立讯精密（002475.SZ/2475.HK）分析师交流会要点

Citi summarizes Luxshare's 3Q26 earnings call: 3Q26 margins were pressured by RMB appreciation, non-memory materials inflation and the ramp-up of new businesses; memory inflation is largely pass-through while other headwinds are being absorbed via lean manufacturing, digitalization and supply-chain/mix improvements. Consumer electronics remains the near-term revenue anchor, with AI interconnection and AI edge devices adding incremental growth through 1Q27. For 2027, high-speed interconnect is the most tangible AI driver: 224G DAC/ACC products are in mass production about a quarter ahead of peers, 800G/1.6T transceivers have completed validation and NPI in stages and are moving into mass production, and liquid cooling has won more than 15 projects and should contribute meaningfully in 2027. Management expects AI interconnection to lead growth in 2027-28, with margins on AI interconnect and power products reaching industry average, while automotive rises steadily with a higher-margin mix