Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company plans to acquire 35% equity in Limin Da for 875 million yuan, gaining control over 52.78% of voting rights, which will enhance its position in the AI server market, particularly in cooling and power supply [1][2] - The acquisition is expected to create synergies between the company's existing businesses in consumer electronics, robotics, and AI servers, potentially unlocking long-term growth opportunities [1][3] - The profit forecast for the company has been revised upwards, with expected net profits of 2.516 billion, 3.575 billion, and 4.765 billion yuan for the years 2025, 2026, and 2027 respectively [1] Financial Summary - Revenue projections for the company are as follows: 34.124 billion yuan in 2023, 44.211 billion yuan in 2024, 54.127 billion yuan in 2025, 63.373 billion yuan in 2026, and 73.550 billion yuan in 2027, reflecting a year-on-year growth of 29.6% in 2024 and 22.4% in 2025 [4] - The expected net profit margins are projected to be 6.0% in 2023, increasing to 6.5% by 2027, with a net profit of 2.051 billion yuan in 2023 and 4.765 billion yuan in 2027 [4] - The company's P/E ratios are forecasted to decrease from 57.0 in 2023 to 24.5 in 2027, indicating an improving valuation over time [4] Business Overview - Limin Da, established in 2009, specializes in thermal management for enterprise-level servers and is a core supplier for NVIDIA, providing critical components for liquid cooling systems [2] - The company has a comprehensive product matrix in server thermal management, covering both liquid and air cooling solutions, and has established significant customer relationships with industry leaders [2] - The strategic acquisition is expected to enhance the company's capabilities in high-power AI server power supply and cooling systems, aligning with the increasing performance demands in the AI server sector [2][3]

证券日报网讯12月24日，领益智造（002600）在互动平台回答投资者提问时表示，公司凭借精准的战略 布局、高效的管理体系以及敏锐的市场洞察力，营运能力和业务能力积极向好。公司坚持多品类、多地 区协同发展的国际化发展战略。随着全球AI技术在各领域快速落地，公司精准卡位硬件关键节点， 在"人"-人形机器人、"眼"-AI眼镜及XR设备、"折"-折叠屏设备、"服"-服务器等战略聚焦的四大新兴应 用领域形成多赛道协同优势，构建起多场景的增长格局。公司相信自身在以上几大领域的管理理念和制 造能力相通，可实现跨产品、跨应用的模组化、可复用性与可扩展性，通过深度融合材料创新应用、工 艺前沿开发与多元化应用场景，公司形成了全面的体系，充分调动资源，提供前瞻及在多场景复制的解 决方案能力。 ...

【DT新材料】 获 悉，A股"果链"精密制造龙头领益智造正式启动港股上市进程。近日， 这家在A股深耕七年、市值近千亿元的企业向港交所递交招股书，国 泰君安国际与海通国际担任联席保荐人。 若此次闯关成功，领益智造将跻身消费电子行业"A+H"双融资平台阵营，为其全球化布局注入新动力。 在全球热管理与高精密制造技术快速迭代的当下，行业正迎来新一轮大规模技术升级。作为产业交流的重要平台，我们也将于 12月3-5日举办第六届热管理产 业大会暨博览会 ，聚焦 AI 终端散热、液冷技术、热界面材料、功率器件热管理等前沿方向，邀请来自数据中心、消费电子、半导体与材料领域的顶尖企业 与专家，共同探讨 2025 年关键技术路线与未来产业趋势。 00 产品矩阵 领益智造 秉持长期主义与价值共生的核心理念，在发展过程中精准把握行业变革的关键机遇。目前已成为全球产品矩阵最完备的 AI 硬件高精密智能制造平 台之一，战略 重点聚焦于人形机器人、AI 眼镜及 XR 设备、折叠屏设备、服务器等核心方向 ，并已构建起涵盖核心材料、精密功能件、模组到精品组装的 全方位产品体系。 （1）折叠屏设备 为全球头部客户提供高精度结构件、 转轴模组 及散 ...

Core Insights - The 2025 Consumer Electronics Innovation Conference (CEIC 2025) was held in Shenzhen, featuring nearly 300 tech companies from 20 countries, including major brands like Honor, BYD, NIO, Samsung, and TV [1] - Honor's strategy focuses on building an AI terminal ecosystem through new experiences, connections, and models, aiming to transition from a smartphone manufacturer to a global AI terminal ecosystem company [1][2] - The emphasis is on accelerating the entry of edge AI technology into the consumer market, responding to the growing global demand for smart devices [1] Group 1: New Experience and AI Integration - Honor's approach to "new experience" centers on using AI to create a scene-based operating system that allows devices to understand user behavior and intentions, facilitating seamless service across multiple devices [2][3] - The transformation of hardware is evident, with innovative devices like a foldable screen that adjusts display modes based on user interaction, showcasing the practical application of edge AI in everyday life [2][3] Group 2: Service Innovation and User Interaction - AI is fostering a new service model where devices proactively offer assistance based on the context, redefining the human-machine relationship [3] - Honor's strategy aims to break down barriers between technology and consumer needs, making edge AI accessible and usable in daily life [3] Group 3: Platform Development and Ecosystem Support - The upgrade of the HONOR AI Connect platform introduces a more efficient architecture that facilitates collaboration with ecosystem partners, allowing for quick integration of AI capabilities [4] - This platform aims to lower the entry barriers for partners, aligning with Honor's vision of an interconnected ecosystem [4] Group 4: Global Collaboration and Ecosystem Growth - Honor's "1X3XN" ecosystem strategy promotes collaboration across various industries, enhancing both domestic and global partnerships [5] - The company has established a comprehensive support system for developers, including significant financial incentives and resources to foster innovation and collaboration [5][6] - Honor's ecosystem now spans over 100 countries, with more than 350,000 developers and 200 partners, marking a shift from product export to ecosystem co-creation [6][7]

Group 1: Consumer Trends and Innovations - The demand for personalized and diverse consumption is becoming increasingly evident, with high-quality new supply being a key factor in expanding overall consumption [1] - New shopping experiences are being created through innovative technologies and interactive features, enhancing consumer engagement and satisfaction [2][3][4] Group 2: Technological Integration in Retail - The introduction of AI products and immersive technologies in retail environments is attracting consumers, who value hands-on experiences and personalized recommendations [3][4] - Retailers are leveraging technologies like AR and smart shelves to create unique shopping experiences that cater to individual preferences [4] Group 3: Immersive Tourism Experiences - The development of immersive tourism projects, such as those in Zhejiang's Hengdian Film City, is enhancing visitor engagement by allowing them to interact with historical and cinematic narratives [5][6][7] - The integration of technology in tourism, such as VR experiences and interactive storytelling, is driving growth in cultural tourism consumption [8][9] Group 4: Dining Experience Innovations - The restaurant industry is evolving with experiential dining concepts that combine food with cultural performances, enhancing the overall dining experience [10][11] - The growth of the dining sector is supported by a focus on quality, personalization, and diverse offerings, with projections indicating significant revenue growth in the coming years [12]