领益智造：2024年三季报点评：Q3收入创历史新高，利润拐点明确

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company achieved a record high revenue of 123.65 billion yuan in Q3 2024, with a year-on-year increase of 32.14% and a quarter-on-quarter increase of 32.66%. The net profit attributable to shareholders was 7.13 billion yuan, up 14.68% year-on-year and up 208.13% quarter-on-quarter, indicating a clear profit turning point [1]. - The company is actively expanding its AI terminal hardware manufacturing platform, with significant growth in its AI terminal and communication business, which generated 176.40 billion yuan in revenue in H1 2024, a year-on-year increase of 29.80% [1]. - The company has strengthened its supply chain position as a core supplier for Apple, providing thousands of components for various Apple products, and has accumulated 1,908 patents as of H1 2024 [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported total revenue of 314.65 billion yuan, a year-on-year increase of 27.75%. The net profit attributable to shareholders was 14.05 billion yuan, down 24.85% year-on-year, while the non-recurring net profit was 11.87 billion yuan, down 29.54% year-on-year [1]. - The comprehensive gross margin for Q3 2024 was 17.21%, an increase of 2.19 percentage points quarter-on-quarter [1]. Business Segments - The automotive business achieved revenue of 10.18 billion yuan in H1 2024, a year-on-year increase of 42.90%. However, the photovoltaic energy storage business saw a revenue decline of 56.35% year-on-year, primarily due to a temporary decrease in customer orders [1]. - The company’s cooling products cover the entire industry chain, and its ultra-thin VC heat spreaders are used in various mid-to-high-end smartphone models [1]. Future Outlook - The company is expected to achieve net profits of 20.03 billion yuan, 32.34 billion yuan, and 41.47 billion yuan for the years 2024 to 2026, respectively, corresponding to price-to-earnings ratios of 32, 20, and 15 times [1].