| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2024-159 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"或"领益智造"）分别于 2023 年 12 月 7 日和 2023 年 12 月 25 日召开第五届董事会第三十三次会议和 2023 年第 六次临时股东大会，审议通过了《关于公司及子公司 2024 年度担保事项的议案》。 为保证公司及其子公司的正常生产经营活动，2024 年度公司（含控股子公司）拟 为公司及子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人 民币 3,500,000 万元。在上述担保额度内，公司可以根据实际经营情况对公司对 子公司、以及子公司之间的担保额度进行调配，亦可对新成立的子公司分配担保 额度。具体内容详见公司于 2023 年 12 月 8 日在巨潮资讯网(www.cninfo. ...

Investment Rating - The report assigns a "Buy" rating for Lingyi Technology (002600) with a first coverage [8]. Core Views - The company is positioned as a leading supplier in the AI terminal hardware sector, providing a comprehensive range of manufacturing services and solutions for AI terminal devices and communication equipment [10]. - The company is actively developing advanced materials, such as carbon fiber, for high-end foldable smartphones, enhancing product durability and performance [10]. - The company is expanding its presence in the humanoid robot market through collaborations and has developed various industrial robots and control systems [10]. - The communication segment is focusing on new technologies and components for 5G base stations, while also entering the electric vehicle market with components for battery structures and wireless charging [10]. Financial Summary - The company expects to achieve a net profit attributable to shareholders of 2.24 billion, 3.01 billion, and 4.01 billion yuan for the years 2024, 2025, and 2026 respectively [12]. - Revenue projections for the years 2024, 2025, and 2026 are 41.02 billion, 50.01 billion, and 60.02 billion yuan, reflecting growth rates of 20.20%, 21.93%, and 20.01% respectively [13]. - The company's earnings per share (EPS) are projected to be 0.32, 0.43, and 0.57 yuan for the years 2024, 2025, and 2026 [13]. - The price-to-earnings (P/E) ratio is expected to decrease from 30.04 in 2023 to 15.36 by 2026, indicating improved valuation over time [13].

| 证券代码：002600 | 证券简称：领益智造 | 公告编号：2024-158 | | --- | --- | --- | | 债券代码：127107 | 债券简称：领益转债 | | 广东领益智造股份有限公司 关于为子公司提供担保的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、担保情况概述 广东领益智造股份有限公司（以下简称"公司"）分别于 2023 年 12 月 7 日和 2023 年 12 月 25 日召开第五届董事会第三十三次会议和 2023 年第六次临时股东 大会，审议通过了《关于公司及子公司 2024 年度担保事项的议案》。为保证公 司及其子公司的正常生产经营活动，2024 年度公司（含控股子公司）拟为公司及 子公司的融资或其他履约义务提供担保，预计担保总额度合计不超过人民币 3,500,000 万元。在上述担保额度内，公司可以根据实际经营情况对公司对子公 司、以及子公司之间的担保额度进行调配，亦可对新成立的子公司分配担保额度。 具体内容详见公司于 2023 年 12 月 8 日在巨潮资讯网（www.cninfo.com.cn）上 ...

