The "1030" automotive industry salon event in Suzhou was successfully held on October 30th, with Luxshare Precision signing a cooperation agreement with the Suzhou Xiangcheng Economic Development Zone to jointly create a project involving acoustic electronic products and automotive parts. The total investment in the project exceeds 12 billion yuan, and it is expected that the annual output value after completion will exceed 30 billion yuan, making it the largest Luxshare automotive parts manufacturing base in China.
Wang Laisheng, Vice Chairman of Luxshare Precision, stated that as a well-known provider of consumer electronics, automotive, and enterprise-level solutions in China, the company has been deeply involved in the automotive electronics and communications business since its listing in 2010. This investment in Suzhou aims to leverage the city's rich manufacturing application scenarios and solid foundation in digital transformation to boost the company's development. Luxshare Precision was approved in October this year to construct a pilot area for artificial intelligence-enabled new industrialization and will deeply integrate into Suzhou's industrial strengths in the future, contributing to the growth of Suzhou's "1030" industrial system and creating a globally leading "Smart Manufacturing City."
In the "2023 Annual Top 100 New Physical Enterprise Development Report," Luxshare Precision ranked 41st, demonstrating its outstanding achievements in the field of digital-physical integration. At the same time, Luxshare Precision was also selected for the national list of single-champion manufacturing enterprises.
Since its establishment, Luxshare Precision has focused on core technology areas such as sound, light, electricity, magnetism, heat, and radio frequency, forming a strong differentiated development advantage. In 2023, the company's net profit broke the 10 billion mark for the first time, reaching 10.953 billion yuan, a year-on-year increase of 19.53%. Despite facing global economic downturns and geopolitical factors, Luxshare Precision has achieved rapid growth in business areas such as consumer electronics, communication interconnect products and precision components, automotive interconnect products and precision components. Especially in the automotive sector, Luxshare Precision has laid out products such as high/low voltage wiring harnesses, charging guns, and automotive connectors, which have seen strong market demand and high-speed growth in performance. In the first quarter of 2024, the company maintained a steady growth momentum, achieving operating income of 52.407 billion yuan, a year-on-year increase of 4.93%; and a net profit of 2.471 billion yuan, a year-on-year increase of 22.45%.
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