分析师：卢正羽 证券执业证书号：S0640521060001 行业报告：先进制造行业周报 中航证券研究所发布 证券研究报告 请务必阅读正文后的免责条款部分 股市有风险 入市需谨慎 2025年7月14日 机器人催化不断，看好新一轮行情启动 行业评级：增持 分析师：邹润芳 证券执业证书号：S0640521040001 分析师：闫智 证券执业证书号：S0640524070001 中航先进制造——投资观点 n 重点推荐：信捷电气、北特科技、汉威科技、兆威机电、恒立液压、纽威股份、软通动力 n 重点跟踪行业——人形机器人： n 核心个股组合：信捷电气、北特科技、兆威机电、恒立液压、纽威股份、三花智控、双林股份、鸣志电器、五洲新春、莱斯信息、纳睿雷达、软通 动力、航锦科技、华伍股份、华阳集团、万马科技、绿的谐波、埃斯顿 n 本周专题研究： 近日人形机器人产业动态汇总：1）智元入主上纬新材，上纬新材控股股东将变更为智元机器人及其管理团队共同持股的主体；2） 智元机器人和宇树科技于 6 月 25 日成功中标中移（杭州）信息技术有限公司 2025 年至 2027 年人形双足机器人代工服务采购项目，该项目总标包 金额高达 1.2 ...

量产积极信号频现，海内外共振有望开启 新行情 ——机器人产业跟踪 核心观点 投资建议与投资标的 人形机器人产业硬件端持续优化降本，智能化领域实现突破性进展，我们认为产业已处 量产前夕。海外扩产步伐积极，国内头部机器人企业上市进程有望加速。建议重点关注 三类产业链优质标的：一是深度绑定海内外头部客户、具备卡位优势的企业；二是布局 前瞻且量产能力有保障的企业；三是自身具备强降本基因的企业，此类标的在行业放量 期有望率先受益。 建议关注：五洲新春(603667，买入)、震裕科技(300953，买入)、赛摩智能(300466，未 评级)、博众精工(688097，未评级)、领益智造(002600，买入)。 风险提示 产品降价风险、场景需求落地不明确导致低于预期、国家政策变化导致行业发展放缓、 海外龙头厂商生产不及预期、行业融资不及预期、模型发展和数据采集慢于预期。 机械设备行业 行业研究 | 动态跟踪 国家/地区 中国 行业 机械设备行业 报告发布日期 2025 年 07 月 11 日 看好（维持） | 龙头继续加码智能物流，看好无人叉车加 | 2025-07-08 | | --- | --- | | 速产业化：——无 ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-087 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于"领益转债"回售的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1、回售价格：100.129 元人民币/张（含息、税） 2、回售申报期：2025 年 7 月 11 日至 2025 年 7 月 17 日 3、发行人资金到账日：2025 年 7 月 22 日 4、回售款划拨日：2025 年 7 月 23 日 5、投资者回售款到账日：2025 年 7 月 24 日 6、回售申报期内"领益转债"暂停转股 7、本次回售不具有强制性，"领益转债"持有人有权选择是否进行回售 8、风险提示：投资者选择回售等同于以 100.129 元/张（含息、税）卖出持 有的"领益转债"。截至目前，"领益转债"的收盘价高于本次回售价格。投资者 选择回售可能会带来损失，敬请投资者注意风险。 9、在回售资金发放日之前，如发生司法冻结或扣划等情形，债券持有人 ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-088 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"或"领益智造"）分别于 2024 年 12 月 6 日和 2024 年 12 月 23 日召开第六届董事会第九次会议和 2024 年第五次 临时股东大会，审议通过了《关于公司及子公司 2025 年度担保事项的议案》。 为保证公司及其子公司的正常生产经营活动，2025 年度公司（含控股子公司）拟 为公司及子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人 民币 3,500,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对公 司（含控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可对 新成立的子公司分配担保额度。具体内容详见公司于 2024 年 12 月 7 日在巨潮资 讯网（w ...

