Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The company has shown a significant recovery in Q3 performance, with a revenue increase of 32% year-on-year and a net profit increase of 15% year-on-year [2][4] - The company is strategically positioned in the AI terminal manufacturing sector, which is expected to drive long-term growth despite some short-term profit margin pressures due to product mix changes [2][3] - The company is benefiting from increased demand from major North American clients and is expected to continue this positive trend into Q4 [4] Financial Performance Summary - Total revenue for the first three quarters reached 314.9 billion, up 28% year-on-year, while net profit was 14.1 billion, down 25% year-on-year [2] - Q3 revenue was 123.7 billion, with a year-on-year increase of 32% and a quarter-on-quarter increase of 32% [2] - The company’s gross margin has slightly declined due to changes in product structure and foreign exchange losses impacting revenue [2][3] - The forecast for net profit for 2024-2026 has been adjusted downwards, with expected figures of 20 billion, 28 billion, and 37 billion respectively [4] Market Position and Outlook - The company is positioned to become a core supplier of thermal management components for AI hardware, with existing capabilities in various cooling solutions [3] - The traditional product lines are expected to see increased market share, supported by new product launches in the Android supply chain [4] - The overall market demand is anticipated to resonate positively with the company's product offerings, leading to sustained performance in Q4 [4]

证券代码：002600 证券简称：领益智造 公告编号：2024-121 1 / 3 二、股份回购实施进展 根据《深圳证券交易所股票上市规则》《上市公司股份回购规则》及《深圳 证券交易所上市公司自律监管指引第 9 号—回购股份》相关法律法规的规定，上 市公司在回购期间应当在每个月的前 3 个交易日内公告截至上月末的回购进展 情况，包括已回购股份的数量和比例、购买的最高价和最低价、支付的总金额等， 现将回购进展情况公告如下： 截至 2024 年 10 月 31 日，公司累计通过回购专用证券账户以集中竞价交易 方式回购公司股份 12,390,800 股，占公司总股本的 0.18%，最高成交价为 4.98 元 /股，最低成交价为 4.63 元/股，成交金额为 59,947,339.10 元（不含交易费用）。 本次回购股份资金来源为公司自有资金，回购价格均未超过回购价格上限。本次 回购符合相关法律、法规的要求，符合公司既定的回购股份方案。 广东领益智造股份有限公司 关于回购公司股份的进展公告 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、股份回购方案概述 广东领益 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 12.42 CNY based on a projected PE ratio of 27 times for 2025 [2][5]. Core Insights - The company achieved record-high quarterly revenue of 124 billion CNY in Q3, marking a 32% year-over-year increase and a 33% quarter-over-quarter increase, while the net profit for the same quarter grew by 15% to 7.1 billion CNY [1][5]. - The company is strategically positioned in the consumer electronics cooling components sector, benefiting from the trend of increased heat dissipation in AI-enabled devices [1]. - The long-term growth potential in the consumer electronics sector is significant, with the company being a key supplier for major North American clients, which are expected to drive innovation in hardware functionalities [1]. Financial Performance Summary - The company reported a total revenue of 315 billion CNY for the first three quarters, a 28% increase year-over-year, while the net profit attributable to the parent company was 14.1 billion CNY, down 25% year-over-year [1]. - The forecast for earnings per share (EPS) for 2024-2026 is set at 0.30, 0.46, and 0.56 CNY respectively, with slight adjustments made to revenue and gross margin predictions [2][7]. - The gross margin for Q3 improved to 17.2%, reflecting a 2.2 percentage point increase from the previous quarter, driven by the introduction of new products [1][2]. Financial Metrics - The company's revenue for 2023 is projected at 34,124 million CNY, with a slight decline of 1% from the previous year, followed by a forecasted growth of 21% in 2024 [4]. - The net profit for 2023 is expected to be 2,051 million CNY, representing a 28.5% increase from 2022, with further growth anticipated in subsequent years [4]. - The company’s return on equity (ROE) is projected to increase from 11.6% in 2023 to 15.3% by 2026, indicating improving profitability [4].

