格隆汇12月24日｜国盛证券研报指出，领益智造收购立敏达，卡位AI算力黄金赛道，开拓增长新引 擎。交易完成后，立敏达将纳入公司合并报表范围。本次收购的立敏达深耕企业级服务器热管理领域， 已发展成为以热管理产品为核心的服务器综合硬件解决方案提供商。公司持续深耕AI终端硬件相关产 品，电池、热管理、快充等业务在创新周期中获得新增量，同时人形机器人、AI眼镜、折叠机、服务 器等新业务卡位较好，将拉动中期新一轮成长，维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Accumulate" with a target price of 87.50 CNY [4][12]. Core Insights - The company is increasing its investment in carbon fiber structural components, which is expected to benefit from the ramp-up of foldable devices. The introduction of new material numbers for major clients is anticipated to lead to significant growth in 2026 [2][12]. - The company has acquired an 80% stake in Weiste, which specializes in carbon fiber structural components for foldable phones, with projected revenues of 180 million CNY and a net profit of 16 million CNY in 2024 [12]. - The company is also expanding its presence in AI terminal products, with significant collaboration with Meta, expecting accelerated growth in 2026 [12]. Financial Summary - Total revenue is projected to grow from 1,398 million CNY in 2023 to 6,513 million CNY by 2027, reflecting a compound annual growth rate (CAGR) of approximately 32.2% [10]. - Net profit attributable to shareholders is expected to increase from 73 million CNY in 2023 to 692 million CNY in 2027, with a notable growth rate of 47.5% in 2027 [10]. - The earnings per share (EPS) is forecasted to rise from 0.55 CNY in 2023 to 5.16 CNY in 2027, indicating strong profitability growth [10]. Market Data - The company's market capitalization is approximately 7,885 million CNY, with a 52-week stock price range of 43.42 CNY to 76.69 CNY [5]. - The current price of the stock is 58.80 CNY, with a price-to-earnings (P/E) ratio of 107.48 for 2023, decreasing to 11.39 by 2027 [12][10].

Core Insights - Apple's first foldable device, the iPhone Fold, is expected to launch as early as Q3 or by the end of next year, with a projected starting price of $2,399, significantly higher than the current iPhone 17 Pro Max starting at $1,199, which may test customer loyalty [1] - The foldable smartphone market currently has flagship devices priced around $1,999, with some models like Huawei's folding phone reaching up to $3,000, while mid-range foldable phones are priced between $899 and $999 [1] - Industry experts suggest that Apple's high production costs due to premium materials and dual screens will likely be passed on to consumers, raising concerns about whether customers will accept the high price point [1] - The success of the iPhone Fold will depend on its unique features compared to existing foldable devices; failure to differentiate could lead to poor sales, reminiscent of the iPhone Air's lackluster performance [1] - Apple's design for the foldable device has undergone multiple revisions, and the final design is nearing completion, with the market set to rigorously test its appeal next year [1] - If sales do not meet expectations, it may indicate a waning consumer interest in foldable devices, potentially leading to a downturn in the industry [2]

