研报掘金丨华安证券:维持领益智造“买入”评级,内生稳健成长,外延快步升级
Ge Long Hui A P P·2025-11-03 06:07

Core Viewpoint - Leading Technology achieved a net profit of 1.941 billion yuan in the first three quarters, representing a year-on-year growth of 37.66%, with a single-quarter net profit of 1.012 billion yuan in Q3, up 39.28% year-on-year, indicating strong performance driven by major client innovations [1] Financial Performance - The company reported a net profit of 1.941 billion yuan for the first three quarters, a 37.66% increase year-on-year [1] - In Q3, the net profit reached 1.012 billion yuan, reflecting a 39.28% year-on-year growth [1] Market Trends - The iPhone 17 series has introduced significant design upgrades, including the VC thermal plate and aluminum alloy frame, enhancing heat dissipation [1] - The battery technology has evolved, with more models adopting steel shell batteries, and the fast charging power has increased to 40W for the iPhone 17 series [1] - Sales data from Apple's earnings call indicates strong demand for the iPhone 17, with expectations for revenue recovery in the Chinese market in the next quarter [1] Strategic Developments - The company announced an acquisition on October 30, aimed at further upgrading its automotive business [1] - As a key supplier of various components to major clients, the company is positioned to continue benefiting from client innovations [1]