Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 11.40 CNY based on a 30x PE valuation for 2025 [2][5][11]. Core Insights - The company has demonstrated resilience with double-digit growth in both revenue and profit, achieving a revenue of 115 billion CNY in Q1 2025, a year-on-year increase of 17%, and a net profit of 5.7 billion CNY, up 24% [10]. - The company is expanding its global footprint with 58 production and R&D sites across various countries, enhancing its local delivery capabilities and operational resilience [10]. - New business segments, particularly in AI terminals, are rapidly developing, with AI-related revenue expected to exceed 40 billion CNY in 2024, marking a 33% year-on-year growth [10]. Financial Performance Summary - **Revenue Forecast**: Projected revenues from 2023 to 2027 are 34,124 million CNY, 44,211 million CNY, 52,539 million CNY, 60,520 million CNY, and 69,221 million CNY, respectively, with growth rates of -1.0%, 29.6%, 18.8%, 15.2%, and 14.4% [4][13]. - **Net Profit**: The net profit attributable to the parent company is forecasted to be 2,051 million CNY, 1,753 million CNY, 2,655 million CNY, 3,589 million CNY, and 4,575 million CNY from 2023 to 2027, with growth rates of 28.5%, -14.5%, 51.4%, 35.2%, and 27.5% [4][13]. - **Earnings Per Share (EPS)**: EPS is expected to rise from 0.29 CNY in 2023 to 0.65 CNY in 2027 [4][13]. - **Profit Margins**: The gross margin is projected to improve from 19.9% in 2023 to 18.2% in 2027, while the net margin is expected to increase from 6.0% to 6.6% over the same period [4][13].

Core Insights - The company reported a revenue of 11.494 billion yuan for Q1 2025, representing a year-on-year growth of 17.11%, and a net profit attributable to shareholders of 565 million yuan, with a year-on-year increase of 23.52% [2] - The company has achieved over 10 billion yuan in quarterly revenue for three consecutive quarters and has recorded double-digit year-on-year growth for five consecutive quarters [2] - The company is focusing on four major business segments: robotics, AI glasses, foldable screens, and servers, as part of its new growth strategy [2] Robotics Sector - On April 19, the company signed a strategic cooperation agreement with the Beijing Humanoid Robot Innovation Center, establishing a long-term and stable partnership to enhance its robotics business [2] - The company will provide high-quality humanoid robot hardware services and open application scenarios for training and testing [2] AI Glasses and XR Wearables - The company participated as a key strategic partner in the signing ceremony for AR/AI glasses collaboration between XREAL and Hisense Visual Technology on February 25, indicating deepening involvement in the AI glasses and XR wearable market [2] Foldable Screen Business - The company is aligning with the trend of high-end foldable smartphones, offering comprehensive solutions to major global clients, including key components like frames, VC thermal plates, screen support layers, chargers, and foldable screen hinge modules [3] Traditional Business Segments - The company’s traditional business focuses on three critical modules: batteries, thermal management, and fast charging [3] - In thermal management, the company possesses complete R&D and manufacturing capabilities, providing efficient cooling solutions with key products such as thermal plates, heat pipes, AI computing chips, and server cooling modules [3]

