Investment Rating - The report maintains an "Outperform" rating for the company [1] Core Insights - The company reported a record high revenue in Q4 2024, with total revenue of 44.21 billion yuan, a year-on-year increase of 29.56%, while the net profit attributable to shareholders was 1.75 billion yuan, a decrease of 14.50% [6] - The AI terminal, automotive, and low-altitude economy sectors significantly contributed to revenue growth, with AI terminal revenue reaching 40.73 billion yuan, up 32.75% year-on-year [6] - The company aims to become a leading manufacturer of humanoid robots, entering mass production in 2025, leveraging its core technologies in servo motors and motion controllers [6] - The company is positioned as a one-stop solution provider in the foldable screen market, supplying key components to major clients like Huawei and Xiaomi [6] - The company has become a core supplier for AMD in the server sector, providing cooling and power management solutions [6] - The long-term outlook remains positive, with projected net profits of 2.78 billion yuan for 2025 and 3.41 billion yuan for 2026, with a price-to-earnings ratio of 21 and 17 respectively [6] Financial Data and Profit Forecast - Total revenue is forecasted to grow from 34.12 billion yuan in 2023 to 63.95 billion yuan in 2027, with a compound annual growth rate of approximately 11.3% [5][8] - The net profit attributable to shareholders is expected to increase from 2.05 billion yuan in 2023 to 3.94 billion yuan in 2027, reflecting a significant growth trajectory [5][8] - The company's gross margin is projected to stabilize around 19% by 2027, indicating a focus on maintaining profitability amidst revenue growth [5]

| 证券代码：002600 | 证券简称：领益智造 公告编号：2025-032 | | --- | --- | | 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 关于发行可转换公司债券及支付现金购买资产并募集配套 资金事项的进展公告 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。 特别提示： 1、广东领益智造股份有限公司（以下简称"公司"）于 2024 年 12 月 7 日披 露的《发行可转换公司债券及支付现金购买资产并募集配套资金预案》及其摘要 中已对本次交易涉及的有关风险因素及尚需履行的审批程序进行了详细说明，公 司将根据相关事项的进展情况，及时履行信息披露义务，提请广大投资者关注后 续进展公告并注意投资风险。 2、截至本公告披露日，除本次交易预案中披露的有关风险因素外，公司尚 未发现可能导致公司董事会或者交易对方撤销、中止本次重组方案或者对本次重 组方案作出实质性变更的相关事项，本次交易工作正在有序进行中。 二、本次交易进展情况 2024 年 12 月 6 日，公司召开第六届董事会第九次会议和第六届监事会第八 次会议，审议 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5] Core Views - The company is experiencing steady revenue growth in 2024, but profitability has declined. New growth drivers include humanoid robots, AI/AR glasses, foldable screens, and server cooling solutions, supporting the "Buy" rating [3][8] Summary by Relevant Sections Financial Performance - In 2024, the company achieved revenue of RMB 44.211 billion, a year-on-year increase of 29.6%. However, the net profit attributable to the parent company decreased by 14.5% to RMB 1.753 billion. The gross margin was 15.8%, down 4.2 percentage points year-on-year [7][8] - The company expects earnings per share (EPS) of RMB 0.34, RMB 0.47, and RMB 0.56 for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 26.6x, 19.3x, and 16.1x [5][7] Revenue Breakdown - The AI terminal segment generated revenue of RMB 40.73 billion in 2024, up 32.8% year-on-year, but the gross margin fell by 4.4 percentage points to 17.4%. Key growth areas include sensors and related modules, as well as imaging display products, both exceeding 100% growth [8] - The automotive and low-altitude economy sectors contributed RMB 2.12 billion in revenue, a 52.9% increase year-on-year. However, the clean energy business saw a 25% decline in revenue to RMB 1.17 billion due to a significant reduction in customer orders [8] Growth Drivers - The company is making progress in humanoid robots, AI/AR glasses, foldable screens, and server-related businesses. For instance, the humanoid robot segment is expected to enter mass production in 2025, with a gross margin of approximately 60% [8] - The AI/AR glasses and XR wearable devices are anticipated to grow rapidly with the upcoming release of new products in 2025. The foldable screen products have already seen significant shipments, and the server business has begun to penetrate customer supply chains [8]

Core Viewpoint - The announcement details the change of the designated sponsor representatives for Guangdong Lingyi Technology Co., Ltd.'s upcoming convertible bond issuance, ensuring continuity in oversight by Guotai Junan Securities Co., Ltd. [1][2] Group 1: Company Announcement - Guangdong Lingyi Technology Co., Ltd. received a letter from Guotai Junan Securities regarding the change of its continuous supervision sponsor representatives [1] - The original representatives, Xing Yongzhe and Zhang Guiyang, were replaced by Li Huiqi due to Xing's job change, while Zhang remains as a representative [1][2] - The continuous supervision period for the convertible bond issuance is from December 6, 2024, to December 31, 2025 [1] Group 2: Acknowledgment and Background - The company expressed gratitude for the contributions made by Xing Yongzhe during his tenure as a sponsor representative [2] - Li Huiqi's background includes a Master's degree in Finance and experience in various IPO and bond issuance projects, indicating her capability in the role [4]

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， ...