Group 1: Investor Relations Activities - The investor relations activity involved a specific research group with 260 participants visiting the company for on-site communication and exchange [2] - The event took place on December 12, 2024, from 13:00 to 17:00 at the company's location in Dongguan, Guangdong [2] - Key company representatives included the Chairwoman and General Manager, Ms. Zeng Fangqin, and other senior executives [2] Group 2: Company Technology and Competitive Advantages - The company emphasizes its technological advantages in high-efficiency and high-quality development through deep understanding of raw materials and diverse product integration [2] - It has developed various production lines, including die-cutting, stamping, and CNC intelligent workshops, to enhance service capabilities for end brands [2] - The company is committed to lean, data-driven, automated, and green manufacturing practices [2] Group 3: Product Development and Market Applications - The company has developed heat management systems, including heat pipes and cooling modules, for various electronic products such as smartphones and AI-related servers [7] - It provides different materials for VC (Vapor Chamber) heat plates, enhancing cooling efficiency while reducing weight for high-end products [7] - The company collaborates with international consumer electronics brands, maintaining a customer-centric service philosophy [7] Group 4: Recent Mergers and Acquisitions - The company announced plans to acquire 66.46% of Jiangsu Kedasitern Automotive Technology Co., Ltd. through convertible bonds and cash [9] - This acquisition aims to enhance the company's presence in the automotive parts sector, particularly in new energy vehicles [9] - The transaction is expected to create a second growth curve and improve the company's revenue and profitability [11] Group 5: Strategic Synergies and Future Outlook - The acquisition will deepen the company's automotive industry layout and mitigate risks associated with business fluctuations [11] - The company aims to leverage Jiangsu Kedasitern's established customer relationships to expand its market reach [13] - The transaction is anticipated to facilitate overseas expansion and localization strategies in response to global market demands [13]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 12.88 CNY based on a 28x PE valuation for 2025 [2][3]. Core Views - The company plans to acquire a 66.46% stake in Jiangsu Keda through a combination of convertible bonds and cash, aiming to expand its automotive business [1]. - Jiangsu Keda has a diverse customer base, including major automotive manufacturers such as Chery, SAIC, BYD, and Geely, and has established multiple production bases to support its clients [1]. - The acquisition will enhance the company's capabilities in automotive component design, manufacturing, and sales, further strengthening its product and customer matrix in the automotive sector [1]. - The company is positioned to benefit from the growth in AI-driven hardware innovation, particularly in the North American market, where it supplies precision components for major clients [1]. Financial Summary - The company forecasts earnings per share (EPS) of 0.30 CNY, 0.46 CNY, and 0.56 CNY for 2024, 2025, and 2026, respectively [2][7]. - Revenue is projected to grow from 34.12 billion CNY in 2023 to 41.29 billion CNY in 2024, reflecting a 21% increase [2][11]. - Net profit is expected to rise from 2.05 billion CNY in 2023 to 2.08 billion CNY in 2024, with a net profit margin improvement [2][11]. - The company’s gross margin is projected to be 17.7% in 2024, with a net margin of 5.0% [2][11].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price indicating a potential upside of over 20% within the next six months [5][14]. Core Insights - The company plans to acquire a 66.46% stake in Jiangsu Keda to enhance its automotive product matrix and strengthen its automotive layout, which includes products such as dashboards and other automotive interior components [1][2]. - Jiangsu Keda has established multiple production bases and is strategically positioned to serve major automotive clients, which will allow the company to tap into the growing automotive interior and exterior parts market [2]. - The report forecasts a net profit of 1.84 billion for 2024, with upward adjustments for 2025 and 2026, reflecting the anticipated benefits from AI innovations and a new replacement cycle for iPhones [4][9]. Financial Data and Valuation - The company’s projected revenues for 2024 are 39.58 billion, with a growth rate of 16% [9]. - The net profit attributable to the parent company is expected to be 1.84 billion in 2024, with a growth rate of -10.3% [9]. - The report outlines a steady increase in operating income from 34.48 billion in 2022 to 56.05 billion in 2026, indicating a robust growth trajectory [8][9]. - Key financial ratios include a P/E ratio of 33.41 for 2024 and a P/B ratio of 0.78, suggesting the stock is currently undervalued [9].