Core Insights - The company, Lingyi Zhi Zao, reported a strong performance in Q1 2025, with revenue of 11.494 billion yuan, a year-on-year increase of 17.11%, and a net profit attributable to shareholders of 565 million yuan, up 23.52% [1] - The company has achieved over 10 billion yuan in quarterly revenue for three consecutive quarters and has seen double-digit year-on-year growth for five consecutive quarters, indicating a clear profit turning point since Q3 2024 [1] - Lingyi Zhi Zao is advancing its strategic layout through various initiatives, including partnerships, share buybacks, and acquisitions, particularly focusing on humanoid robots and AI technologies [1] Financial Performance - In Q1 2025, the company's net profit excluding stock incentive amortization was 641 million yuan, reflecting a 37.59% year-on-year growth [1] - The company plans to distribute approximately 140 million yuan in cash dividends for the 2024 fiscal year, with total cash dividends and share buybacks amounting to 200 million yuan, representing 11.41% of the annual net profit [3] - Over the three years from 2022 to 2024, the cumulative amount of dividends and buybacks reached 1.727 billion yuan, accounting for 31.98% of the net profit during that period [3] Strategic Developments - Lingyi Zhi Zao has entered a strategic partnership with the Beijing Humanoid Robot Innovation Center, focusing on providing high-quality humanoid robot hardware and facilitating application scenarios for training and testing [2] - The company reported revenue of 2.117 billion yuan from its automotive and low-altitude economy business in 2024 and announced plans to acquire Jiangsu Keda Automotive Technology Co., enhancing its position in the automotive parts sector [2] - The acquisition aims to transition the company from a Tier 2 to a Tier 1 supplier in the automotive industry, significantly increasing its value and creating new profit growth points [2]

Core Insights - The company reported a revenue of 11.494 billion yuan for Q1 2025, marking a year-on-year growth of 17.11% [1] - Net profit attributable to shareholders reached 565 million yuan, up 23.52% year-on-year, while the net profit excluding stock incentive expenses was 641 million yuan, reflecting a 37.59% increase [1] - The company has achieved over 100 billion yuan in quarterly revenue for three consecutive quarters and has maintained double-digit year-on-year growth for five consecutive quarters [1] Group 1: Company Performance - The company has made significant progress in various innovative fields, including robotics, AI glasses, foldable screens, and servers, contributing to its revenue and profit growth [1] - The AI glasses market is expected to experience explosive growth in 2025, with the company positioned to leverage its manufacturing capabilities and strategic foresight [1] Group 2: Industry Trends - In 2024, the company generated 4.041 billion yuan in revenue from AI glasses and XR wearable devices, focusing on core components and technology development for AR, VR, MR, and AI glasses [2] - The company is a long-term strategic partner of XREAL, contributing to the production of AR glasses and providing essential components and assembly services [2] - Global AI glasses shipments are projected to reach 6.86 million units in 2025, a 265% increase from 2024, indicating a rapidly growing market [3] - The AI glasses industry is expected to evolve into the next major computing platform, with significant sales growth anticipated through 2035 [3][4]

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-053 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 经审核，监事会认为董事会编制和审议公司 2025 年第一季度报告的程序符 合法律、行政法规及中国证监会的规定，报告内容真实、准确、完整地反映了公 司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 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，审议通过。 三、备查文件 广东领益智造股份有限公司 第六届监事会第十一次会议决议公告 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"）第六届监事会第十一次会议 于 2025 年 4 月 28 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 2025 年 4 ...

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-052 | | --- | --- | --- | | 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 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"）第六届董事会第十三次会议 于 2025 年 4 月 28 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 2025 年 4 月 23 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 （二）审议通过《2025 年第一季度报告》 董事会审议了公司《2025 年第一季度报告》，董事会全体成员一致认为公 司 2025 年第一季度报告真实、准确、完整地反映了公司 2025 年第一季度的财务 状况和经营成果，不存在虚假记载、误导性陈述和重大遗漏，披露的信息真实、 准确、完整。 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 ...

关于不向下修正"领益转债"转股价格的公告 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。 | 证券代码：002600 | 证券简称：领益智造 公告编号：2025-055 | | --- | --- | | 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 重要内容提示： 自 2025 年 4 月 7 日至 2025 年 4 月 28 日，广东领益智造股份有限公司（以 下简称"公司"）股票在连续 30 个交易日中已有 15 个交易日的收盘价低于"领 益转债"（债券代码：127107）当期转股价格的 85%（即 7.78 元/股），已触发"领 益转债"转股价格的向下修正条件。 经公司第六届董事会第十三次会议审议通过，公司董事会决定本次不向下修 正"领益转债"转股价格，且自本次董事会审议通过之日起未来 6 个月内（2025 年 4 月 29 日至 2025 年 10 月 28 日），如再次触发"领益转债"转股价格向下修 正条件，亦不提出向下修正方案。下一触发转股价格修正条件的期间从 2025 年 10 月 29 日重新起算，若再次触发向下 ...

