Group 1 - Jefferies upgraded Guangdong Lingyi iTech to a Buy rating [1]

（文章来源：证券日报） 证券日报网讯 1月21日，领益智造在互动平台回答投资者提问时表示，公司因与所有客户签署了商业保 密协议，具体合作信息受到商业保密协议的约束不便披露。 ...

该项目的成功落地为领益智造带来了显著的生产效益与经济价值，成为机器人行业应用落地的标杆案 例。在生产效率与成本控制上，成效尤为突出。 CNC精密部件装配流水线引入机器人后，单个工位1台机器人可替代2名工人实现7*24小时连续作业，1 名工人可维护20台机器人，人力成本降低97.5%；产能提升30%，产品一致性达100%，良品率较人工提 升15%以上，整体投入6个月内实现成本回收，半成品库存减少90%以上。 深圳市越疆科技股份有限公司(股票代码：HK2432)成立于2015年，是中国"协作机器人第一股"，也是首 家拥有0.25-30kg负载产品矩阵的机器人企业。公司深耕机器人领域十年，构建了全球化的业务布局， 在美国、德国、日本、泰国、马来西亚等多国及国内重点城市设立分支机构，产品广销100+个国家和 地区。 凭借强劲的技术实力与市场开拓能力，越疆科技全球累计出货量逾100,000台，稳居全国前茅、全球第 二，服务超80家世界500强企业，覆盖3C、汽车、半导体、新零售等15+行业。作为"唯一一家从制造现 场走出来的"具身智能企业，公司在深厚工业应用基础上，于2024年快速切入具身智能赛道，推出X- Train ...

Core Viewpoint - The company Guangdong Lingyi iTech Limited (002600.SZ) announced a share reduction plan by its actual controller and chairman, Zeng Fangqin, amidst significant cash acquisitions and a dual listing strategy [2][3]. Group 1: Share Reduction Plan - Zeng Fangqin plans to reduce his holdings by up to 36 million shares, representing 0.49% of the company's total share capital, through block trading over three months starting from February 7, 2026 [3]. - The reason for the reduction is stated as "personal funding needs," with an estimated market value exceeding 500 million yuan based on the closing price of 16.51 yuan per share [3]. - The company emphasizes that this reduction will not affect its control or governance structure [3]. Group 2: Recent Acquisitions - The company has made a significant cash acquisition of 2.404 billion yuan to purchase 96.15% of Zhejiang Xianglong Machinery, which specializes in automotive parts [4]. - This acquisition marks a strategic shift from being a Tier 2 supplier to a Tier 1 supplier in the automotive industry, indicating the company's ambition to diversify beyond consumer electronics [4]. Group 3: Financial Performance and Debt Pressure - As of the end of Q3 2025, the company faced increased short-term borrowing, indicating potential short-term repayment pressures [5]. - The reduction in shareholding may reflect shareholder concerns regarding cash flow amidst rapid expansion [5]. Group 4: Dual Listing Strategy - The company is actively pursuing a dual listing, having submitted an application for H-share listing on the Hong Kong Stock Exchange, aiming to enhance its capital structure and support global expansion [6]. - The funds raised from the H-share listing are intended for overseas production bases, AI terminal development, and strategic investments [6]. - For the first three quarters of 2025, the company reported revenues 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% [6].