Investment Rating - The report maintains a "Recommended" rating for the company [2][4]. Core Views - The company is acquiring a 66.46% stake in Jiangsu Keda to accelerate its automotive business, which is expected to enhance its product matrix in the automotive sector [2]. - Jiangsu Keda specializes in automotive interior and exterior decorative parts, with a strong customer base including major automotive manufacturers [2]. - The company's automotive business has shown significant growth, with a revenue increase of 42.88% year-on-year in the first half of 2024 [2]. - The projected net profits for the company for 2024, 2025, and 2026 are estimated at 2.003 billion, 3.286 billion, and 4.198 billion respectively, with corresponding PE ratios of 31, 19, and 15 [3][2]. Financial Forecasts - The company is expected to achieve total revenue of 34.124 billion, 40.469 billion, 51.464 billion, and 62.176 billion for the years 2024, 2025, and 2026 respectively, with growth rates of -1.0%, 18.6%, 27.2%, and 20.8% [3][6]. - The net profit attributable to shareholders is projected to be 2.051 billion, 2.003 billion, 3.286 billion, and 4.198 billion for the years 2024, 2025, and 2026, with growth rates of 28.5%, -2.3%, 64.0%, and 27.8% [3][6]. - The company's earnings per share are expected to be 0.29, 0.29, 0.47, and 0.60 for the years 2024, 2025, and 2026 [3][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The company is deepening its automotive electronics layout through the acquisition of a 66.46% stake in Jiangsu Keda, which specializes in automotive interior parts, enhancing its product matrix in the automotive sector [3][4] - The acquisition is seen as a significant step in expanding the company's automotive parts business, which is expected to benefit from the growing demand for automotive quality and personalization [4] - The company is well-positioned to leverage Jiangsu Keda's existing customer relationships with major automotive manufacturers, potentially broadening its customer base and application areas [4] Summary by Sections Investment Highlights - The company plans to acquire Jiangsu Keda to strengthen its position in the automotive supply chain, particularly in the context of the rapid growth of the domestic new energy vehicle industry [3] - Jiangsu Keda has shown strong profit growth over the past three years, with net profits of 28.34 million, 35.50 million, and 38.25 million yuan for 2022, 2023, and the first three quarters of 2024, respectively [4] - The acquisition aligns with the company's focus on technological development, as both companies prioritize innovation in manufacturing processes [4] Financial Summary - The company expects to achieve net profits of 1.92 billion, 2.86 billion, and 4.01 billion yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 32.56, 21.89, and 15.59 [5][9] - Revenue projections indicate a growth trajectory, with expected revenues of 42.44 billion, 51.46 billion, and 64.96 billion yuan for 2024, 2025, and 2026, reflecting year-on-year growth rates of 24.38%, 21.24%, and 26.25% [9][12]

证券代码：002600 证券简称：领益智造 上市地点：深圳证券交易所 截至本预案签署日，本次交易相关的审计、评估工作尚未完成，本公司全 体董事、监事、高级管理人员保证本预案及其摘要所引用的相关数据的真实性 和合理性。相关资产经审计后的财务数据、评估结果以及经审核的盈利预测数 据（如涉及）将在重组报告书中予以披露。 本预案所述事项并不代表中国证监会、深交所对该证券的投资价值或者投 资者收益作出实质判断或者保证，也不表明中国证监会和深交所对本预案的真 实性、准确性、完整性作出保证。本预案及其摘要所述本次交易相关事项的生 效和完成尚待取得本公司董事会再次审议通过、股东大会的审议通过、深交所 的审核通过、中国证监会的同意注册。审批机关对于本次交易相关事项所做的 任何决定或意见，均不表明其对本公司股票的价值或投资者的收益做出实质性 判断或保证。 广东领益智造股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金预案 | 项目 | 交易对方/发行对象 | | --- | --- | | 发行可转换公司债券及支付现金购买资产 | 常州优融、上海迈环、万里扬管理、芜湖华 | | | 安、常州青枫、常州星远、常州超 ...

证券代码：002600 证券简称：领益智造 上市地点：深圳证券交易所 广东领益智造股份有限公司 发行可转换公司债券及支付现金购买资产 并募集配套资金预案 （摘要） | 项目 | 交易对方/发行对象 | | --- | --- | | 发行可转换公司债券及支付现金购买资产 | 常州优融、上海迈环、万里扬管理、芜湖华 安、常州青枫、常州星远、常州超领、江苏信 | | | 保等 名江苏科达股东 8 | | 募集配套资金 | 不超过 名符合中国证监会规定的特定投资者 35 | 二〇二四年十二月 广东领益智造股份有限公司发行可转换公司债券及支付现金购买资产并募集配套资金预案（摘要） 上市公司声明 本公司全体董事、监事、高级管理人员承诺：如本次交易所披露或提供的 信息涉嫌虚假记载、误导性陈述或者重大遗漏，被司法机关立案侦查或者被中 国证监会立案调查的，在形成调查结论以前，不转让在该上市公司拥有权益的 股份，并于收到立案稽查通知的 2 个交易日内将暂停转让的书面申请和股票账 户提交上市公司董事会，由董事会代其向深交所和证券登记结算机构申请锁定； 未在 2 个交易日内提交锁定申请的，授权董事会核实后直接向深交所和证券登 记结 ...