002600.SZ 买入 原评级：买入 市场价格:人民币 6.78 板块评级:强于大市 股价表现 (%) 今年 至今 1 个月 3 个月 12 个月 (26%) (13%) 0% 14% 27% 41% Sep-23Oct-23Nov-23Dec-23Jan-24Feb-24Mar-24Apr-24Jun-24Jul-24Aug-24Sep-24 领益智造 深圳成指 绝对 0.3 1.5 42.7 14.3 相对深圳成指 14.4 5.3 55.5 35.8 | --- | --- | --- | |-------------------------------|------------|-----------| | | | | | 发行股数 ( 百万 ) | | 7,008.18 | | 流通股 ( 百万 ) | | 6,893.54 | | 总市值 ( 人民币 百万 ) | | 47,515.45 | | 3 个月日均交易额 ( 人民币 | 百万 ) | 1,796.27 | | 主要股东 | | | | 领胜投资 ( 江苏 ) 有限公司 | | 59.07 | | 资料来源：公司公告， Wind | ， ...

证券代码：002600 证券简称：领益智造 公告编号：2024-101 广东领益智造股份有限公司 关于参加广东辖区 2024 年投资者网上集体接待日活动 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。 为进一步加强与投资者的互动交流，广东领益智造股份有限公司（以下简 称"公司"）将参加由广东证监局、广东上市公司协会联合举办的"坚定信心 携 手共进 助力上市公司提升投资价值——2024 广东辖区上市公司投资者关系管 理月活动投资者集体接待日"，现将相关事项公告如下： 本次活动将采用网络远程的方式举行，投资者可登录"全景路演"网站 （http://rs.p5w.net）参与本次互动交流，活动时间为 2024 年 9 月 12 日（周四） 15:30-16:30。届时公司高管将在线就 2024 年半年度业绩、公司治理、发展战略、 经营状况、融资计划、股权激励和可持续发展等投资者关心的问题，与投资者进 行沟通与交流，欢迎广大投资者踊跃参与！ 特此公告！ 广东领益智造股份有限公司董事会 二〇二四年九月九日 1 / 1 ...

%% %% 丨证券研究报告丨 公司研究丨点评报告丨领益智造（002600.SZ） [Table_Title] 业绩短期承压，AI 创新焕发生机 | --- | --- | |---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|-------| | 报告要点 | | | [Table_Summary] 2024 年 8 月 29 日，领益智造发布 2024 年半年度报告。报告期内公司实现营业收入 191.20 亿 | | | 元，同比增长 25.06% ，实现归母净利润 6.92 亿元，同比减少 44.53% ，扣非后归母净利润为 5.74 亿元，同比减少 46.50% 。单二季度来看，公司实现营业收入 93.21 亿元，同比增长 15.43% ， | | | 归母净利润为 2 ...

国泰君安证券股份有限公司 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 发行保荐书 保荐人 (主承销商) 国泰君安证券股份有限公司 GUOTAI JUNAN SECURITIES CO., LTD. 中国（上海）自由贸易试验区商城路 618 号 二〇二四年九月 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发行保荐书 国泰君安证券股份有限公司 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发行保荐书 国泰君安证券股份有限公司（以下简称"保荐人"或"国泰君安"）接受 广东领益智造股份有限公司（以下简称"发行人"或"公司"或"领益智造"） 的委托，担任领益智造本次向不特定对象发行可转换公司债券（以下简称"本 项目"）的保荐人，邢永哲、张贵阳作为具体负责推荐的保荐代表人，特此向 深圳证券交易所（以下简称"深交所"）出具本项目发行保荐书。 保荐人及指定的保荐代表人根据《中华人民共和国公司法》《中华人民共 和国证券法》等有关法律、法规和中国证券监督管理委员会、深交所的有关规 定，诚实守信，勤勉尽责，严格按照依法制订的业务规则、行业执业规范和道 德准则出具发行保荐书，并保证 ...

证券代码：002600 证券简称：领益智造 广东领益智造股份有限公司 LINGYI Itech （Guangdong） Company （广东省江门市龙湾路 8 号） 向不特定对象发行 可转换公司债券募集说明书 保荐人（主承销商） （中国（上海）自由贸易试验区商城路 618 号） 二〇二四年九月 广东领益智造股份有限公司 募集说明书 声 明 本公司及全体董事、监事、高级管理人员承诺募集说明书及其他信息披露 资料不存在任何虚假、误导性陈述或重大遗漏，并对其真实性、准确性及完整 性承担相应的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保 证募集说明书中财务会计报告真实、完整。 中国证监会、深圳证券交易所对本次发行所作的任何决定或意见，均不表 明其对申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明 其对发行人的盈利能力、投资价值或者对投资者的收益作出实质性判断或保证。 任何与之相反的声明均属虚假不实陈述。 根据《证券法》的规定，证券依法发行后，发行人经营与收益的变化，由 发行人自行负责。投资者自主判断发行人的投资价值，自主作出投资决策，自 行承担证券依法发行后因发行人经营 ...

