit (segment profit not disclosed).
Financials by year
| FY2021Jan–Dec 2021 | FY2022Jan–Dec 2022 | FY2023Jan–Dec 2023 | FY2024Jan–Dec 2024 | FY2025Jan–Dec 2025 | |
|---|---|---|---|---|---|
| Revenue | ¥153.9B | ¥214.0B | ¥231.9B | ¥268.8B | ¥332.3B |
| Revenue growth | +66.4% | +39.0% | +8.4% | +15.9% | +23.6% |
| Gross margin | 12.3% | 12.2% | 11.6% | 10.4% | 11.9% |
| Operating margin | 5.3% | 5.2% | 5.5% | 6.0% | 5.8% |
| Net income | ¥7.1B | ¥9.2B | ¥11.0B | ¥13.4B | ¥16.6B |
| Free cash flow | -¥5.3B | -¥856.5M | ¥16.2B | ¥15.0B | -¥579.0M |
| FCF margin | -3.4% | -0.4% | 7.0% | 5.6% | -0.2% |
Amounts in CNY · What is free cash flow?
Margins Gross margin rose from 10.4% in FY2024 to 11.9% in FY2025 (+1.5pct), with gross profit up 41.4%; however, SG&A surged 69%, and operating margin fell to 5.76% (-0.25pct), with TTM at 5.35%.
- Cash flow WatchFY2025 operating cash flow of RMB 17.33 billion was higher than net profit of RMB 16.60 billion, with a cash conversion ratio of 1.76; however, capex of RMB 17.90 billion resulted in free cash flow of -RMB 579 million and an FCF margin of -0.17%, with TTM at -RMB 2.11 billion (-0.55%).
- Debt ManageableNet debt of RMB 59.46 billion, net debt/EBITDA 1.81x, debt/equity 1.44x; TTM interest-bearing debt RMB 134.8 billion, cash RMB 71.81 billion.
Balance sheet Leverage · Moderate
- Cash & short-term investments
- ¥75.4B
- Total debt
- ¥134.8B
- Net debt
- ¥59.5B
- Net debt / EBITDA
- 1.8x
- Interest coverage
- 10.2x
- Current ratio
- 1.1x
As of Jun 30, 2026 · Amounts in CNY · How to read a balance sheet
Management and track record
- Management Adequate5-year revenue CAGR 29.2%, TTM up 32.0% year over year, with strong execution under founder-led capacity and customer expansion.
Valuation range
Implied value per share · Price when researched: ¥48.09
Each scenario assumes five years of revenue growth, an FCF margin and an exit multiple, discounted to today. The assumptions and sensitivities are in the full report.
The full report also covers
- Revenue, growth and outlook of each segment
- Moat and main competitors
- Key risks
- Capital allocation: where the free cash flow went
- What management promised, and what they delivered
- Scenario assumptions and sensitivities
- A source for every claim
- Ask AI about this company
The full report is for members.