Luxshare Precision (002475 CH) Buy: An underappreciated beneficiary of optical interconnect demand

研报英文原文证据摘录

Luxshare Precision (002475 CH) Buy: An underappreciated beneficiary of optical interconnect demand

14 May 2026

Equity Research Report

Luxshare Precision (002475 CH) EquitiesElectronic Equipment &

Instruments

Buy: An underappreciated beneficiary of optical

interconnect demand China

◆ More convinced about optical module revenue growth amid MAINTAIN BUY

faster-growing demand with tight supply

◆ Enhancing automotive product portfolio supports margin TARGET PRICE (CNY) PREVIOUS TARGET (CNY)

improvement 91.00 87.00

◆ Revise estimates; TP to RMB91.00 (from RMB87.00); Buy SHARE PRICE (CNY) UPSIDE/DOWNSIDE

77.19 +17.9%

Strong share price momentum backed by dual catalysts. Luxshare’s share price has (as of 12 May 2026)

risen 20% in the past two weeks, outperforming CSI300 (up 4% in the same time period),

driven by: 1) the smooth verification progress of 800G/1.6T optical modules; and 2) faster- MARKET DATA

Market cap (CNYm) 562,405 Free float 100%

than-expected auto business expansion with the acquisition plan for BWI Group. We Market cap (USDm) 82,803 BBG 002475 CH

remain positive on Luxshare as we see higher visibility in the company’s optical module 3m ADTV (USDm) 1,445 RIC 002475.SZ

growth amid rapidly growing demand with tight supply. We also think its current valuation

FINANCIALS AND RATIOS (CNY)

of 25x 2026e PE is attractive vs. the historical average of 27x and industry average of Year to 12/2025a 12/2026e 12/2027e 12/2028e

31x, with a 2026-28e net profit CAGR of 27% vs. a historical average of 18% in 2020-25. HSBC QH EPS 2.26 3.03 3.96 4.88

HSBC QH EPS prev 2.26 2.98 3.79 4.66

Riding on blooming optical market opportunities. Robust AI accelerator demand Change (%) 0.0 1.9 4.5 4.8

Consensus EPS 2.37 2.92 3.67 4.53