广东领益智造股份有限公司 可转换公司债券受托管理事务报告 | 证券代码：002600 | 证券简称：领益智造 | | --- | --- | | 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 向不特定对象发行可转换公司债券 受托管理事务报告 （2024年度） 债券受托管理人 二〇二五年五月 1 广东领益智造股份有限公司 可转换公司债券受托管理事务报告 重要声明 本报告依据《公司债券发行与交易管理办法》（以下简称"《管理办法》"） 《关于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之债券受 托管理协议》（以下简称"《受托管理协议》"）《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募集说明书》（以下简称"《募集说明书》"）《广东 领益智造股份有限公司 2024 年年度报告》等相关公开信息披露文件、第三方中 介机构出具的专业意见等，由本次债券受托管理人国泰海通证券股份有限公司 （以下简称"国泰海通"）编制。国泰海通对本报告中所包含的从上述文件中引 述内容和信息未进行独立验证，也不就该等引述内容和信息的真实性、准确性 和完整性做出任何保证或承担任何责任。 本报告不 ...

Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. maintains a strong competitive advantage in the AI terminal hardware supply chain, with a stable credit rating of AA+ for both the company and its convertible bonds, indicating solid financial health and operational performance [1][3][4]. Company Overview - The company has a leading position in the AI terminal hardware industry, providing comprehensive services including R&D, design, production, and sales of core components [7][14]. - As of the end of 2024, the company had total assets of 451.61 billion yuan and equity of 198.75 billion yuan, with a revenue of 442.11 billion yuan and a profit of 21.94 billion yuan [9][8]. Financial Performance - In 2024, the company experienced a revenue growth of 29.56% compared to the previous year, reaching 442.11 billion yuan, while operating cash flow remained robust with net inflows of 52.95 billion yuan [7][8]. - The company’s cash assets were substantial, amounting to 62.29 billion yuan at the end of 2024, indicating strong liquidity [7][8]. Business Expansion - The company is expanding into new fields such as smart wearables, robotics, smart home devices, and autonomous driving, which are expected to drive future growth [7][14]. - The company has established deeper partnerships with major clients, including leading robotics companies and well-known brands like AMD and Brembo, enhancing its market position [7][14]. Risk Factors - The company faces risks related to raw material price fluctuations, high customer concentration, and exposure to foreign exchange and geopolitical risks due to its significant export business [7][8]. - Accounts receivable and inventory levels are high, which may impact working capital [7][8]. Industry Analysis - The global consumer electronics market is projected to grow at a compound annual growth rate (CAGR) of 7.63% from 2024 to 2032, driven by innovations in AI technology and rapid product iterations [13][14]. - The company is well-positioned to capitalize on these trends, given its strong R&D capabilities and established market presence [7][14].

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 2025 年跟踪评级报告 | | | www.lhratings.com 1 联合〔2025〕3420 号 联合资信评估股份有限公司通过对广东领益智造股份有限公 司主体及其相关债券的信用状况进行跟踪分析和评估，确定维持 广东领益智造股份有限公司主体长期信用等级为 AA+，维持"领 益转债"信用等级为 AA+，评级展望为稳定。 特此公告 联合资信评估股份有限公司 评级总监： 二〇二五年五月二十七日 信用评级报告 | 2 声 明 一、本报告是联合资信基于评级方法和评级程序得出的截至发表之日的 独立意见陈述，未受任何机构或个人影响。评级结论及相关分析为联合资信 基于相关信息和资料对评级对象所发表的前瞻性观点，而非对评级对象的事 实陈述或鉴证意见。联合资信有充分理由保证所出具的评级报告遵循了真 实、客观、公正的原则。鉴于信用评级工作特性及受客观条件影响，本报告 在资料信息获取、评级方法与模型、未来事项预测评估等方面存在局限性。 二、本报告系联合资信接受广东领益智造股份有限公司（以下简称"该 公司"）委托所出具，除因本次评级事项联合资信与该公司构成评级委托关 系 ...

Group 1 - The convertible bond of Lingyi Technology rose by 2.0% to 127.225 yuan per share, with a trading volume of 15.7854 million yuan and a conversion premium rate of 42.17% [1] - Lingyi Technology's convertible bond has a credit rating of "AA+" and a maturity period of 6 years, with interest rates increasing from 0.20% in the first year to 2.00% in the sixth year, and a redemption price of 108.00 yuan [1] - The conversion price for the bond is set at 9.13 yuan, with the conversion period starting on May 22, 2025 [1] Group 2 - Lingyi Technology, established in 2006 and listed on the A-share market in 2018, is a trusted core supplier of AI terminal hardware, providing precision components and solutions globally [2] - The company has become a leader in the global consumer electronics market, setting industry standards in quality, technology, and processes, and is expanding into emerging markets such as new energy vehicles and photovoltaics [2] - For the first quarter of 2025, Lingyi Technology reported a revenue of 11.4943 billion yuan, a year-on-year increase of 17.11%, and a net profit attributable to shareholders of 565.2 million yuan, up 23.52% year-on-year [2] - As of April 2025, the shareholder base of Lingyi Technology is highly dispersed, with 346,980 shareholders and an average holding of 1.988 million shares per person, amounting to an average investment of 142,200 yuan [2]

