领益智造：单季度业绩拐点，开启新成长周期

Investment Rating - The investment rating for the company is "Buy" and it is maintained [4]. Core Views - The company has entered a new growth cycle as its Q3 performance shows a return to positive growth, driven by seasonal demand and increased business from international and Android customers [5][6]. - The company is positioned as a key player in AI terminal cooling solutions, with a diverse product portfolio that includes graphite heat spreaders and various materials for VC heat pipes, which are crucial for AI smartphone development [5][6]. - The company is expected to benefit from the ongoing upgrade trends in consumer electronics, particularly in cooling, battery, and fast charging technologies, with projected net profits of 1.976 billion, 2.895 billion, and 4.078 billion yuan for 2024, 2025, and 2026 respectively [6]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company achieved revenue of 31.485 billion yuan, a year-on-year increase of 27.75%, while net profit attributable to shareholders was 1.405 billion yuan, a decrease of 24.85% [4]. - In Q3 alone, the company reported revenue of 12.365 billion yuan, up 32.14% year-on-year, and a net profit of 0.713 billion yuan, an increase of 14.68% [4]. Market Position and Growth Potential - The company has a strong foothold in the AI terminal hardware market, continuously expanding its capabilities across the supply chain, which positions it well to capitalize on the upcoming AI smartphone innovation wave [6]. - The company’s consumer electronics segment is expected to benefit significantly from the trends in cooling, battery, and fast charging upgrades, indicating a robust growth outlook [6].