2024 年 09 月 02 日 领益智造(002600.SZ) 公司快报 证券研究报告 消费电子组件 投资评级 买入-A 首次评级 6 个月目标价 9.45 元 股价 (2024-09-02) 7.98 元 交易数据 总市值(百万元) 55,925.26 流通市值(百万元) 55,010.43 总股本(百万股) 7,008.18 流通股本(百万股) 6,893.54 12 个月价格区间 4.41/8.38 元 积极产品开发和客户拓展，迎接 AI 终端旺 盛需求 事件： 公司发布 2024 年半年度报告，2024H1 公司实现营业收入 191.20 亿 元，同比增长 25.06%；公司实现归母净利润 6.92 亿元，同比下滑 44.53%。其中 24Q2 单季度，公司实现营业收入 93.21 亿元，同比增 长 15.43%，环比下降 4.89%；归母净利润 2.31 亿元，同比下滑 61.54%， 环比下降 49.82%。 AI 终端需求旺盛带动收入增长，产品结构变化影响毛利率： 得益于领先的精益制造能力及在 AI 终端制造领域的提前布局，2024 H1，公司手机、PC、平板、MR、机器人相关产品收入增长较快 ...

证券代码：002600 证券简称：领益智造 公告编号：2024-100 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 广东领益智造股份有限公司（以下简称"公司"）于 2024 年 3 月 8 日召开第 五届董事会第三十四次会议、第五届监事会第二十六次会议，审议通过了《关于 回购公司股份方案的议案》，同意公司使用自有资金以集中竞价交易方式回购公 司股份；回购股份的种类为公司已发行上市的人民币普通股（A 股）股票，回购 股份的资金总额不低于人民币 5,000 万元（含），不超过人民币 1 亿元（含），回 购股份的价格不超过人民币 7.50 元/股。公司已在中国证券登记结算有限责任公 司深圳分公司开立了回购专用证券账户，并分别于 2024 年 3 月 11 日及 2024 年 3 月 14 日披露了《关于回购公司股份方案的公告》《回购报告书》，具体内容详 见巨潮资讯网（www.cninfo.com.cn）和公司指定信息披露报刊的相关公告。 2024 年 5 月 20 日，公司召开 2023 ...

Investment Rating - The report assigns a "Buy" rating for the company, marking the initial coverage [5]. Core Insights - The company is positioned as a core supplier for Apple, benefiting significantly from the ongoing trends in artificial intelligence and consumer electronics [4][5]. - Despite short-term pressure on performance due to product structure changes, the long-term outlook remains positive as AI technology drives demand for upgraded consumer electronics [4]. Financial Performance Summary - In the first half of 2024, the company achieved revenue of 19.12 billion yuan, a year-on-year increase of 25.06%, while net profit attributable to shareholders was 692 million yuan, a decline of 44.53% [1]. - For Q2 2024, the company reported revenue of 9.32 billion yuan, a year-on-year increase of 15.43%, but a quarter-on-quarter decrease of 4.89% [1]. - The gross profit margin for the company was 15.02%, down 5.46 percentage points year-on-year [1]. Market Trends and Opportunities - The report highlights that AI technology is driving the iteration and upgrade of consumer electronics, with significant growth expected in AI smartphones and AIPC (AI Personal Computers) [4]. - According to IDC, global AI smartphone shipments are projected to reach 912 million units by 2028, with a CAGR of 78.4% from 2023 to 2028 [4]. - The company is expected to benefit from the increasing demand for thermal management solutions as AI devices proliferate, with the global vapor chamber market projected to reach 587 million USD by 2025, growing at a CAGR of 23.5% from 2022 to 2025 [4]. Earnings Forecast - The company’s revenue is forecasted to be 41.34 billion yuan in 2024, 49.60 billion yuan in 2025, and 57.78 billion yuan in 2026, with corresponding EPS of 0.36, 0.43, and 0.57 yuan [5][7]. - The report indicates that the company is expected to maintain a strong growth trajectory, benefiting from its role as a core supplier to Apple amid the acceleration of AI technology [5].

证券代码：002600 证券简称：领益智造 广东领益智造股份有限公司 投资者关系活动记录表 | --- | --- | --- | --- | |----------------|-----------------|--------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- ...

