领益智造：业绩短期承压，AI创新焕发生机

Investment Rating - The report maintains a "Buy" rating for the company [8]. Core Views - The company reported a revenue of 19.12 billion yuan for the first half of 2024, representing a year-on-year growth of 25.06%. However, the net profit attributable to shareholders decreased by 44.53% to 692 million yuan, with a non-recurring net profit of 574 million yuan, down 46.50% [6][7]. - In the second quarter alone, the company achieved a revenue of 9.32 billion yuan, a year-on-year increase of 15.43%, but the net profit dropped by 61.54% to 231 million yuan [6][7]. - The AI terminal business generated 17.61 billion yuan in revenue, up 30.69%, accounting for 92.09% of total revenue. The automotive business saw a revenue increase of 42.90% to 1.02 billion yuan, while other businesses experienced a decline of 55.26% [7]. - The company's gross margin was 15.00%, down 5.49% year-on-year, primarily due to price pressures in functional components and declines in the photovoltaic storage business [7]. - The report highlights the potential benefits from AI integration in consumer electronics, particularly with deep ties to major North American clients, which may drive growth in the coming years [7]. Summary by Sections Financial Performance - For the first half of 2024, the company achieved a total revenue of 19.12 billion yuan, a 25.06% increase year-on-year, while the net profit attributable to shareholders was 692 million yuan, a decrease of 44.53% [6][7]. - The second quarter revenue was 9.32 billion yuan, reflecting a 15.43% year-on-year growth, but net profit fell by 61.54% to 231 million yuan [6][7]. Business Segments - The AI terminal business contributed 17.61 billion yuan in revenue, a 30.69% increase, making up 92.09% of total revenue. The automotive segment generated 1.02 billion yuan, up 42.90%, while other segments saw a 55.26% decline [7]. Profitability Metrics - The gross margin for the reporting period was 15.00%, down 5.49% year-on-year, influenced by various factors including price pressures and production challenges in different business lines [7]. - The net profit margin was 3.61%, a decrease of 4.54% year-on-year, affected by the gross margin decline and reduced investment income [7]. Future Outlook - The report expresses optimism about the company's long-term growth potential, projecting net profits of 1.93 billion yuan, 3.24 billion yuan, and 4.03 billion yuan for 2024, 2025, and 2026, respectively [7].