Investment Rating - The report maintains a "Recommended" investment rating for the consumer electronics industry, particularly focusing on the Apple supply chain for long-term investment opportunities [8]. Core Insights - The report highlights the significant product updates from Apple's September 10, 2025, event, including the launch of the iPhone 17 series, iPhone Air, AirPods Pro 3, and Apple Watch Series 11, indicating a strong performance in the consumer electronics sector [15][8]. - The iPhone 17 series features the A19 Pro chip, which shows a notable performance improvement, enhancing AI task execution on-device. The new cooling system in the Pro models addresses previous overheating issues, and the durability of the devices has been significantly improved with the use of ultra-ceramic glass [8][27]. - The report anticipates new investment opportunities in the Apple supply chain, especially with the expected release of a new foldable device in 2026 [8]. Summary by Sections iPhone 17 Series - The iPhone 17 series includes the iPhone 17, iPhone Air, iPhone 17 Pro, and iPhone 17 Pro Max, showcasing advancements in design, performance, and durability [15][8]. - The iPhone Air is noted for its ultra-thin design at 5.6 mm, titanium alloy body, and significant camera upgrades, including a 48 MP rear camera [4][19]. - The iPhone 17 Pro models feature enhanced camera systems with a 48 MP triple-lens setup and improved battery life, with the Pro Max offering up to 39 hours of video playback [27][28]. AirPods Pro 3 - The AirPods Pro 3 introduces improved active noise cancellation, with performance enhancements making it four times better than the original model. It also includes a new heart rate sensor for fitness tracking [31][8]. Apple Watch - The Apple Watch Series 11 introduces features like high blood pressure alerts and sleep scoring, with a battery life of up to 24 hours. The Apple Watch Ultra 3 offers advanced communication capabilities, including satellite connectivity, and a battery life of up to 42 hours [38][44]. Apple Intelligence - The report discusses the advancements in Apple Intelligence, which aims to enhance user experience through real-time translation, visual intelligence, and privacy-focused AI functionalities. This includes features that allow users to interact with their devices in more intuitive ways [47][56].

Group 1 - On September 4, the consumer electronics sector experienced a decline, with the consumer electronics ETF dropping by 4.66% [1] - Huawei launched the MateXTs foldable phone, featuring the Kirin 9020 processor and starting at a price of 17,999 yuan [1] - Apple is set to hold a product launch event on September 10, introducing the iPhone 17 series, which includes a new Air model that is notably thin at 5.5mm and weighs approximately 145g [1] Group 2 - The smartphone market has become a battleground for existing products, with innovation stagnating despite rapid technological advancements [1] - Huawei is projected to hold a 75% market share in foldable phone shipments by mid-2025, with competitors like Vivo, Xiaomi, Honor, and Samsung sharing the remaining market [1] - Apple is reportedly working on a foldable device with a unique hinge design that allows for dual-direction folding, aiming to eliminate visible screen creases [2] Group 3 - The lifecycle of blockbuster products in consumer electronics typically aligns with industry cycles, with significant products like PCs and smartphones having lifespans of over a decade [3] - The rise of AI technology is expected to bring about a new wave of innovation in consumer electronics, potentially leading to the next blockbuster product, whether it be foldable phones, AI smartphones, or VR/AR devices [3] - The consumer electronics ETF includes high-quality stocks from the industry chain, and there is a recommendation to monitor software ETFs as hardware innovation may lead to new software opportunities [3]

