国泰君安作为公司 2024 年向不特定对象发行可转换公司债券的保荐人，原 委派邢永哲先生、张贵阳先生作为保荐代表人，持续督导期间为 2024 年 12 月 6 日至 2025 年 12 月 31 日。 邢永哲先生因工作变动不再担任保荐代表人，为保证公司向不特定对象发行 可转换公司债券持续督导相关工作的有序进行，国泰君安现委派李慧琪女士接替 邢永哲先生担任保荐代表人。 本次保荐代表人变更后，公司 2024 年向不特定对象发行可转换公司债券项 目的保荐代表人为张贵阳先生、李慧琪女士。 | 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-031 | | --- | --- | --- | | 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 关于变更持续督导保荐代表人的公告 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。 广东领益智造股份有限公司（以下简称"公司"）近日收到国泰君安证券股份 有限公司（以下简称"国泰君安"）出具的《关于变更广东领益智造股份有限公 司持续督导保荐代表人的函》。现将有关情况公告如下： ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 15% relative to the industry index in the next six months [5][22]. Core Insights - The company has shown significant growth in AI terminal hardware revenue, with a year-on-year increase of 33% in 2024, driven by strong demand in the AI mobile phone and AI PC sectors [3][4]. - The automotive and low-altitude economy business also experienced robust growth, with a revenue increase of 53% year-on-year in 2024 [3]. - The company is positioned as a leader in precision manufacturing in China, with a comprehensive AI terminal hardware manufacturing platform and expansion into the new energy vehicle and low-altitude economy sectors, suggesting substantial future growth potential [5]. Financial Summary - For 2024, the company reported total revenue of 442.11 billion yuan, a year-on-year increase of 29.6%, while the net profit attributable to shareholders was 17.53 billion yuan, down 14.5% year-on-year [2][11]. - The gross margin for 2024 was 15.77%, a decrease of 4.17 percentage points year-on-year, and the net profit margin was 3.98%, down 2.02 percentage points year-on-year [2][11]. - The company expects net profits to grow to 23.52 billion yuan, 30.76 billion yuan, and 38.76 billion yuan in 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 27, 21, and 16 [5][15]. Revenue Breakdown - The AI terminal hardware segment accounted for 92.1% of total revenue in 2024, with a revenue of 407.31 billion yuan, reflecting a 32.8% year-on-year growth [3]. - The automotive and low-altitude economy segment contributed 21.17 billion yuan to total revenue, representing 4.8% of the total and a year-on-year growth of 52.9% [3]. Market Position and Future Outlook - The company has successfully completed the development and mass delivery of several core product lines for major North American clients, positioning itself to benefit from the anticipated growth in AI mobile phones and AI PCs [4]. - The company has entered the supply chain for humanoid robots, indicating potential growth in this emerging market, with global sales of humanoid robots expected to reach 76,000 units by 2030 [4].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.16 CNY based on a 32x PE valuation for 2025 [2][8]. Core Insights - The company achieved a record high quarterly revenue in Q4 2024, with a significant year-on-year growth of 34%, reaching 12.7 billion CNY. The net profit for Q4 2024 was 350 million CNY, marking a 92% increase year-on-year [7]. - The company is expanding its AI terminal product lines, including AI glasses, robots, foldable screens, and servers, with AI terminal-related revenue exceeding 40 billion CNY in 2024, a 33% increase from the previous year [7]. - The company is positioned to benefit from innovations in hardware functionality for major North American clients, which is expected to enhance the value and complexity of its components [7]. Financial Forecasts - The company’s projected earnings per share (EPS) for 2025, 2026, and 2027 are 0.38 CNY, 0.51 CNY, and 0.65 CNY respectively, with adjustments made to revenue forecasts and gross margin predictions [2][8]. - Revenue is expected to grow from 34.12 billion CNY in 2023 to 69.22 billion CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 14.4% [4]. - The gross margin is projected to improve from 19.9% in 2023 to 18.2% in 2027, while the net profit margin is expected to increase from 6.0% to 6.6% over the same period [4].