Core Insights - The rare earth industry is experiencing a significant price increase for related transactions, with two leading companies announcing a price hike for Q3 2025, leading to a bullish market sentiment and increased trading activity in the rare earth sector [1] - The rare earth ETF (516780) saw a record daily trading volume of 207 million yuan on July 10, 2025, indicating strong investor interest [1] - A recent report from Guotou Securities highlights the rigid supply of rare earths and increasing demand, particularly from sectors like electric vehicles and wind power, which is expected to drive prices higher [1][2] Industry Performance - The price of rare earth concentrates has been on a rising trend for four consecutive quarters since Q4 2024, reflecting improved industry conditions [1] - The report notes that the export restrictions on certain rare earth elements have caused significant price surges in Europe, with price differentials exceeding three times between domestic and international markets [1] - The rare earth ETF tracks the performance of companies involved in mining, processing, trading, and application of rare earths, with top constituents including Northern Rare Earth, China Rare Earth, and China Aluminum [1] Market Outlook - The rare earth sector is poised for multiple catalysts due to the recovery in industry conditions and potential supply chain optimizations [2] - Investors are encouraged to consider the rare earth ETF (516780) and its associated funds as a way to capitalize on the opportunities presented by this strategic resource [2]

Investment Rating - The report maintains a "Buy" rating for Lingyi, with a 12-month price target of Rmb11.40, indicating an upside potential of 28.1% from the current price of Rmb8.90 [18][13]. Core Insights - Lingyi's revenues are expected to grow by 23% year-over-year in 2Q25, reaching Rmb11.5 billion, driven by new project contributions and improved seasonality in the second half of 2025 [1][3]. - The gross margin (GM) is projected to improve to 15.7% in 2Q25, up from 15.2% in 1Q25, although still below the 2022/2023 levels of 20.7% and 19.9% respectively [1][3]. - Lingyi's diversification into foldable phones, servers, and AI/AR glasses components is expected to increase revenue contributions to 14% and 18% in 2025 and 2026 respectively [1][2]. Revenue and Earnings Estimates - Revenue estimates for 2025 remain unchanged at Rmb54.5 billion, with net income expected to grow by 43% year-over-year [3][9]. - Earnings revisions indicate a decrease in net income estimates by 11% for 2025, primarily due to lower GM from the automotive and server segments [3][7]. - The report anticipates a compound annual growth rate (CAGR) of 21% in revenues from 2025 to 2027 [3][9]. Financial Metrics - The report projects gross margins to expand from 15.8% in 2024 to 16.6% and 18.2% in 2025 and 2026 respectively [3][11]. - Operating profit margins (OPM) are expected to improve from 6.0% in 2025 to 8.1% in 2027 [3][11]. - The net margin is forecasted to increase to 4.6% and 5.7% in 2025 and 2026 respectively [3][11]. Market Position and Competitive Landscape - Lingyi is expanding its business in foldable phones, servers, robotics, and AI/AR glasses components to reduce concentration risk and capture a larger market share [2][3]. - The company has established partnerships to provide comprehensive manufacturing solutions, which are expected to lower the bill of materials (BOM) costs for clients [2][3]. Valuation - The target price of Rmb11.4 is based on a target P/E multiple of 21.2x 2026E EPS, reflecting a positive correlation between P/E and EPS growth among peers [11][17]. - Lingyi is currently trading at a P/E of 17x for 2026E, which is considered attractive [13][17].

Core Viewpoint - The significant increase in Northern Rare Earth's semi-annual performance by 1882.54% to 2014.71% has stimulated a strong rally in the entire rare earth permanent magnet sector, leading to active trading in related ETFs [1] ETF Market Summary - Four rare earth-related ETFs saw a half-day increase of over 3%, with the rare earth ETF (516780) and the rare earth ETF by Harvest (516150) both exceeding a transaction amount of 100 million yuan [1] - The rare earth ETF (159713) recorded a 3.57% increase, with a scale of 4.42 million shares and a half-day transaction amount of 56.03 million yuan [3] - The rare earth ETF by Harvest (516150) has a larger scale of 20.88 million shares and a half-day increase of 3.4%, with a transaction amount of 172 million yuan [3] ETF Scale Changes - The rare earth ETF by Harvest (516150) and the rare earth ETF (516780) have seen significant increases in shares this year, with the former increasing by 495 million shares, resulting in a year-to-date change rate of 31.07% [2] Investment Logic - The marginal improvement in supply and demand for upstream rare earth resource companies is driven by strengthened expectations of supply contraction and increased demand from relaxed export controls, suggesting potential benefits from rising rare earth prices [2] - In the medium to long term, as rare earth prices steadily recover, the profitability of downstream magnetic material companies is expected to continue to improve [2] Key Weight Stocks in the Index - The major weight stocks in the China Securities Rare Earth Industry Index include Northern Rare Earth (13.25%), China Rare Earth (5.54%), and Lingyi Technology (5.11%), among others, indicating a high concentration of companies deeply involved in the rare earth supply chain [4]