Financial Performance - The company's revenue for Q1 2025 reached ¥11,494,277,784.77, representing a 17.11% increase compared to ¥9,799,268,896.03 in the same period last year[6] - Net profit attributable to shareholders was ¥565,180,793.18, up 23.52% from ¥460,994,657.66 year-on-year[6] - The net profit after deducting equity incentive expenses was ¥640,833,318.24, reflecting a 37.59% increase from ¥469,221,680.41 in the previous year[6] - Total operating revenue for the current period reached ¥11,494,277,784.77, an increase of 16.9% compared to ¥9,814,838,543.39 in the previous period[21] - Net profit for the current period was ¥567,937,938.12, representing a 24.8% increase from ¥455,233,995.34 in the previous period[22] - The net profit attributable to the parent company was ¥565,180,793.18, compared to ¥457,544,157.23 in the last period, reflecting a growth of 23.5%[23] - The company reported a total comprehensive income of ¥582,624,352.29, compared to ¥436,512,069.34 in the previous period, an increase of 33.5%[23] - The basic and diluted earnings per share for the current period were both ¥0.08, up from ¥0.07 in the previous period[23] Cash Flow - The company's cash flow from operating activities decreased by 24.24% to ¥813,872,796.03, down from ¥1,073,720,271.12 in the same quarter last year[12] - Net cash flow from operating activities was $813,872,796.03, a decrease of 24.3% compared to the previous period's $1,074,223,966.55[26] - Total cash inflow from operating activities reached $12,999,900,842.64, up 23.3% from $10,546,592,886.90 in the prior period[26] - Cash outflow from operating activities totaled $12,186,028,046.61, an increase of 28.7% compared to $9,472,368,920.35 last period[26] - Cash flow from investment activities showed a net outflow of $1,804,163,382.47, worsening from a net outflow of $857,404,427.22 in the previous period[26] - Cash inflow from investment activities was $13,255,368.10, compared to $8,482,588.12 in the prior period, marking a significant increase[26] - Cash outflow from investment activities increased to $1,817,418,750.57 from $865,887,015.34, reflecting a rise of 109.5%[26] - Net cash flow from financing activities was $264,608,295.15, down 68.2% from $831,629,328.10 in the previous period[26] - Total cash inflow from financing activities was $1,700,027,183.80, a decrease of 41.2% compared to $2,889,985,505.22 last period[26] - The ending cash and cash equivalents balance was $5,299,409,636.21, an increase from $3,964,409,522.78 in the previous period[27] - The net increase in cash and cash equivalents was -$739,570,822.11, contrasting with a positive increase of $1,063,275,977.57 in the prior period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥44,614,429,295.56, a decrease of 1.28% from ¥45,161,192,304.34 at the end of the previous year[6] - Total liabilities decreased to ¥24,135,487,216.84 from ¥25,344,503,145.14, a reduction of approximately 4.8%[19] - The total equity increased to ¥20,478,942,078.72 from ¥19,848,981,254.01, marking an increase of about 3.2%[19] - Cash and cash equivalents decreased from RMB 6,573,409,034.73 to RMB 5,725,169,307.91, a decline of approximately 12.9%[17] - Accounts receivable decreased from RMB 11,444,644,057.03 to RMB 10,691,403,506.90, a decline of approximately 6.6%[18] - Inventory decreased from RMB 5,859,233,677.83 to RMB 5,497,088,580.19, a decline of approximately 6.2%[18] - Non-current assets increased from RMB 19,647,653,129.77 to RMB 20,471,513,126.42, an increase of approximately 4.2%[18] - Total assets decreased from RMB 45,193,484,399.15 to RMB 44,614,429,295.56, a decline of approximately 1.3%[18] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 316,498[13] - The largest shareholder, Lingsheng Investment (Jiangsu) Co., Ltd., holds 59.07% of shares, totaling 4,139,524,021 shares[13] - The second-largest shareholder, Hong Kong Central Clearing Limited, holds 2.12% of shares, totaling 148,402,558 shares[13] - The third-largest shareholder, Zeng Fangqin, holds 2.06% of shares, totaling 144,536,846 shares[13] - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder having over 4.1 billion shares[14] - Lingsheng Investment has pledged 271,100,000 shares[13] - The company has employee stock ownership plans for 2022 and 2024, holding 18,390,000 and 30,034,872 shares respectively[13] - The top ten unrestricted shareholders include Lingsheng Investment and Hong Kong Central Clearing, with Lingsheng holding the majority[14] - The company does not have any preferred shareholders or related matters to report[15] - There is no indication of any changes in the financing or securities lending activities of the top ten shareholders[14] Corporate Actions - The company approved a share repurchase plan with a total fund of no less than RMB 50 million and not exceeding RMB 100 million, with a maximum repurchase price of RMB 7.50 per share[16] - As of March 7, 2025, the share repurchase plan has been fully implemented[16] - The company plans to acquire 66.46% of Jiangsu Kedasitern Automotive Technology Co., Ltd., which will become a subsidiary after the transaction[16] - The company received an execution payment of RMB 107,017,574.36 from Dongguan Intermediate People's Court during the reporting period[16] Investment and R&D - The company reported a significant increase in investment income, which rose by 2168.50% to ¥152,289,246.17 compared to ¥6,713,219.36 in the same period last year[12] - The company experienced a 6480.72% increase in trading financial assets, reaching ¥458,018,284.65 due to an increase in wealth management products held[11] - Research and development expenses rose to ¥517,424,644.76, up from ¥432,260,469.53, indicating a growth of 19.7%[22] - The company has established a "Quality Return Dual Improvement" action plan to enhance quality and investment value[16]