Summary of BYD Electronics Conference Call Industry and Company Overview - **Company**: BYD Electronics - **Industry**: Electric Vehicles, AI Data Centers, Robotics, Consumer Electronics Key Points and Arguments Financial Performance - **Overall Revenue**: In the first half of 2025, BYD Electronics reported total revenue of 806 billion RMB, with a slight increase year-on-year [3] - **Gross Profit**: Gross profit reached 55 billion RMB, with a net profit of 17.3 billion RMB, indicating an improvement in gross margin compared to the previous year [3] - **New Energy Vehicle (NEV) Revenue**: NEV business revenue was 124.5 billion RMB, a 60% year-on-year increase, accounting for over 15% of total revenue for the first time [2][3] - **Cash Flow**: Operating cash flow was strong, with total assets around 826 billion RMB and net assets of 328 billion RMB, reflecting a 4 billion RMB increase [3] Business Segments Performance - **Consumer Electronics**: Revenue from consumer electronics was 609 billion RMB, with assembly business contributing 472 billion RMB and components 138 billion RMB, showing a slight decline [4] - **Liquid Cooling Technology**: The company is focusing on liquid cooling products for AI data centers, with expectations for mass shipments within the year [4][5] - **Robotics**: BYD has deployed nearly 2000 Autonomous Mobile Robots (AMR) and is advancing in industrial AI robotics, targeting trials in manufacturing by 2025 [8][9] Research and Development - **R&D Investment**: R&D expenditure was 22.3 billion RMB in the first half of 2025, with a focus on new business areas [10][15] - **Patents**: The company holds 11,580 patents, with nearly 2000 related to automotive technology and hundreds in AI data centers and robotics [10][11] Future Strategies - **Growth in AI Data Centers**: BYD Electronics aims to start mass shipments of liquid cooling products and power systems in the second half of 2025, with a long-term goal of achieving a revenue target in the hundreds of billions [6][7][18] - **Automotive Sector Expansion**: The company plans to enhance high-end driving systems and expand into overseas markets, particularly targeting European customers within the next two to three years [14][24] - **Profitability Focus**: The strategy includes improving efficiency, reducing costs, and increasing gross margins to enhance profitability [6][32] Market Trends and Projections - **NEV Market**: The average selling price (ASP) of NEVs exceeded 5000 RMB, indicating a shift towards higher-end products [12] - **AI Data Center Growth**: Liquid cooling technology is becoming mainstream in overseas AI data centers, with expectations for significant growth in domestic markets by 2026 [17] - **Consumer Electronics**: The foldable phone market is anticipated to provide substantial incremental revenue in the coming year [19] Additional Insights - **Cash Flow Management**: The company maintains a cautious approach to cash flow management, considering potential acquisitions but prioritizing effective fund utilization [22] - **Metal Business Outlook**: The Chengdu factory's metal business is expected to see a 50% revenue increase next year due to new high-value models [23] - **Stability in Automotive Margins**: Automotive parts gross margins are expected to remain stable, with a focus on high-tech projects to mitigate pricing pressures [25] Emerging Technologies - **CPU and High Voltage Power Development**: BYD is in the early stages of developing CPUs and high-voltage power supplies, with potential mass production by 2026 [30] - **Liquid Cooling Projects with NVIDIA**: The company is involved in several projects with NVIDIA, focusing on components like quick connectors and cooling plates [30] This summary encapsulates the key insights from BYD Electronics' conference call, highlighting the company's financial performance, strategic initiatives, and market outlook across various sectors.

Investment Rating - The report assigns a "Buy" rating for the company, marking it as a first-time recommendation [6]. Core Viewpoints - The company is positioned as a leading precision manufacturing provider, expanding its business into emerging fields such as smart automotive, humanoid robots, and AI glasses, which opens up growth opportunities [1][4]. - The company's revenue has shown steady growth, increasing from 27.72 billion in 2018 to an expected 69.90 billion in 2024, with a CAGR of 16.7% [1][27]. - The company is expected to benefit significantly from the development of AI technology, with all business lines projected to grow [5]. Summary by Sections Section 1: Precision Manufacturing Platform Layout - The company has evolved from a glass product supplier to a one-stop solution provider for smart terminals, expanding horizontally into various fields and vertically into functional modules and assembly [1][16]. - The company has established a clear shareholding structure, with the chairman and vice-chairman holding a significant portion of shares, which enhances development momentum [22]. Section 2: Consumer Electronics - The global smartphone market is expected to recover, with an estimated shipment of 1.22 billion units in 2024, a year-on-year increase of approximately 7% [2]. - The company has advanced technologies in glass, ceramics, and metal components, leading to increased recognition from major clients and a projected revenue growth of 97.42% in assembly for 2024 [2]. Section 3: New Energy Vehicles - The global sales of new energy vehicles are projected to reach 18.236 million units in 2024, a year-on-year growth of 24.4% [3]. - The company has over 30 clients in the smart automotive sector, with products like central control modules and charging piles experiencing rapid growth [3]. Section 4: Emerging Fields - The company is accelerating the industrialization of humanoid robots and has established partnerships to provide key components and assembly services [4]. - The foldable machine market is expected to grow with new North American clients, and the company has developed capabilities for rapid mass production of foldable screen components [4]. - The AI glasses market is projected to see significant growth, with the company already applying its developed components in high-end products [4]. Section 5: Profit Forecast - The company is expected to achieve revenues of 92.034 billion, 113.112 billion, and 133.925 billion in 2025, 2026, and 2027 respectively, with corresponding net profits of 5.241 billion, 6.795 billion, and 8.129 billion [10][11].