Summary of Greater China Technology Hardware Conference Call Industry Overview - The conference focused on the Greater China Technology Hardware sector, particularly in AI technology and hardware advancements [7][8]. Key Insights - **Opportunities in AI GPU and ASIC Servers**: There are significant opportunities in upgrading AI GPU and ASIC server designs, with major projects like GB300, Vera Rubin platform, and Kyber architecture showing promise [7][8]. - **AMD Helios Server Rack**: The AMD Helios server rack project is gaining traction, indicating a positive trend in server hardware demand [7]. - **Enhanced Computing Power**: AI ASIC servers are expected to enhance computing power and increase rack density, which is crucial for data centers [7]. - **Power Solution Upgrades**: Transitioning to 800V HVDC power architecture and the growing adoption of liquid cooling solutions are highlighted as key upgrades [7]. - **PCB/Substrate Capacity Expansion**: There is a wave of capacity expansion in PCB/substrate to support ongoing design upgrades, which is essential for meeting increased demand [7]. - **Data Network Improvements**: Upgrades in data and power interconnects are anticipated to improve data network transmission speed and capacity [7]. - **Consumer Electronics Demand**: The demand for consumer electronics is being impacted by rising memory costs, with Android smartphones being more vulnerable compared to iPhones [7]. - **Upcoming Foldable iPhone Models**: Anticipation for the release of foldable iPhone models in the second half of 2026 is noted as a potential market driver [7]. Stock Recommendations - **Key Stock Ideas**: - AI Server Hardware: Wistron, Hon Hai/FII, Wiwynn, Delta Electronics, AVC, BizLink, King Slide, Accton, Chenbro, Gold Circuits, Innolight, FIT, and Fositek [7]. - Edge AI: Xiaomi, Lenovo, Luxshare [7]. Valuation Comparison - A detailed valuation comparison of various companies within the Greater China Technology Hardware sector was provided, including metrics such as price, target price, EPS, P/E ratio, P/B ratio, and ROE [8]. - Notable companies included: - **Lite-On Tech**: Current price at 162.50, target price at 150.00, with a P/E ratio of 23.3 for 2025 [8]. - **Delta Electronics**: Current price at 922.00, target price at 1288.0, with a P/E ratio of 38.9 for 2025 [8]. - **Hon Hai**: Current price at 241.00, target price at 317.0, with a P/E ratio of 16.4 for 2025 [8]. - **Foxconn Tech**: Current price at 66.80, target price at 54.00, with a P/E ratio of 26.0 for 2025 [8]. Additional Considerations - The report emphasizes the importance of considering Morgan Stanley Research as one of several factors in investment decision-making, acknowledging potential conflicts of interest [4][5].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Insights - The company reported a revenue of 37.59 billion yuan for the third quarter of 2024, representing a year-on-year growth of 19.25%. The net profit attributable to shareholders was 1.941 billion yuan, up 37.66% year-on-year, while the net profit after deducting non-recurring items was 1.503 billion yuan, an increase of 26.67% [5][6]. - In the third quarter alone, the company achieved a revenue of 13.965 billion yuan, a year-on-year increase of 12.91%, with a net profit of 1.012 billion yuan, reflecting a growth of 39.28% year-on-year. The net profit after non-recurring items was 897 million yuan, up 46.47% year-on-year [5][6]. - The company's gross margin improved to 16.61%, an increase of 0.74 percentage points year-on-year, with a gross margin of 19.20% in the third quarter, up 1.99 percentage points year-on-year and 4.19 percentage points quarter-on-quarter [12]. - The company is expanding its business across four key areas: robotics, AI glasses, foldable screens, and servers, with significant growth in AI-related products and automotive business [12]. Financial Performance - The company’s revenue is projected to reach 44.21 billion yuan in 2027, with a net profit attributable to shareholders expected to be 2.539 billion yuan in 2025 and 3.438 billion yuan in 2026 [16]. - The company has made a strategic acquisition of Zhejiang Xianglong for 2.404 billion yuan, which will enhance its automotive business and align with trends in electrification and intelligence in the automotive sector [12].

Meeting Overview - The shareholder meeting was convened by the company's board of directors and was held on November 14, 2025, with both on-site and online voting methods [1][2] - A total of 3,662 shareholders attended, representing 4,427,203,929 shares, which is 60.5943% of the total shares as of the record date [3][4] Voting Results - The proposal to reappoint the accounting firm was approved with 99.7582% of votes in favor, totaling 4,416,500,525 shares [6] - The proposal for the company to issue H shares and list on the Hong Kong Stock Exchange was approved with 99.9309% of votes in favor, totaling 4,424,143,720 shares [8] - Various specific resolutions regarding the issuance of H shares, including types, timing, methods, scale, pricing, and targets, were all approved with overwhelming majorities, typically above 99% [9][11][13][15][17][19][21][22][24][26][28][30][32][34][38][40][42] Legal Compliance - The meeting's procedures and voting processes were confirmed to comply with relevant laws and regulations, as stated by the witnessing lawyer from Beijing Jiayuan Law Firm [44][45]