领益智造 20250331 摘要 • 领益智造 2024 年营收同比下降 24.06%至 271.21 亿元，但第四季度营收同 比增长 34.28%至 127.27 亿元，扣非净利润大幅增长 4,791.87%至 4.39 亿 元，显示出复苏迹象。公司总资产同比增长 21.44%至 451.61 亿元，净资 产同比增长 8.53%至 198.08 亿元。 • AI 终端业务是增长引擎，2024 年收入同比增长 32.75%至 407.31 亿元，其 中传感器及相关模组和影像显示类产品收入均大幅增长超过 100%。汽车及 低空经济业务收入同比增长 52.90%至 21.17 亿元，但该业务去年亏损，预 计 2025 年下半年德国大众海外订单量产后毛利率将提升。 • 公司散热业务受益于 VC 新热板产品和膜类散热产品，与全球客户在 CPU 及 AI 应用方面合作，并晋升为 AMD 核心供应商。自主研发的多轴腔体散热元 件在 AI 服务器应用测试中表现优异，为高阶散热方案奠定基础。 • 领益智造在机器人领域已开发出五个系列十款机器人，掌握 RV 减速器、运 动控制器等核心零部件技术，并为人形机器人提供头部、灵巧手和 ...

领益智造 002600.SZ 公司研究 | 年报点评 季度营收新高，AI 终端布局百花齐放 核心观点 ⚫ 盈利预测与投资建议 ⚫ 我们预测公司 25-27 年每股收益分别为 0.38/0.51/0.65 元（原 25/26 年预测分别为 0.46/0.56 元，主要上调收入预测，下调毛利率预测），根据可比公司 25年 32倍 PE 估值，对应目标价为 12.16 元，维持买入评级。 风险提示 ⚫ 北美大客户出货量不及预期风险；新业务整合与拓展不及预期风险；汇兑损失风 险；资产减值风险 1 周 1 月 3 月 12 月 绝对表现% 0.33 -5.76 7.26 69.15 相对表现% 0.32 -6.41 8.91 57.95 沪深 300% 0.01 0.65 -1.65 11.2 | 蒯剑 | 021-63325888*8514 | | --- | --- | | | kuaijian@orientsec.com.cn | | | 执业证书编号：S0860514050005 | | | 香港证监会牌照：BPT856 | | 韩潇锐 | hanxiaorui@orientsec.com.cn | | | 执 ...

证券研究报告 | 年报点评报告 gszqdatemark 2025 03 31 年 月 日 领益智造（002600.SZ） 业绩拐点明确，"人眼折服"驱动新增长 领益智造发布 2024 年报，24Q4 营收创新高。2024 年，公司实现营业 收入 442.11 亿元，同比增长 29.56%，主要系公司新业务收入规模提升幅 度较大；扣非归母净利为 16.26 亿元，同比减少 3.95%。单季度来看，公 司从 24Q3 开始拐点明确，24Q4 实现营收 127.27 亿元，同比增长 34.28%， 环比增长 2.93%；归母净利润为 3.48 亿元，同比增长 92.90%。2024 年， 公司折叠屏、XR 智能穿戴、VC 散热、服务器散热、高功率电源产品、机 器人等重点项目取得显著进展，与海内外机器人龙头客户、AMD、Brembo 等客户的合作关系进一步深入。 毛利率短期波动，有望逐季改善。从利润率来看，2024 年公司毛利率为 15.77%，同比下降 4.17pcts；净利率为 3.98%，同比下降 2.02pcts，主 要受到产品结构变化、研发费用加大等影响。我们认为，随着公司新品的 研发逐步成熟和量产爬坡， ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has reached a clear inflection point in its performance, with significant revenue growth driven by new business segments, particularly in AI terminals and robotics [1][2] - The company is expected to see gradual improvement in gross margins as new products mature and production scales up, despite a short-term decline in profitability [1] - The company is well-positioned to benefit from the growing global market for humanoid robots and advancements in AI technologies [3][8] Financial Performance - In 2024, the company achieved revenue of 442.11 billion yuan, a year-on-year increase of 29.56%, while the net profit attributable to shareholders decreased by 3.95% to 16.26 billion yuan [1] - The revenue for Q4 2024 reached 127.27 billion yuan, marking a 34.28% year-on-year growth and a 2.93% quarter-on-quarter increase, with net profit for the quarter at 3.48 billion yuan, up 92.90% year-on-year [1] - The company’s gross margin for 2024 was 15.77%, down 4.17 percentage points year-on-year, while the net margin was 3.98%, down 2.02 percentage points [1] Business Segments - The AI terminal segment saw revenue of 407.31 billion yuan in 2024, a 32.75% increase, with AI glasses and XR wearable devices growing by 42.74% [2] - The automotive and low-altitude economy segment generated 21.17 billion yuan, a 52.90% increase, benefiting from the growth of the global electric vehicle market [2] - Other business segments generated 13.63 billion yuan, with clean energy revenue declining by 25.01% due to a significant drop in customer orders [2] Future Projections - Revenue projections for the company are 491 billion yuan in 2025, 591 billion yuan in 2026, and 683 billion yuan in 2027, with expected growth rates of 11.0%, 20.5%, and 15.5% respectively [8] - Net profit forecasts are 23 billion yuan in 2025, 30 billion yuan in 2026, and 38 billion yuan in 2027, with growth rates of 31.0%, 30.9%, and 27.4% respectively [8] - The company is expected to maintain a price-to-earnings ratio of 28, 21, and 17 times for the years 2025, 2026, and 2027 respectively [8]