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a record high revenue of 123.65 billion yuan in Q3 2024, with a year-on-year increase of 32.14% and a quarter-on-quarter increase of 32.66%. The net profit attributable to shareholders was 7.13 billion yuan, up 14.68% year-on-year and up 208.13% quarter-on-quarter, indicating a clear profit turning point [1]. - The company is actively expanding its AI terminal hardware manufacturing platform, with significant growth in its AI terminal and communication business, which generated 176.40 billion yuan in revenue in H1 2024, a year-on-year increase of 29.80% [1]. - The company has strengthened its supply chain position as a core supplier for Apple, providing thousands of components for various Apple products, and has accumulated 1,908 patents as of H1 2024 [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 314.65 billion yuan, a year-on-year increase of 27.75%. The net profit attributable to shareholders was 14.05 billion yuan, down 24.85% year-on-year, while the non-recurring net profit was 11.87 billion yuan, down 29.54% year-on-year [1]. - The comprehensive gross margin for Q3 2024 was 17.21%, an increase of 2.19 percentage points quarter-on-quarter [1]. Business Segments - The automotive business achieved revenue of 10.18 billion yuan in H1 2024, a year-on-year increase of 42.90%. However, the photovoltaic energy storage business saw a revenue decline of 56.35% year-on-year, primarily due to a temporary decrease in customer orders [1]. - The company’s cooling products cover the entire industry chain, and its ultra-thin VC heat spreaders are used in various mid-to-high-end smartphone models [1]. Future Outlook - The company is expected to achieve net profits of 20.03 billion yuan, 32.34 billion yuan, and 41.47 billion yuan for the years 2024 to 2026, respectively, corresponding to price-to-earnings ratios of 32, 20, and 15 times [1].

证券代码：002600 证券简称：领益智造 公告编号：2024-120 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 单位：万元人民币 | 公司类别 | 股东大会审议通 过的担保额度 | 被担保方 | 被担保方本次使 用的担保额度 | | --- | --- | --- | --- | | 资产负债率≥70% | 2,000,000.00 | 桂林领益制造有限公司 | 5,000.00 | | 的控股子公司 | | 苏州领汇新能源科技有限公司 | 7,000.00 | | 合计 | 2,000,000.00 | - | 12,000.00 | 被担保人桂林领益、苏州领汇未被列为失信被执行人，其经营状况稳定，资 信状况良好，公司能对其经营进行有效管理，并及时掌握其资信情况、履约能力， 担保风险总体可控。 广东领益智造股份有限公司（以下简称"公司"）分别于 2023 年 12 月 7 日和 2023 年 12 月 25 日召开第五届董事会第三十三次会议和 2023 年第六次临时股东 大会 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% relative to the market benchmark within the next six months [10]. Core Views - The company achieved revenue of 31.485 billion in the first three quarters of 2024, a year-on-year increase of 27.75%, while the net profit attributable to shareholders was 1.405 billion, a decrease of 24.85% [1]. - In Q3 2024, the company recorded revenue of 12.365 billion, up 32.14% year-on-year, and a net profit of 713 million, an increase of 14.68%, exceeding expectations [1]. - The company is positioned to benefit from the AI wave, particularly in the fields of heat dissipation, battery, and charging technologies, which are crucial for adapting to AI workloads [2]. - The company has a strong presence in consumer electronics innovation, focusing on key components for AI terminals, foldable devices, and XR technologies [2]. Financial Performance and Forecast - The company is projected to achieve revenues of 40.465 billion, 49.084 billion, and 58.654 billion for the years 2024, 2025, and 2026, respectively, with net profits of 2.031 billion, 2.868 billion, and 3.754 billion [3][4]. - The P/E ratios for the years 2024, 2025, and 2026 are expected to be 31.5, 22.3, and 17.1, respectively [3][4]. - The company’s revenue growth rates are forecasted at 19% for 2024, 21% for 2025, and 19% for 2026 [3]. Key Financial Metrics - As of October 30, 2024, the company's closing price was 9.14, with a total market capitalization of approximately 63 billion [4]. - The company’s total assets are projected to grow from 41.533 billion in 2024 to 53.427 billion in 2026 [6]. - The company’s net profit margin is expected to improve from 5.0% in 2024 to 6.4% in 2026 [6].