Core Viewpoint - The acquisition of Jiangsu Kedasitern Automotive Technology Co., Ltd. by Lingyi Manufacturing is aimed at enhancing the company's position in the new energy vehicle parts sector and creating a second growth curve through industrial upgrades [1][2]. Group 1: Acquisition Details - Lingyi Manufacturing has decided to adjust its asset purchase plan to acquire control of Jiangsu Kedasitern using cash, moving away from the previous plan involving convertible bonds [1]. - This acquisition is expected to accelerate the integration and management of Jiangsu Kedasitern, thereby expanding Lingyi Manufacturing's overall automotive business scale [1][2]. Group 2: Business Transformation - Post-acquisition, Lingyi Manufacturing's automotive business will transition from Tier 2 to Tier 1, allowing the company to enter the automotive trim parts industry with significant market potential [2]. - The company is also set to acquire 96.15% of Zhejiang Xianglong Machinery Co., Ltd. for 2.404 billion yuan, further enhancing its automotive parts portfolio [2]. Group 3: Financial Performance - For the first three quarters of 2025, Lingyi Manufacturing reported revenue of 37.590 billion yuan, a year-on-year increase of 19.39%, and a net profit attributable to shareholders of 1.941 billion yuan, up 38.17% [3]. - In Q3 alone, the company achieved revenue of 13.965 billion yuan, marking the fifth consecutive quarter with revenue exceeding 10 billion yuan, and a net profit of 1.012 billion yuan, reflecting a 39.28% year-on-year growth [3]. Group 4: Strategic Initiatives - Lingyi Manufacturing is planning to issue H-shares to enhance its international strategy, improve overseas business layout, and increase its overall competitiveness [3].

证券代码：002600 证券简称：领益智造 公告编号：2025-191 广东领益智造股份有限公司 2025年第五次临时股东会决议公告 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。 特别提示： 1、本次股东会以现场投票和网络投票相结合的表决方式召开。 2、本次股东会未出现否决议案的情形。 3、本次会议没有涉及变更前次股东会决议的情形。 4、本次股东会召开期间无新议案提交表决的情况。 一、会议召开和出席情况 1、会议召集人：公司董事会 2、会议主持人：贾双谊先生 3、会议召开日期和时间： 现场会议：2025 年 11 月 14 日（星期五）14:30 网络投票：通过深圳证券交易所交易系统进行网络投票的时间为 2025 年 11 月 14 日的交易时间，即 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易 所互联网投票系统进行网络投票的时间为2025年11月14日上午9:15至下午15:00 的任意时间。 4、现场会议召开地点：广东省深圳市福田区领益大厦 15 楼会议室 5、表决方式：本次股东会采取现场表决与网络投票相结合的方 ...

2025 年第五次临时股东会的 法律意见书 北京市嘉源律师事务所 关于广东领益智造股份有限公司 2025 年第五次临时股东会的 法律意见书 西城区复兴门内大街 158 号远洋大厦 4 楼 中国·北京 源: No with A YUAN LAW OFFICES 北京 BEUING · 上海 SHANGHAI · 深圳 SHENZHEN · 香港 HONG KONG · 广州 GUANGZHOU · 西安 XI' AN 致:广东领益智造股份有限公司 北京市嘉源律师事务所 关于广东领益智造股份有限公司 嘉源(2025)-04-829 北京市嘉源律师事务所(以下简称"本所")接受广东领益智造股份有限公 司(以下简称"公司")的委托,根据《中华人民共和国公司法》(以下简称"《公 司法》")、《上市公司股东会规则》(以下简称"《股东会规则》")等现行 有效的法律、行政法规、部门规章、规范性文件(以下简称"法律法规")以及 《广东领益智造股份有限公司章程》(以下简称"《公司章程》")的有关规定, 指派本所律师对公司2025年第五次临时股东会(以下简称"本次股东会")进行 见证,并依法出具本法律意见书。 为出具本法律意见书, ...

Group 1 - The AI mobile concept sector declined by 2.67%, ranking among the top declines in concept sectors, with major declines seen in companies like Baiwei Storage, Jiangbolong, and Wanrun Technology [1] - Among the AI mobile concept stocks, only three companies saw price increases, with Nanchip Technology rising by 2.12%, Wentai Technology by 1.56%, and Furong Technology by 0.21% [1] - The AI mobile concept sector experienced a net outflow of 3.496 billion yuan, with 22 stocks seeing net outflows, and 8 stocks with outflows exceeding 100 million yuan [2] Group 2 - The top net outflow stock was Shenghong Technology, with a net outflow of 915 million yuan, followed by Jiangbolong with 833 million yuan, and ZTE with 477 million yuan [2] - Conversely, the stocks with the highest net inflows included Wentai Technology with 131 million yuan, Huida Technology with 21.81 million yuan, and Nanchip Technology with 19.43 million yuan [3] - The AI mobile concept sector's performance was notably affected by the significant outflows from key players, indicating potential challenges within the sector [2][3]

