领益智造：一季度营收快速增长，深度受益AI赋能智慧硬件

Investment Rating - The report maintains a Buy rating for the company with a target price of 6.93 RMB based on a 21x PE multiple for 2024 [2][7] Core Views - The company's consumer electronics business remains stable, with significant growth driven by AI-powered smart hardware In 2023, the company achieved revenue of 34 1 billion RMB, a slight decrease of 1% YoY, while net profit attributable to the parent company grew by 29% to 2 05 billion RMB AI terminal and communication-related products contributed 30 7 billion RMB, accounting for 90% of total revenue [1] - In Q1 2024, the company reported revenue of 9 8 billion RMB, a 36% YoY increase, driven by the expansion of domestic AI terminal and communication-related product categories and increased overseas base revenue However, net profit attributable to the parent company declined by 29% YoY to 460 million RMB, primarily due to reduced smartphone shipments from a major overseas customer and pressure on upstream supply chain pricing [1] - The company is transitioning from a consumer electronics manufacturer to an AI terminal hardware manufacturing platform, with significant growth in emerging AI+ smart terminal products such as XR, foldable smartphones, servers, and robots The automotive business also saw strong growth, with revenue reaching 1 7 billion RMB in 2023, a 44% YoY increase [1] Financial Performance and Projections - Revenue for 2023 was 34 124 billion RMB, a slight decline of 1% YoY, with net profit attributable to the parent company growing by 28 5% to 2 051 billion RMB [3] - For 2024-2026, the company is projected to achieve revenue of 39 294 billion RMB, 44 166 billion RMB, and 48 948 billion RMB, with YoY growth rates of 15 2%, 12 4%, and 10 8%, respectively Net profit attributable to the parent company is expected to grow to 2 325 billion RMB, 2 942 billion RMB, and 3 521 billion RMB over the same period [3] - EPS for 2024-2026 is forecasted at 0 33 RMB, 0 42 RMB, and 0 50 RMB, respectively [3] Business Expansion and Strategy - The company is expanding its capabilities in areas such as thermal management (heat pipes, vapor chambers, thermal modules), carbon fiber (used in high-end foldable smartphones), and modules (including thermal, backlight, RF, motor, hinge, acoustic, keyboard, touchpad, and wireless charging modules) [1] - The automotive business is rapidly growing, particularly in the power battery structural components segment, with a subsidiary securing a nomination agreement with a German automaker's power battery subsidiary to supply battery covers, die-cut parts, and related injection molding and stamping parts [1] Valuation and Peer Comparison - The company's 2024E PE ratio is 15 1x, lower than the peer average of 20 92x, with a target price of 6 93 RMB based on a 21x PE multiple [2][8] - Key peers include Luxshare Precision (002475) with a 2024E PE of 15 33x and Anjie Technology (002635) with a 2024E PE of 25 49x [8]