Group 1: Product Development and Market Position - The company has disclosed the progress of multiple new products and solutions during recent institutional research, including the Wi-Fi 7 module, which is set for large-scale sales in 2024, enhancing its competitive advantage in wireless communication [4] - The second-generation non-linear Wi-Fi 7 module has entered mass production, with significant year-on-year revenue growth expected in Q1 2025 [4] - The Phase 7LE solution targeting the mid-to-high-end smartphone market will achieve mass shipments in 2024, successfully entering the supply chains of several brand manufacturers [4] Group 2: Product Matrix and Market Expansion - The Phase 7LE Plus and Phase 8L modules have formed a complete high-integration product matrix, covering a wide market from mid-range to high-end flagship models, which helps the company expand market share and enhance competitiveness [5] - In the automotive sector, the company has launched a 5G automotive-grade RF front-end solution certified by AEC-Q100, achieving nearly 10 million RMB in revenue in Q1 [5] Group 3: Satellite Communication and AI Terminal Products - The RF front-end module for satellite communication has been successfully integrated into multiple brand smartphone manufacturers, with ongoing development of the next-generation satellite communication RF front-end module [6] - The company is optimistic about the growth prospects of its satellite communication business despite short-term challenges, as the technology's penetration in the smartphone sector is still developing [6] - The company is actively developing products suitable for AI terminals, with significant improvements in performance and energy efficiency, and plans to launch these new products in Q2 2025 [6] Group 4: Strategic Focus and Market Opportunities - The company is focusing on the high-end product sector, leveraging changes in tariff policies to advance domestic substitution, and plans to deepen its efforts in the high-end market in 2025 [7] - The company aims to meet customer product demands while increasing R&D resource investment to accelerate new product development [7]

作者：周源/华尔街见闻 "五一"小长假期间，央视新闻频道深入探访荣耀深圳智能制造产业园与深圳研发实验室，公开了荣耀"黑灯工厂"的智能化生产流程。 央视镜头下的智能生产线（主要生产荣耀300系列）与研发成果，直观呈现了荣耀从"制造"到"智造"的转型成果。 央视报道称，在以旧换新政策带动下，荣耀深圳工厂生产的主力机型销量增长达50%。 4月，荣耀先后发布荣耀Power、荣耀GT Pro和荣耀MagicBook Pro 16 HUNTER版2025（笔电）三款新品。 3月2日，荣耀在2025世界移动通信大会正式发布荣耀阿尔法战略（HONOR ALPHA PLAN），宣布将从智能手机制造商向全球领先的AI终端生态公司转 型。 在此项战略的指引之下，荣耀将旗舰机型的技术下沉到中高端机型，以此配合国补政策，推动产能的快速爬坡，实现新品销量势能上扬，市场份额逐步恢 复。 重返中国市场销量前三 央视报道显示，荣耀产业园通过AI视觉检测系统实现每28秒下线一部手机。 "春节后，荣耀工厂已开始拉升产能。为了提升智能手机产能，我们新购了70多台机械手，推升了20%+的产能。"据荣耀智能制造产业园制造工程部部长王 忠宝透露，"我们一 ...

4月30日，荣耀MagicBook Pro 16 2025亮相。作为笔记本性能旗舰Pro 16系列的全新迭代产品，荣耀 MagicBook Pro 16 HUNTER版2025首发搭载RTX 5070显卡，在HONOR Turbo X加持下，带来性能、静 音、画质、通信、音效等进阶体验。 其拥有智能、高能、狂战三档性能模式可选，在狂战模式下，整机最高可释放150W超强性能。在 HONOR Turbo X调校技术加持下，这款笔记本在不少主流3A和网游中实测的游戏帧率都达到行业领先 水平，为用户带来更强大和流畅的越级体验。 此次荣耀MagicBook Pro 16升级全新静音高性能模式2.0，实现了噪音更低的同时性能释放更出色。荣耀 MagicBook Pro 16 HUNTER版 2025在静音高性能模式下，可在35dB噪音下提供100W性能释放，同功耗 下噪音表现相比同类产品下降14至16dB。 接口上，荣耀 MagicBook Pro 16 2025全新升级HDMI 2.1-FRL接口，拥有2个 USB-A 3.2 Gen2接口，1个 雷电4和1个全功能USB-C接口，满足用户的扩展需求。全系搭配1TB固态 ...

领益智造 20250429 摘要 • 领益智造一季度营收 43.72 亿元，同比增长 1.79%；归母净利润 5.06 亿 元，同比增长 14.19%。扣除股权激励摊销后，实际归母净利润增长 37.59%，扣非净利润增长 20.33%。经营性现金流净流入 8.14 亿元，同 比下降 24.24%。 • 公司在电热管理系统、电池、散热、快充等 AI 终端领域收入约 105 亿， 占总收入 24%。AI 眼镜及 XR 可穿戴设备收益达 40 亿，同比增长 42%， 占比 10%，受益于新机周期和新业务放量，增长潜力大。 • 公司人眼追踪技术量产，服务器散热业务份额提升至 20%，进入 A 和 N 客户供应链。获得北美客户人形机器人硬件订单，并与北京人形机器人创 新中心战略合作，布局伺服电机、减速器等智能硬件。 • 公司全球布局 58 个生产基地和研发中心，产品不直接出口美国，关税影 响小。具备消化供应链波动的能力，保证份额增长。预计下半年受益于 AI 终端电池钢壳结构件、中框散热模组等新机周期量产。 • 公司信用净利润同比大幅增长 45%，毛利率创上市以来新高，资产负债率 下降 2.1 个百分点，财务状况稳健。汽 ...

Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook based on expected performance in the AI wave [4][6]. Core Insights - The company reported a revenue of 109.88 billion yuan for 2024, a year-on-year increase of 28.76%, and a net profit attributable to shareholders of 2.93 billion yuan, up 8.10% year-on-year [1]. - In Q1 2025, the company achieved a revenue of 34.99 billion yuan, reflecting a significant year-on-year growth of 115.65%, primarily driven by the ramp-up of high-performance computing products [1]. - The gross margin for Q1 2025 was 8.42%, which decreased by 5.40 percentage points year-on-year due to the lower margins of high-performance computing products, although it showed a slight increase of 0.15 percentage points compared to the previous quarter [1]. Summary by Sections Intelligent Terminal Business - The intelligent terminal segment generated revenue of 35.32 billion yuan in 2024, a growth of 17.19%, accounting for 32.14% of total revenue, with a gross margin of 9% [2]. - The company completed the acquisition of 80% of Yiluda, which is expected to enhance its customer base in the wearable technology sector [2]. High-Performance Computing and Networking - The high-performance computing segment achieved revenue of 63.22 billion yuan in 2024, a year-on-year increase of 28.79%, representing 57.54% of total revenue, with a gross margin of 7.77% [3]. - The company successfully delivered high-performance network switches aimed at AI clusters, becoming a core supplier for several leading domestic cloud service providers [3]. Automotive Electronics and AIoT - The automotive and industrial products segment saw revenue of 1.56 billion yuan in 2024, a remarkable growth of 91.09%, with a gross margin of 19.20% [4]. - The AIoT and other businesses generated revenue of 4.67 billion yuan, a substantial increase of 187.93%, with a gross margin of 15.29% [4]. Financial Forecast - The company is expected to achieve net profits of 3.68 billion yuan, 4.59 billion yuan, and 5.54 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding PE ratios of 18, 15, and 12 times [5][7].

当下，AI 发展正如互联网初期般充满无限可能与机遇。广州日报进行多方采访了解到，人工智能将呈 现四大发展趋势：具身智能加速发展、垂直领域AI应用进入爆发期、有望迎来AI终端元年以及科技巨 头加大AI研发投资、投入。从机器人"大脑"的突破难题，到各行业AI赋能的迫切需求，一场由AI驱动 的产业变革正蓄势待发，深刻重塑未来经济与社会生活图景。 趋势1 冲呀，机器人！ 从工业领域来看，蘑菇物联工业AI首席技术官周子叶博士直言，人工智能在工业的应用涵盖了工业生 产的全流程：产品研发、生产制造、供应链管理、市场营销、售后服务等。AI可以提高产品研发的效 率，优化生产制造的工艺，提高产品生产的良率，分析制定市场营销策略等。 具身智能与机器人绝对是近期的大热。"具身智能的发展值得期待。"香港科技大学（广州）协理副校长 （知识转移）、人工智能学域讲座教授熊辉在接受采访时表示，传统机器虽然具备知识理解和推理能 力，但缺乏行动能力。而具身智能的出现，在理解意图的基础上，不仅能做出决策，还能付诸行动，实 现从"认知"到"执行"的跨越。 《2025人形机器人与具身智能产业研究报告》提出，2025年，人形机器人产业有望从"技术验证 期 ...

点击注册小程序 查看完整报告 特别申明： 本订阅号中所涉及的证券研究信息由光大证券研究所编写，仅面向光大证券专业投资者客户，用作新媒体形势下研究 信息和研究观点的沟通交流。非光大证券专业投资者客户，请勿订阅、接收或使用本订阅号中的任何信息。本订阅号 难以设置访问权限，若给您造成不便，敬请谅解。光大证券研究所不会因关注、收到或阅读本订阅号推送内容而视相 关人员为光大证券的客户。 报告摘要 事件： 公司发布2024年度报告，2024年公司实现营收442.11亿元，同比增长29.56%；实现归母净利润17.53亿 元，同比减少14.50%；实现毛利率15.77%，同比减少4.17pcts；实现归母净利率3.98%，同比减少 2.02pcts。其中，24Q4单季度公司实现营收127.27亿元，同比增长34.28%；实现归母净利润3.48亿元，同 比增长92.20%；实现毛利率15.53%，同比减少2.08pcts；实现净利率2.80%，同比增加0.91pct。 点评： 海内外双循环发展，"人眼折服"四大业务线打开成长空间 公司秉持精益求精的理念，2024年机器人（人）、XR智能穿戴（眼）、折叠屏（折）、VC散热、服务 ...