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 19,119,775,259.89, representing a 25.06% increase compared to CNY 15,288,729,135.11 in the same period last year[11]. - The net profit attributable to shareholders for the first half of 2024 was CNY 692,314,257.57, a decrease of 44.53% from CNY 1,248,104,166.02 in the previous year[11]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 574,020,676.99, down 46.50% from CNY 1,072,863,237.00 year-on-year[11]. - The net cash flow from operating activities was CNY 1,767,334,570.37, a decline of 51.76% compared to CNY 3,663,644,604.20 in the same period last year[11]. - The basic earnings per share for the first half of 2024 was CNY 0.10, down 44.44% from CNY 0.18 in the previous year[11]. - The total assets at the end of the reporting period were CNY 39,131,513,696.56, an increase of 5.23% from CNY 37,188,325,570.16 at the end of the previous year[11]. - The net assets attributable to shareholders at the end of the reporting period were CNY 18,658,266,188.49, up 2.23% from CNY 18,250,835,144.12 at the end of the previous year[11]. - The weighted average return on net assets was 3.73%, a decrease of 3.27 percentage points from 7.00% in the previous year[11]. - The company reported a significant increase in cash and cash equivalents, rising to ¥4.12 billion, up 2.42 percentage points from the previous year[107]. - The total liabilities increased, with long-term borrowings rising to ¥5.28 billion, reflecting a 2.78 percentage point increase due to higher financing needs[107]. Business Segments and Market Trends - AI terminal and communication business generated 17.64 billion yuan in revenue, growing 29.80% year-on-year, despite a decline in gross margin to 16.53%[100][101]. - The automotive business saw significant growth, with revenue of 1.02 billion yuan, up 42.90% year-on-year, driven by the expanding global electric vehicle market[101][103]. - Revenue from the photovoltaic energy storage business declined by 56.35% to 399 million yuan due to a decrease in customer orders[101]. - The global AI smartphone market is expected to see a 364% increase in shipments, reaching 234 million units in 2024, with a penetration rate of approximately 19%[19]. - AI PCs are projected to reach a shipment volume of 44 million units in 2024, with a significant increase in user adoption expected in the second half of the year[19]. - The global tablet market is anticipated to grow by 18% year-on-year in Q2 2024, reaching 35.9 million units shipped, driven by innovations in display technology and AI integration[20]. - The advanced industrial control systems market, enhanced by AI technologies, is expected to reach ¥10.6 billion by 2028, with a compound annual growth rate of 13%[21]. - The global AI server market is expected to reach $34.71 billion by 2026, with growth rates surpassing the overall server market[23]. - The global demand for micro-inverters is expected to reach 12.44 GW by 2025, driven by increasing electricity needs and supportive policies[33]. - The company is actively expanding its market presence in the photovoltaic storage sector through ODM collaborations with leading international clients[75]. Research and Development - The company invested 911 million yuan in R&D, a slight decrease of 0.61% from the previous year, emphasizing ongoing innovation[102]. - The company has established a systematic three-tier R&D platform focusing on future industry trends and innovative materials[81]. - The company is focusing on R&D for new products and technologies, aiming to enhance its market presence and competitiveness[61]. - The company is actively developing AI terminal hardware manufacturing platforms, focusing on innovations in robotics and AI technologies[50]. - The company has accumulated 1,908 patents, including 292 invention patents, and employs over 6,090 R&D personnel, supporting its innovation and production capabilities[92]. Environmental Compliance and Sustainability - The company emphasizes the "3R" principle (Reduce, Reuse, Recycle) in its production processes to enhance resource efficiency and minimize environmental impact[141]. - The company has received an ESG rating of A from MSCI, highlighting its commitment to sustainable development and green manufacturing practices[96]. - The company has established dedicated environmental monitoring laboratories in South China, East China, and West China to meet daily monitoring needs[181]. - The company has implemented emergency response plans for environmental incidents, including regular drills and updates[180]. - The company has maintained compliance with air pollutant discharge standards, with all monitored pollutants meeting regulatory requirements[180]. - The company is committed to reducing operational costs while enhancing overall innovation capabilities through a collaborative organizational structure[79]. - The company is focused on maintaining compliance with the Guangdong Province pollution discharge standards, reflecting its dedication to environmental responsibility[162]. Corporate Governance and Management - The company plans to enhance its governance structure and investor relations management to improve transparency and shareholder returns[145]. - The company has undergone changes in its board of directors and supervisory board, with several members elected and others completing their terms[149]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[181]. - The company has not engaged in any illegal external guarantees during the reporting period[186]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[185]. - The company has established long-term strategic partnerships with leading global electronic brands, ensuring stable orders through high-quality service and product standards[93]. Future Outlook and Strategic Initiatives - The company plans to expand into high-growth sectors such as new energy vehicles and photovoltaic energy storage, aiming to optimize capital allocation and strategic layout[122]. - The company is exploring potential mergers and acquisitions to strengthen its market position and enhance technological capabilities[172]. - The company aims to optimize its capital structure and reduce financing costs through ongoing refinancing efforts[138]. - The company is actively pursuing technological advancements in pollution control to enhance operational efficiency[176]. - Future expansion plans include increasing production capacity while maintaining environmental compliance[172].