[Table_Main] 公司研究|信息技术|技术硬件与设备 证券研究报告 领益智造(002600)公司点评报告 2025 年 10 月 31 日 [Table_Title] Q3 业绩动能充沛，持续受益 AI 硬件创新 周期 ——领益智造三季报点评 [Table_Summary] 报告要点： 领益智造 2025 年 Q3 营收及利润创上市以来新高。公司前三季度实现 营收375.9亿元，同比增长19.3%；实现归母净利润19.4亿元，同比+37.7%。 前三季度毛利率 16.6%，同比+0.74pct；净利率为 5.2%，同比+0.77pct。 从单季度来看，25Q3 收入 139.7 亿元，同比+12.9%，环比+15.1%；归母 净利润 10.1 亿元，同比+39.3%，环比+177.4%。 AI 终端领域，电池、散热、快充显著受益于 AI 创新周期，"人眼折服" 前瞻业务进展乐观，有望重构业绩增长结构。公司布局大客户全系列产品， 深度受益于大客户产品创新周期及新机型的热销，在电池、散热、快充上新 品的量产及份额的提升带动 ASP 及稼动率的走强。 1）机器人方面，公司已形成丰富的硬件产品矩阵，目前已在机 ...

业绩回顾 3Q25 业绩超出我们预期 领益智造公布1-3Q25 业绩：营业收入375.90 亿元，同比增长19.39%，归母净利润19.41 亿元，同比增长 38.17%。对应3Q25 单季度，领益实现营业收入139.65 亿元，同比增长12.94%，归母净利润10.12 亿 元，同比增长41.91%，超出我们预期。3Q25 单季度，领益毛利率同比上升2.0ppt 至19.20%。 我们认为领益3Q25 表现亮眼，主因：1）AI 终端产品进入新品发布季，3Q25 新产品量产交付及产线稼 动率提升，推动盈利能力改善；2）公司海外工厂收入大幅增长，盈利能力有所提升。 盈利预测与估值 考虑领益毛利率好于我们预期，叠加收购浙江向隆增厚利润，我们上调领益2025/26e EPS 10%/15%至 0.34/0.44 元，当前股价对应2025/26e 46.3/36.0x P/E。我们维持跑赢行业评级，考虑市场对领益散热及机 器人布局认可度较高，推动估值中枢上移，我们上调目标价17.6%至20.0 元，对应2025/26e 58.2/45.2xP/E，对比当前有25.5%上升空间。 风险 "人眼折服"下游产品导入进展不及 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved record high revenue and profit in Q3 2025, with revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit of 1.941 billion yuan, up 37.66% year-on-year [1] - The growth is driven by innovations in AI hardware, particularly in cooling, battery, and fast-charging technologies, with significant potential in robotics, AI glasses, foldable screens, and servers [1][2] Financial Performance - For the first three quarters of 2025, the company reported revenue of 375.90 billion yuan and a net profit of 19.41 billion yuan, with a gross margin of 16.61% and a net margin of 5.23% [1] - In Q3 2025 alone, revenue reached 139.65 billion yuan, marking a 12.91% year-on-year increase and a 15.12% quarter-on-quarter increase, while net profit was 10.12 billion yuan, up 39.28% year-on-year and 177.37% quarter-on-quarter [1] Business Segments - The company is expanding its AI terminal hardware offerings, focusing on battery, thermal management, and fast-charging solutions, which are expected to drive new growth [9] - The automotive business is transitioning from Tier 2 to Tier 1, with a recent acquisition aimed at enhancing its position in the electric vehicle market [3] - The company is also making strides in humanoid robots, AI glasses, foldable devices, and server power supply solutions, positioning itself well in these emerging markets [4] Future Projections - Revenue projections for 2025, 2026, and 2027 are 510 billion yuan, 610 billion yuan, and 728 billion yuan, respectively, with expected year-on-year growth rates of 15.5%, 19.6%, and 19.2% [9] - Net profit is projected to reach 2.4 billion yuan, 3.5 billion yuan, and 4.4 billion yuan for the same years, with growth rates of 37.3%, 45.5%, and 26.8% [9]

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company reported a revenue of 11.49 billion yuan in Q1 2025, representing a year-on-year growth of 17.1%, and a net profit attributable to shareholders of 570 million yuan, which is a 23.5% increase year-on-year and a 62.2% increase quarter-on-quarter [6][10] - The company has diversified its operations, enhancing its technological and product advantages, particularly in the fields of industrial robots, AI glasses, and automotive electronics [6][8] Summary by Relevant Sections Financial Performance - In Q1 2025, the company achieved a revenue of 11.49 billion yuan, with a year-on-year growth of 17.1% and a net profit of 570 million yuan, up 23.5% year-on-year [6] - The company has maintained double-digit revenue growth for five consecutive quarters [6] Business Segments - The company has made significant advancements in various sectors, including: - **Robotics**: Established core technological capabilities in robot design and manufacturing, providing key components for humanoid robots [6] - **AI Glasses**: Focused on AR, VR, and MR technologies, supplying critical components to leading global clients [7] - **Foldable Screens**: Offers comprehensive solutions for high-end foldable devices, including key components like frames and heat dissipation solutions [7] - **Automotive Electronics**: Engaged in the production of battery structure components and is expanding into automotive cooling modules and charging products [8][9] Future Projections - The company forecasts net profits attributable to shareholders of 2.2 billion yuan, 2.9 billion yuan, and 3.3 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.31, 0.41, and 0.47 yuan per share [10]

Investment Rating - The report maintains a "Buy" rating for the company [10] Core Views - The company achieved a revenue of 11.49 billion yuan in Q1 2025, representing a year-on-year growth of 17.1%, and a net profit attributable to the parent company of 570 million yuan, up 23.5% year-on-year and 62.2% quarter-on-quarter [5][6] - The company has diversified its operations, enhancing its technological and product advantages, particularly in the fields of industrial and special robots, AI glasses, and automotive electronics [6][7][8] - The company is positioned as a global leader in precision manufacturing, leveraging its core technologies in various sectors including robotics, AI, and automotive components [6][9] Financial Summary - The company forecasts net profits attributable to the parent company for 2025, 2026, and 2027 to be 2.201 billion, 2.892 billion, and 3.322 billion yuan respectively, with corresponding EPS of 0.31, 0.41, and 0.47 yuan per share [10] - Revenue projections for 2025, 2026, and 2027 are 48.676 billion, 55.856 billion, and 64.052 billion yuan, with year-on-year growth rates of 10.1%, 14.7%, and 14.7% respectively [12] - The company’s gross margin is expected to improve slightly from 15.8% in 2024 to 16.2% in 2027, while ROE is projected to increase from 8.9% to 12.1% over the same period [12]