LY iTECH(SZ:002600) Zheng Quan Zhi Xing·2025-05-29 09:35Core Viewpoint - Guangdong Lingyi Intelligent Manufacturing Co., Ltd. maintains a strong competitive advantage in the AI terminal hardware supply chain, with a stable credit rating of AA+ for both the company and its convertible bonds, indicating solid financial health and operational performance [1][3][4]. Company Overview - The company has a leading position in the AI terminal hardware industry, providing comprehensive services including R&D, design, production, and sales of core components [7][14]. - As of the end of 2024, the company had total assets of 451.61 billion yuan and equity of 198.75 billion yuan, with a revenue of 442.11 billion yuan and a profit of 21.94 billion yuan [9][8]. Financial Performance - In 2024, the company experienced a revenue growth of 29.56% compared to the previous year, reaching 442.11 billion yuan, while operating cash flow remained robust with net inflows of 52.95 billion yuan [7][8]. - The company’s cash assets were substantial, amounting to 62.29 billion yuan at the end of 2024, indicating strong liquidity [7][8]. Business Expansion - The company is expanding into new fields such as smart wearables, robotics, smart home devices, and autonomous driving, which are expected to drive future growth [7][14]. - The company has established deeper partnerships with major clients, including leading robotics companies and well-known brands like AMD and Brembo, enhancing its market position [7][14]. Risk Factors - The company faces risks related to raw material price fluctuations, high customer concentration, and exposure to foreign exchange and geopolitical risks due to its significant export business [7][8]. - Accounts receivable and inventory levels are high, which may impact working capital [7][8]. Industry Analysis - The global consumer electronics market is projected to grow at a compound annual growth rate (CAGR) of 7.63% from 2024 to 2032, driven by innovations in AI technology and rapid product iterations [13][14]. - The company is well-positioned to capitalize on these trends, given its strong R&D capabilities and established market presence [7][14].