Investment Rating - The report assigns a "Buy" rating to Lingyi (002600.SZ) with a 12-month price target of Rmb10.10, indicating an upside potential of 24.7% from the current price of Rmb8.10 [8]. Core Insights - Lingyi's management is optimistic about growth driven by the demand for precision components in consumer electronics and server cooling modules, particularly due to the shift in smartphone form factors and the rise of AI applications [1][2]. - The company is expanding its product offerings in foldable phones and AI glasses, targeting higher dollar content per device and anticipating increased shipments [3][6]. Summary by Sections Cooling / Thermal Modules for AI Smartphones - Lingyi provides over 200 SKUs of metal precision parts for major smartphone brands, focusing on high-end models using copper materials for 2025, with plans to introduce hybrid materials in 2026 [2]. - The company's factory in India is expected to meet client demand, contingent on the capacity expansion by assemblers in the region [2]. Foldable Phones - The company supplies metal middle frames and precision parts for foldable phones, with a positive outlook on the growing trend and plans to engage with global-tier smartphone brands [3]. AI Glasses - Lingyi manufactures structural parts and cooling components for AI/AR glasses, expecting significant upside as major global technology companies plan to launch their own versions [6]. Financial Projections - Revenue projections for Lingyi are Rmb44.21 billion in 2024, increasing to Rmb79.75 billion by 2027, with EPS expected to grow from Rmb0.25 in 2024 to Rmb0.73 in 2027 [8].

Group 1 - The company has issued convertible bonds totaling 21,374,181 units, with a total fundraising amount not exceeding RMB 213,741.81 million [1][2] - The convertible bonds will be listed on the Shenzhen Stock Exchange starting from December 6, 2024, under the name "Lingyi Convertible Bonds" and code "127107" [1][2] - The conversion period for the bonds is from May 22, 2025, to November 17, 2030 [2][4] Group 2 - The bonds have a face value of RMB 100 each and will be issued at par [2][3] - The interest rates for the bonds are structured to increase over the six-year term, starting at 0.20% in the first year and reaching 2.00% in the sixth year [3][4] - Interest will be paid annually, with the first payment occurring one year after the issuance date [4][6] Group 3 - The current conversion price is set at RMB 9.13 per share [5][8] - The conversion price may be adjusted based on certain corporate actions, such as cash dividends, which have been outlined in the bond's terms [8][9] - If the company's stock price falls below 85% of the conversion price for a specified period, the company may propose a downward adjustment to the conversion price [11][12] Group 4 - Upon maturity, the company will redeem the bonds at 108% of the face value, including the last interest payment [12][13] - There are conditions under which the company may redeem the bonds early, such as if the stock price exceeds 130% of the conversion price for a specified period [12][14] - Holders of the convertible bonds will have the right to sell them back to the company under certain conditions during the last two interest years [14][15]

广东领益智造股份有限公司 关于"领益转债"开始转股的提示性公告 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： 3、转股价格：9.13 元/股 | 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-062 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 经深交所同意，公司 213,741.81 万元可转换公司债券已于 2024 年 12 月 6 日 起在深交所挂牌交易，债券简称"领益转债"，债券代码"127107"。 （三）可转换公司债券转股期限 根据有关规定和公司《广东领益智造股份有限公司向不特定对象发行可转换 公司债券募集说明书》（以下简称"募集说明书"）的约定，公司本次发行的可转 1 / 10 1、证券代码：002600 证券简称：领益智造 2、债券代码：127107 债券简称：领益转债 4、转股期限：2025 年 5 月 22 日至 2030 年 11 月 17 日 5、转股股份来源：新增股份 一、可转换公司债券基本情况 （一）可转换公司债券发行情况 经中国证券监 ...

关于为子公司提供担保的进展公告 | 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-061 | | --- | --- | --- | | 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 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"）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 （www.cninf ...

Group 1 - The humanoid robot industry is experiencing increased institutional interest, with 52 companies being researched by over 390 institutions since Q2, indicating a strong trend towards commercialization and long-term development opportunities in the sector [1][2][3] - Companies like 中控技术 (Zhongkong Technology) and 蓝思科技 (Lens Technology) are actively investing in humanoid robot technology, with Zhongkong Technology planning to invest in a humanoid robot innovation center and launch its self-developed humanoid robots [1][2] - 富临精工 (Fulian Precision) is focusing on the development of key components for humanoid robots, including precision mechanical parts and intelligent electric joints, to capitalize on the growing demand in the robotics market [2][3] Group 2 - 领益智造 (Lingyi iTech) is accelerating its research and production of critical components for AI and robotics, providing essential hardware solutions for humanoid robots [3][4] - Companies are enhancing their technological capabilities and product offerings to meet the demands of the humanoid robot market, with 创世纪 (Genesis) and 安培龙 (Amperelong) developing customized products and sensors for robotic applications [4]

Group 1 - The core viewpoint indicates that the rare earth industry is experiencing positive momentum, with the China Rare Earth Industry Index rising by 0.89% and the Rare Earth ETF Fund showing a significant increase of 5.94% over the past two weeks, leading among comparable funds [1][4] - The Rare Earth ETF Fund has seen a notable increase in trading volume, with a turnover rate of 1.69% and a total transaction value of 30.82 million yuan, ranking first among comparable funds in terms of average daily trading volume over the past year [4] - The fund's scale has grown significantly, with an increase of 63.04 million yuan in the past week, also ranking first among comparable funds, and a growth of 42 million shares in the same period [4] Group 2 - In terms of exports, China exported 58,100 tons of rare earth permanent magnet materials in 2024, with the export volume accounting for approximately 24% of the total production of neodymium-iron-boron [5] - The export control on medium and heavy rare earths is expected to tighten supply overseas, potentially driving up prices both internationally and domestically [5] - The top ten weighted stocks in the China Rare Earth Industry Index account for 57.42% of the index, indicating a concentrated investment landscape [5]