LY iTECH(002600) 国金证券·2024-06-20 03:30Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][6]. Core Views - The company is positioned to benefit significantly from AI integration in smart hardware, with a focus on creating an AI + terminal manufacturing platform. The AI terminal and communication business achieved stable growth in 2023, generating revenue of 30.687 billion yuan with a gross margin of 21.62% [2]. - The company anticipates a product innovation cycle in the consumer electronics sector, particularly in smartphones, driven by AI advancements. It aims to enhance its product structure and increase the proportion of high-value-added businesses through long-term partnerships with leading manufacturers [2]. - Future profit forecasts for the company are optimistic, with expected net profits of 1.959 billion yuan, 2.483 billion yuan, and 3.062 billion yuan for 2024, 2025, and 2026 respectively, reflecting growth rates of -4.50%, +26.78%, and +23.31% [3][4]. Summary by Sections Company Overview - The company reported a revenue of 34.124 billion yuan in 2023, a slight decline of 1.05% from the previous year, with a projected revenue increase to 40.210 billion yuan in 2024, representing a growth rate of 17.84% [3][4]. Financial Performance - The company's net profit for 2023 was 2.051 billion yuan, with a growth rate of 28.50%. The forecast for 2024 shows a decrease to 1.959 billion yuan, followed by a recovery in 2025 and 2026 [3][4]. - The diluted earnings per share (EPS) for 2023 was 0.293 yuan, with projections of 0.279 yuan in 2024 and 0.354 yuan in 2025 [3]. Market Position and Strategy - The company is focusing on enhancing its manufacturing capabilities in precision components for high-end AR/VR products, which are expected to gain traction in the market [2]. - The collaboration with major clients in the AI sector is expected to support stable revenue growth, as the company optimizes its product offerings and integrates AI technologies into its manufacturing processes [2].