领益智造20240627

Summary of the Conference Call Company and Industry Involved - Company: Lingyi Manufacturing (领域制造) - Industry: Consumer Electronics, specifically focusing on Apple's supply chain and AI innovations Key Points and Arguments Apple AI Innovations - Apple's AI innovations are expected to strengthen its ecosystem while maintaining the possibility of open-source features [2] - The hardware innovations from Apple are anticipated to accelerate a replacement cycle from this year to next year, particularly supporting the A17 Pro series and future chips [2] - The AI feature is becoming a standard highlight in high-end smartphone strategies among various brands [2] Lingyi Manufacturing's Performance - Lingyi announced a stock incentive plan for over 1,400 employees, with relatively low targets for revenue and net profit growth set at 10%, 20%, and 30% for 2024, 2025, and 2026 respectively [3] - The company has been enhancing its capabilities in functional components, structural parts, and charging devices, which are crucial for AI terminals [3][4] - Lingyi is expected to benefit significantly from the increase in power requirements for chargers, as it is a key supplier for Apple [5] Business Diversification - Lingyi has diversified its business beyond consumer electronics to include automotive electronics and photovoltaic sectors [7][21] - The company has a wide range of products, including components for smartphones, wearables, laptops, and charging devices [9] - The automotive sector focuses on precision structural components for battery systems, supplying major clients like CATL and luxury car brands [21] Market Trends and Smartphone Shipments - Global smartphone shipments have shown a recovery trend since Q3 2023, with year-on-year growth rates of 0.37%, 0.8%, and 12% in the subsequent quarters [11] - The impact of AI on smartphone shipments has not yet been fully realized, as the introduction of AI phones has been limited [12] - Lingyi's component value per iPhone is estimated to increase, with projections of around $22 per unit in 2023 and a 10% growth expected in 2024 [13] Apple Vision Pro and Future Prospects - The Apple Vision Pro headset is set to launch in more regions, including China, with significant component contributions from Lingyi [15][19] - The unit value of components for the Vision Pro is estimated to be between $250 and $300, indicating a substantial opportunity for Lingyi [19] - Lingyi is also involved in emerging technologies such as XR and robotics, indicating a broadening of its market reach [20] Valuation and Market Outlook - The current valuation of companies in the sector is considered low, with expectations for improved sales due to AI-driven demand and new product launches [22] - Lingyi's diversified business model positions it well for future growth, with each segment having its own growth logic [21] Other Important Content - The conference emphasized the importance of maintaining confidentiality regarding the call's content and the potential legal implications of any leaks [1][23]