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2025-056 | | --- | --- | --- | | 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 广东领益智造股份有限公司（以下简称"公司"）分别于 2024 年 12 月 6 日和 2024 年 12 月 23 日召开第六届董事会第九次会议和 2024 年第五次临时股东大 会，审议通过了《关于公司及子公司 2025 年度担保事项的议案》。为保证公司 及其子公司的正常生产经营活动，2025 年度公司（含控股子公司）拟为公司及子 公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人民币 3,500,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对公司（含 控股子公司）对子公司、子公司对公司之间的担保额度进行调配，亦可对新成立 的子公司分配担保额度。具体内容详见公司于 2024 年 12 月 7 日在巨潮资讯网 （www.cninf ...

Industry Overview - The Shenzhen robot industry is rapidly forming a cluster effect, with a significant number of enterprises showcasing their innovations at the first Robot Industry Chain Conference (FAIR plus 2025) [1] - The total output value of Shenzhen's robot industry chain is projected to exceed 201.2 billion yuan in 2024, marking a year-on-year growth of 39.64% with 14,534 new robot companies established [5] Key Companies and Products - Notable participants at the conference included leading firms such as UBTECH, Yujin Robot, and others, showcasing advanced products like humanoid robots and collaborative robots [2] - Tencent's "Xiao Wu" robot features a hybrid design with wheels and legs, designed for complex environments, particularly in elder care scenarios [3] - UBTECH's "Tian Gong Xing Zhe" humanoid robot is the first research-grade full-size humanoid robot priced below 300,000 yuan, capable of navigating various terrains [3] Technological Innovations - The conference highlighted advancements in sensory technology, such as the high-resolution "visual tactile sensor" developed by Daimeng Robotics, which can accurately capture three-dimensional force distributions [5] - Shenzhen's companies are also innovating in robotic arms and mobility systems, with products designed for diverse applications, including security inspections and industrial automation [6][7] Ecosystem and Supply Chain - Shenzhen has established a complete ecosystem for robot manufacturing, encompassing core components like tactile sensors, laser radars, and servo electronics, facilitating efficient supply chain interactions [7] - The industry is characterized by a strong integration of hardware and software capabilities, with local firms excelling in both manufacturing and technological services [7]