Summary of the Conference Call for Lingyi iTech Company Overview - **Company**: Lingyi iTech - **Industry**: AI terminal and intelligent hardware manufacturing Key Financial Performance - **Q1 2025 Revenue**: 11.494 billion CNY, up 17.11% YoY [3] - **Net Profit**: 565 million CNY, up 23.52% YoY; actual net profit growth of 37.59% when excluding stock incentive amortization [3] - **Operating Cash Flow**: 814 million CNY, down 24.24% YoY [2] - **Gross Margin**: Highest since IPO, with a significant increase in net profit [10] Revenue Breakdown - **AI Terminal Revenue**: Approximately 10.5 billion CNY, accounting for 24% of total revenue [2] - **AI Glasses and XR Wearable Devices**: Revenue reached 4 billion CNY, up 42% YoY, representing 10% of total revenue [2][5] - **Battery, Thermal Management, and Fast Charging**: Combined revenue of approximately 10.5 billion CNY, accounting for 24% of total revenue [5] Strategic Developments - **New Technology**: Mass production of eye-tracking technology and entry into A and N customer supply chains for server cooling [6] - **Global Presence**: 58 production bases and R&D centers worldwide, with minimal direct exports to the U.S., reducing tariff impacts [7][8] - **Automotive Expansion**: Acquisition of Jiangsu Keda for approximately 332 million CNY to broaden customer channels and application fields [11][12] Market Trends and Future Outlook - **AI Terminal Growth**: Anticipated benefits from new product cycles in AI terminal battery and cooling modules [9] - **Robotics Sector**: Active engagement in humanoid robotics, aiming for 1 billion CNY in orders within two years [4][15] - **Geopolitical Factors**: Increased overseas order demand due to geopolitical tensions, leading to improved capacity utilization [4][31] Challenges and Risks - **Cash Flow Concerns**: Operating cash flow has decreased, indicating potential liquidity issues [3] - **Profitability in Overseas Markets**: Initial losses in North America and India, but recent improvements noted [17][32] Investment and Shareholder Returns - **Share Buyback Plan**: Announced a buyback plan of 200 to 400 million CNY, with a maximum price of 13.18 CNY per share [12] - **Dividends**: Cumulative dividends and buybacks over the past three years amounted to 1.727 billion CNY, representing 31.98% of net profit [12] Conclusion Lingyi iTech demonstrates strong growth in revenue and net profit, particularly in the AI terminal and robotics sectors. The company is strategically expanding its global footprint while navigating challenges in cash flow and overseas profitability. The focus on new technologies and market trends positions the company for future growth, supported by a commitment to shareholder returns.

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 ...

Investment Rating - The investment rating for the company is "Buy" [4] Core Views - The company has reached a clear inflection point in its performance, with significant revenue growth driven by new business segments, particularly in AI terminals and robotics [1][2] - The company is expected to see gradual improvement in gross margins as new products mature and production scales up, despite a short-term decline in profitability [1] - The company is well-positioned to benefit from the growing global market for humanoid robots and advancements in AI technologies [3][8] Financial Performance - In 2024, the company achieved revenue of 442.11 billion yuan, a year-on-year increase of 29.56%, while the net profit attributable to shareholders decreased by 3.95% to 16.26 billion yuan [1] - The revenue for Q4 2024 reached 127.27 billion yuan, marking a 34.28% year-on-year growth and a 2.93% quarter-on-quarter increase, with net profit for the quarter at 3.48 billion yuan, up 92.90% year-on-year [1] - The company’s gross margin for 2024 was 15.77%, down 4.17 percentage points year-on-year, while the net margin was 3.98%, down 2.02 percentage points [1] Business Segments - The AI terminal segment saw revenue of 407.31 billion yuan in 2024, a 32.75% increase, with AI glasses and XR wearable devices growing by 42.74% [2] - The automotive and low-altitude economy segment generated 21.17 billion yuan, a 52.90% increase, benefiting from the growth of the global electric vehicle market [2] - Other business segments generated 13.63 billion yuan, with clean energy revenue declining by 25.01% due to a significant drop in customer orders [2] Future Projections - Revenue projections for the company are 491 billion yuan in 2025, 591 billion yuan in 2026, and 683 billion yuan in 2027, with expected growth rates of 11.0%, 20.5%, and 15.5% respectively [8] - Net profit forecasts are 23 billion yuan in 2025, 30 billion yuan in 2026, and 38 billion yuan in 2027, with growth rates of 31.0%, 30.9%, and 27.4% respectively [8] - The company is expected to maintain a price-to-earnings ratio of 28, 21, and 17 times for the years 2025, 2026, and 2027 respectively [8]