近期领益智造（002600）发布2024年年报，证券之星财报模型分析如下： 营收与利润 公司的毛利率为15.77%，同比减少了20.9%；净利率为3.98%，同比减少了33.7%。这些数据显示公司在 成本控制和盈利能力方面面临一定压力。 尽管如此，公司在费用控制方面取得了一定成效。销售费用、管理费用、财务费用总计为18.19亿元， 三费占营收比为4.11%，同比减少了27.87%。特别是财务费用变动幅度为-80.19%，主要原因是汇率变 动带来的汇兑收益增加。 截至报告期末，公司应收账款为114.29亿元，同比增加了30.37%。应收账款与利润的比例高达 651.76%，这一比例较高，需关注应收账款的回收情况。此外，有息负债为113.92亿元，同比增加了 49.00%，有息资产负债率已达25.23%，需关注公司的债务状况。 经营活动产生的现金流量净额为0.57元/股，同比减少了24.06%，主要原因是购买商品、接受劳务支付 的现金增加。筹资活动产生的现金流量净额变动幅度为194.35%，主要原因是所需偿还借款规模减少和 发行可转债。 领益智造在2024年的营业总收入达到了442.11亿元，同比上升29.56% ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company reported a revenue of 44.211 billion yuan for 2024, representing a year-on-year increase of 29.56%, while the net profit attributable to shareholders was 1.753 billion yuan, a decrease of 14.50% year-on-year [1] - The fourth quarter of 2024 saw the company achieve a record revenue of 12.727 billion yuan, up 34.28% year-on-year, indicating a clear inflection point in performance since Q3 2024 [2] - The company is focusing on four key business areas: robotics, AI glasses, foldable screens, and servers, which are expected to drive future growth [4][7][8] Financial Performance - The company's gross margin for 2024 was 15.77%, down 4.17 percentage points year-on-year, primarily due to new businesses not yet achieving scale [3] - The company has improved its expense control, with a total expense ratio of 8.58% in 2024, down 2.42 percentage points year-on-year [3] - Revenue projections for 2025-2027 are adjusted to 50.141 billion, 59.080 billion, and 69.267 billion yuan, respectively, with corresponding net profits of 2.500 billion, 3.403 billion, and 4.193 billion yuan [9] Business Segments - AI terminal business generated 40.731 billion yuan in revenue for 2024, up 32.75% year-on-year, driven by AI-enabled demand [2] - The automotive and low-altitude economy business achieved 2.117 billion yuan in revenue, a 52.90% increase year-on-year, benefiting from market growth and increased market share [2] - The company has established itself as a core supplier for AMD in the server segment, which is expected to deepen collaboration [8]

3月28日晚，领益智造（002600）披露了2024年年报。2024年度，公司实现营业收入442.11亿元，同比 增长29.56%，归属于上市公司股东的净利润17.53亿元，归属于上市公司股东的扣非净利润16.26亿元， 经营性现金净流入40.21亿元。 在提质增效方面，2024年公司全力推行精益生产9883专项活动，将良率最终目标值设定为98%，其中 80%料件良率达到98.8%及以上。通过这一系列专项活动，公司人均创收由47.17万元提升至51.84万元。 (文穗) 2024第四季度公司实现营业收入127.27亿元，同比增长34.28%，创单季度营收新高；净利润3.48亿元， 同比增长92.20%；扣非净利润4.39亿元，同比增长4791.84%；经营性现金净流入25.83亿元，同比增长 101.16%。2024年公司在规模、产品种类上取得突破，持续实现自由现金流，三季度开始显现利润拐 点。 在热管理方面，领益智造专注于高效散热解决方案，核心产品涵盖均热板、热管、多轴腔体散热元件 (Big MAC)、AI算力芯片及服务器散热模组、石墨片、导热垫片、导热胶等关键组件。公司为客户提供 铜、不锈钢和航空级钛合金 ...