领益智造：事件点评：首期激励授予落地，AI终端布局持续全面受益

Investment Rating - The report maintains a "Recommended" rating for the company [2][3]. Core Views - The company has launched its first stock option incentive plan, granting 188.65 million stock options to 1,412 core employees, which is 2.7% of the total share capital as of the announcement date [2]. - The company is actively expanding its AI terminal hardware manufacturing platform, with significant revenue growth in AI terminal and communication-related businesses, achieving a revenue of 17.64 billion yuan in the first half of 2024, a year-on-year increase of 29.8% [2]. - The company has established a strong position in the supply chain for Apple, providing thousands of components for various Apple products, and has received 1,908 patents to date, enhancing its competitive edge [2]. - The projected net profits for 2024-2026 are 2.005 billion, 3.243 billion, and 4.156 billion yuan, respectively, with corresponding price-to-earnings ratios of 21, 13, and 10 [2]. Financial Forecasts - The company's total revenue is expected to grow from 34.124 billion yuan in 2023 to 62.176 billion yuan in 2026, with growth rates of -1.0%, 18.6%, 27.2%, and 20.8% for the respective years [3][6]. - The net profit attributable to shareholders is projected to decrease slightly in 2024 to 2.005 billion yuan, followed by a significant increase to 3.243 billion yuan in 2025 and 4.156 billion yuan in 2026, reflecting growth rates of 28.5%, -2.2%, 61.7%, and 28.1% [3][6]. - The earnings per share are expected to remain stable at 0.29 yuan in 2024, increasing to 0.46 yuan in 2025 and 0.59 yuan in 2026 [3][6].