证券代码：002600 证券简称：领益智造 公告编号：2024-119 广东领益智造股份有限公司 关于授权管理层开立募集资金专户并签订监管协议的公告 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。 一、事项概述 二、备查文件 1、第六届董事会第七次会议决议。 特此公告。 1 / 2 广东领益智造股份有限公司董事会 二〇二四年十月三十日 2 / 2 广东领益智造股份有限公司（以下简称"公司"）于近日收到中国证券监督管 理委员会（以下简称"中国证监会"）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），同意公司向不特定对象发行可转换公司债券的注册申请。 为规范公司可转换公司债券募集资金的存放、管理和使用，切实保护广大投 资者的权益，根据《上市公司监管指引第 2 号——上市公司募集资金管理和使用 的监管要求》《深圳证券交易所股票上市规则》等规定，公司将开立向不特定对 象发行可转换公司债券的募集资金专项账户，并与保荐机构、拟开户银行签署募 集资金监管协议，对募集资金的存放和使用情况进行监督。根据公 ...

证券代码：002600 证券简称：领益智造 公告编号：2024-118 1.拟聘任的会计师事务所名称：容诚会计师事务所（ 特殊普通合伙）（ 以下简 称"容诚"） 2.原聘任的会计师事务所名称：大华会计师事务所（ 特殊普通合伙）（ 以下简 称"大华"） 3.变更会计师事务所的原因及前任会计师事务所的异议情况：为确保广东领 益智造股份有限公司（ 以下简称（"公司"）2024 年度财务报告的准确性和内部控 制的有效性，能够及时、公正地反映公司的财务状况和经营成果，维护广大股东 的利益，根据《证券法》《国有企业、上市公司选聘会计师事务所管理办法》等 法律法规以及（《广东领益智造股份有限公司会计师事务所选聘制度》的有关规定， 综合考虑公司的业务情况和审计需求，公司拟变更会计师事务所。公司就本次变 更事项与大华进行了充分沟通，大华对变更事项无异议。本次变更会计师事务所 事项尚需提交公司股东大会审议。 广东领益智造股份有限公司 关于拟变更会计师事务所的公告 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。 一、拟变更会计师事务所的基本情况 特别提示： 4.公司本次变更会计师事 ...

证券代码：002600 证券简称：领益智造 公告编号：2024-114 广东领益智造股份有限公司 表决结果：7 票同意，0 票反对，0 票弃权，审议通过。 第六届董事会第七次会议决议公告 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、董事会会议召开情况 广东领益智造股份有限公司（以下简称"公司"）第六届董事会第七次会议于 2024 年 10 月 30 日以现场结合通讯表决的方式召开，会议由公司董事长曾芳勤 女士召集并主持，会议应出席董事 7 名，实际出席董事 7 名。会议通知于 2024 年 10 月 25 日以电子邮件方式发出，会议召集、召开程序符合《公司法》及《公 司章程》的规定。 二、董事会会议审议情况 本议案详细内容请参见巨潮资讯网（www.cninfo.com.cn）和《证券时报》《中 国证券报》《上海证券报》《证券日报》。 本议案已经董事会审计委员会审议通过。 （二）审议通过了《关于 2024 年第三季度计提资产减值准备的议案》 （一）审议通过了《2024 年第三季度报告》 董事会审议了公司 2024 年第三季度报告，董事会全体成员一致认为公 ...

证券代码：002600 证券简称：领益智造 公告编号：2024-115 广东领益智造股份有限公司 第六届监事会第六次会议决议公告 本公司及监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、监事会会议召开情况 广东领益智造股份有限公司（以下简称"公司"）第六届监事会第六次会议于 2024 年 10 月 30 日以现场结合通讯表决的方式召开，会议由监事会主席王之斌 先生召集并主持，会议应出席监事 3 名，实际出席监事 3 名。会议通知于 2024 年 10 月 25 日以电子邮件方式发出，会议召开符合《公司法》及《公司章程》的 规定。 二、监事会会议审议情况 本议案详细内容请参见巨潮资讯网（www.cninfo.com.cn）和《证券时报》《中 国证券报》《上海证券报》《证券日报》。 表决结果：3 票同意，0 票反对，0 票弃权。 三、备查文件 第六届监事会第六次会议决议。 1 / 2 特此公告。 广东领益智造股份有限公司监事会 （一）审议通过了《2024 年第三季度报告》 经核查，公司监事会认为：公司 2024 年第三季度报告的编制和审议程序符 合法律、法规及相关监管 ...