领益智造：AI终端硬件龙头，创新引领成长

Investment Rating - The report maintains a "Buy" rating for the company [7]. Core Views - The company is recognized as a global leader in AI terminal hardware, continuously deepening its engagement with international major clients and extending its capabilities along the supply chain [2][6]. - The company is expected to benefit from the ongoing upgrade trends in consumer electronics, particularly in cooling solutions, steel shell batteries, and fast charging technologies, leading to significant growth in net profit from 2024 to 2026 [2][6]. Summary by Sections Company Overview - Founded in 2006, the company specializes in precision functional components for consumer electronics and has transitioned into an AI terminal hardware manufacturing platform since its listing in 2018 [4][14]. - The company’s product offerings include materials, functional components, structural parts, functional modules, and chargers, serving various sectors including smartphones, PCs, wearables, and automotive [4][14]. AI-Driven Upgrades - The rise of generative AI is driving upgrades in consumer electronics hardware, with significant demand for improved cooling solutions, charging efficiency, and battery energy density [4][35]. - The company is positioned to capitalize on these trends, particularly through the adoption of VC heat spreaders, enhanced charging capabilities, and the increasing prevalence of steel shell batteries [4][35]. New Energy and Photovoltaics - The company has made strategic acquisitions, such as the 95% stake in Zhejiang Jintai Electronics, to enter the new energy sector, rapidly integrating into the supply chains of major North American clients [5][19]. - The partnership with Enphase for the development of micro-inverters and other components highlights the company's commitment to expanding its footprint in the photovoltaic sector [5][19]. Financial Performance and Forecast - The company reported a revenue of 341.24 billion yuan in 2023, with a slight decline year-on-year, but a strong recovery in Q1 2024 with a revenue increase of 35.83% [23][26]. - The projected net profits for 2024, 2025, and 2026 are 19.31 billion, 32.26 billion, and 40.20 billion yuan respectively, indicating robust growth potential [2][6]. Research and Development - The company has maintained a high level of R&D investment, with cumulative expenditures exceeding 5.5 billion yuan from 2020 to 2022, reflecting its commitment to innovation [30][34]. - Recent projects focus on enhancing production efficiency and product quality, which are expected to bolster the company's competitive edge in the market [34].