Group 1: Liquidity and Performance of Rare Earth ETF - The liquidity of the Rare Earth ETF managed by Jiashi has a turnover rate of 6.85%, with a half-day trading volume of 172 million yuan [3] - Over the past week, the average daily trading volume of the Rare Earth ETF reached 182 million yuan, ranking first among comparable funds [3] - The fund's scale increased by 43.99 million yuan in the past two weeks, also ranking first among comparable funds [3] - The fund's shares increased by 21.7 million units in the past month, achieving significant growth and ranking first among comparable funds [3] - The latest net inflow of funds into the Rare Earth ETF is 35.42 million yuan, with a total of 64.51 million yuan net inflow over the last five trading days [3] - As of July 9, the net value of the Rare Earth ETF has risen by 39.87% over the past year, ranking 503 out of 2907 index equity funds, placing it in the top 17.30% [3] - The fund has recorded a maximum monthly return of 41.25% since its inception, with the longest consecutive monthly increase being four months and the longest increase percentage being 83.89% [3] Group 2: Industry Outlook and Company Performance - Northern Rare Earth announced a semi-annual performance forecast, expecting a net profit attributable to shareholders of 900 million to 960 million yuan for the first half of 2025, representing a year-on-year increase of 1882.54% to 2014.71% [4] - The Ministry of Commerce of China emphasized the importance of maintaining global supply chain stability and has approved a certain number of compliant applications for rare earth exports, indicating a recovery in export demand [4] - Emerging fields such as humanoid robots are expected to open up growth opportunities for the rare earth industry, with a positive outlook for the industry's recovery in the short to medium term [4] - As of June 30, 2025, the top ten weighted stocks in the China Rare Earth Industry Index include Northern Rare Earth, China Rare Earth, and China Aluminum, collectively accounting for 55.58% of the index [4]

证券代码：002600 证券简称：领益智造 公告编号：2025-086 债券代码：127107 债券简称：领益转债 广东领益智造股份有限公司 关于"领益转债"回售期间暂停转股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 经中国证券监督管理委员会出具的《关于同意广东领益智造股份有限公司向 不特定对象发行可转换公司债券注册的批复》 （证监许可〔2024〕1452 号）同意 注册，广东领益智造股份有限公司（以下简称"公司"）向不特定对象发行可转 换公司债券（以下简称"可转债"）21,374,181 张，每张面值为人民币 100 元，募 集资金总额不超过人民币 2,137,418,100.00 元（含本数），扣除各项发行费用（不 含增值税）人民币 21,394,999.99 元后，募集资金净额为人民币 2,116,023,100.01 元，上述募集资金于 2024 年 11 月 22 日到位。经深圳证券交易所同意，公司本 次发行可转债于 2024 年 12 月 6 日起在深圳证券交易所挂牌交易，债券简称"领 益转债"，债券代码"127107"。目 ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-086 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于"领益转债"回售期间暂停转股的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示： 1 / 2 1、转股起止期间：2025 年 5 月 22 日至 2030 年 11 月 17 日 2、暂停转股期间：2025 年 7 月 11 日至 2025 年 7 月 17 日 3、恢复转股时间：2025 年 7 月 18 日 告编号：2025-085）。 根据《深圳证券交易所上市公司自律监管指引第 15 号——可转换公司债券》 的相关规定，可转债实施回售的，应当暂停可转债转股。经向深圳证券交易所申 请，"领益转债"在回售申报期间将暂停转股，即自 2025 年 7 月 11 日（星期五） 开始暂停转股，暂停转股期为五个交易日，至 2025 年 7 月 17 日（星期四）止。 自回售申报期结束的次一交易日（即 2025 年 7 月 18 日）起"领益 ...