Core Viewpoint - The Shenzhen Stock Exchange has terminated the review of Guangdong Lingyi Intelligent Manufacturing Co., Ltd.'s application for issuing convertible bonds to purchase assets and raise matching funds, following the company's request to withdraw the application [1][2]. Group 1: Company Actions - Lingyi Intelligent Manufacturing submitted a request to withdraw its application for issuing convertible bonds and purchasing assets, which was accepted by the Shenzhen Stock Exchange [1]. - The company adjusted its asset purchase plan to acquire control of Jiangsu Kedasitern Automotive Technology Co., Ltd. in cash instead of through convertible bonds [2][3]. - The independent financial advisor, Guotai Junan Securities, confirmed that the adjustment of the asset purchase plan complied with relevant regulations and was approved by the company's board and independent directors [4]. Group 2: Financial Details - The original plan involved purchasing 66.46% of Jiangsu Kedasitern's equity from eight counterparties for a total transaction price of 33,230.00 million yuan, based on an asset valuation of 50,500.00 million yuan, resulting in a 104.06% appreciation rate [4][5]. - As of December 31, 2024, Jiangsu Kedasitern's total assets were valued at 132,753.26 million yuan, with total liabilities of 108,005.53 million yuan, leading to total equity of 24,747.72 million yuan [5][6]. - The company's financial performance showed an increase in revenue from 81,581.39 million yuan in 2023 to 89,884.35 million yuan in 2024, with net profit rising from 2,531.99 million yuan to 4,097.88 million yuan during the same period [8][9].

Summary of Lingyi (002600.SZ) Management Call Company Overview - **Company**: Lingyi (002600.SZ) - **Industry**: Technology, specifically focusing on precision functional and structural components for AI/AR glasses, foldable phones, and AI server components Key Points 1. AI/AR Glasses Outlook - Management anticipates strong growth in the AI/AR glasses market due to: - Lightweight design attracting a broader user base - AI/AR glasses serving as edge devices enhanced by AI applications - Accelerated launches of new models with upgraded specifications - Lingyi is a supplier of structural parts to leading global AI/AR glasses brands and is expanding its product offerings to increase dollar content - Revenue from AI/AR glasses is projected to grow from 11% in 2025 to 17% in 2027, supported by technical advantages and partnerships with major brands in China and the US [2][2][2] 2. Foldable Phone Components - Management expects the trend of foldable phones to increase dollar content for Lingyi, including: - Precision structural parts, hinges, and vapor chamber modules - Lingyi's experience in stamping, MIM, and CNC is noted as beneficial for producing high-quality hinges - The company is diversifying its vapor chamber module offerings across different materials and aims to penetrate more brand clients by 2026 [3][3][3] 3. AI Server Components Expansion - Lingyi is expanding into AI server components, including: - Power supply, liquid cooling, and air cooling components - The company has begun delivering GPU cooling modules for servers and aims to collaborate with more CSP clients in upcoming AI server launches - Specification upgrades in AI server components are expected to drive dollar content and growth opportunities for Lingyi [8][8][8] 4. Financial Projections and Valuation - Target price set at Rmb22.6 with a target P/E multiple of 38.8x based on 2026E EPS growth - Revenue projections for the next few years: - 2025: Rmb44.21 billion - 2026: Rmb52.78 billion - 2027: Rmb70.25 billion - Key risks include slower-than-expected penetration of foldable phones and AI terminals, potential competition, and a weak macroeconomic environment [9][10][10] 5. Market Position and Strategy - Lingyi is positioned as a leader in precision functional and structural components, leveraging deep partnerships with brand clients to drive growth - The company is diversifying its offerings to capitalize on accelerated industry growth in AI devices, foldable phones, and robotics [1][1][1] Additional Insights - Lingyi's established partnerships and technical capabilities are critical to its growth strategy in emerging technology markets - The management's positive outlook on AI/AR glasses and foldable phones indicates a strong belief in the company's ability to adapt and thrive in a competitive landscape [2][3][8]

Core Viewpoint - The major asset restructuring plan of Lingyi iTech (002600) has been terminated after nearly a year of planning, as announced by the Shenzhen Stock Exchange on November 13 [1]. Group 1: Restructuring Process - Lingyi iTech submitted an application to withdraw its proposal for issuing convertible bonds and cash purchases of assets, along with raising supporting funds [4]. - The restructuring plan was initially approved on August 8, but the company did not submit the registration thereafter [4]. - The board meetings held on December 6, 2024, approved the proposal for issuing convertible bonds and cash purchases of assets [4]. Group 2: Financial Details - The company planned to acquire a 66.46% stake in Jiangsu Kedasiteng Automotive Technology Co., Ltd. for a total price of 332 million yuan [5]. - The company intended to raise no more than 207 million yuan through a private placement to specific investors [5]. - For the first three quarters of 2025, Lingyi iTech reported revenue of 37.59 billion yuan, a year-on-year increase of 19.39%, and a net profit attributable to shareholders of 1.94 billion yuan, up 38.17% year-on-year [8]. Group 3: Market Reaction - Following the announcement of the termination of the restructuring plan, Lingyi iTech's stock price opened lower and closed at 13.63 yuan per share, with a market capitalization of 99.58 billion yuan as of November 14 [9].