领益智造：AI终端硬件制造平台

Investment Rating - The report assigns a "Buy" rating for Lingyi Technology (002600) with a first coverage [8]. Core Views - The company is positioned as a leading supplier in the AI terminal hardware sector, providing a comprehensive range of manufacturing services and solutions for AI terminal devices and communication equipment [10]. - The company is actively developing advanced materials, such as carbon fiber, for high-end foldable smartphones, enhancing product durability and performance [10]. - The company is expanding its presence in the humanoid robot market through collaborations and has developed various industrial robots and control systems [10]. - The communication segment is focusing on new technologies and components for 5G base stations, while also entering the electric vehicle market with components for battery structures and wireless charging [10]. Financial Summary - The company expects to achieve a net profit attributable to shareholders of 2.24 billion, 3.01 billion, and 4.01 billion yuan for the years 2024, 2025, and 2026 respectively [12]. - Revenue projections for the years 2024, 2025, and 2026 are 41.02 billion, 50.01 billion, and 60.02 billion yuan, reflecting growth rates of 20.20%, 21.93%, and 20.01% respectively [13]. - The company's earnings per share (EPS) are projected to be 0.32, 0.43, and 0.57 yuan for the years 2024, 2025, and 2026 [13]. - The price-to-earnings (P/E) ratio is expected to decrease from 30.04 in 2023 to 15.36 by 2026, indicating improved valuation over time [13].