Summary of Lingyi (002600.SZ) Conference Call Company Overview - **Company**: Lingyi (002600.SZ) - **Industry**: Greater China Technology, focusing on advanced manufacturing and components for electronic devices Key Points Discussed 1. Opportunities in Foldable Devices - Management is optimistic about the increasing dollar content from foldable devices due to the rising adoption of foldable smartphones - High-value-added components include mechanical parts for panels, structural components in hinges, rotary modules, and lightweight high-strength materials - The company leverages its expertise in CNC processing, stamping, precision hinge production, and automated assembly to capitalize on the foldable smartphone trend [2][3] 2. Expansion in AI Glasses and Robotics - **AI Glasses**: There is a growing demand for local AI inferencing with lightweight frames. The company can provide comprehensive solutions in thermal management, precision structural components, and functional module integration - **Robotics**: Management is positive about embodied AI, including humanoid robots. The robotics segment focuses on total solutions from components (e.g., CSV reducers, force sensors) to modules (e.g., charging modules, joint hinges) and precision assembly solutions [3][4] 3. Financial Projections and Valuation - A 12-month price target of Rmb22.6 is set, based on a target P/E multiple of 38.8x for 2026E EPS - The target P/E is derived from the correlation between P/E and EPS growth of peers, reflecting the company's expected 2027E EPS year-over-year growth [4] 4. Revenue and Earnings Forecast - Projected revenue growth: - 2024: Rmb44.2 billion - 2025: Rmb52.8 billion - 2026: Rmb70.2 billion - 2027: Rmb85.2 billion - Projected EBITDA growth: - 2024: Rmb4.8 billion - 2025: Rmb5.7 billion - 2026: Rmb7.8 billion - 2027: Rmb10.2 billion - Projected EPS growth: - 2024: Rmb0.25 - 2025: Rmb0.38 - 2026: Rmb0.58 - 2027: Rmb0.82 [8] 5. Risks Identified - Potential risks include slower-than-expected penetration of foldable phones and AI terminals, increased competition from suppliers, and a weak macroeconomic environment that could dampen market demand [4] 6. Investment Recommendation - The recommendation is to maintain a "Buy" rating, with an upside potential of 42.6% based on the current price of Rmb15.85 compared to the target price of Rmb22.6 [8] Additional Insights - The company is well-positioned to leverage its accumulated expertise in advanced manufacturing processes to capture growth in emerging technology segments - The focus on total solutions in both AI glasses and robotics indicates a strategic approach to diversify revenue streams and enhance margins [2][3][4]

Group 1 - The global AI computing power competition has entered a new phase where liquid cooling is essential for high-performance computing [2] - xAI has launched the Colossus 2, a 1GW AI training cluster that requires power equivalent to 100,000 households and utilizes 550,000 GPUs, achieving computational power comparable to 1.4 million NVIDIA H100 GPUs [1] - The industry is facing challenges with single-chip power consumption exceeding 2300W and cabinet power density increasing significantly, making companies with integrated supply chain solutions key winners in the computing infrastructure sector [2] Group 2 - Lianyi Intelligent Manufacturing has established a comprehensive supply chain capability in AI computing infrastructure, having been recognized as a core supplier in the AI terminal hardware sector for eight consecutive years [2] - The company has enhanced its liquid cooling product line through the acquisition of Limin Da, creating a complete matrix of core components that are certified by NVIDIA for compatibility with high-spec computing devices [2] - Lianyi's integrated solution for AI computing infrastructure combines liquid cooling and power supply systems, optimizing thermal management and power stability, which is crucial for large-scale supercomputing projects like xAI's Colossus 2 [3] Group 3 - The AI server market is experiencing a growth rate of 46.1% annually, with increasing penetration of liquid cooling technologies, providing significant industry benefits [3] - Lianyi Intelligent Manufacturing is transitioning from a hardware supplier to a core service provider in AI computing infrastructure, focusing on expanding its market presence both domestically and internationally [3] - The company's innovative solutions are gaining market recognition due to their one-stop delivery, high adaptability, and cost advantages, particularly in North America and Taiwan [3]

证券代码：002600 证券简称：领益智造 公告编号：2026-006 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 2025 年 12 月 5 日和 2025 年 12 月 22 日召开第六届董事会第二十二次会议和 2025 年 第六次临时股东会，审议通过了《关于公司及子公司 2026 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，2026 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 4,000,000 万元。在上述担保额度内，公司管理层可根据实际经营情况对 公司（含控股子公司）对子公司、子公司对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 2025 年 12 月 6 日在巨潮 资讯网（www.cninfo.com.cn）上披露的《关于公司及子公司 2026 年度担保事项 的公告》。 二、担保进展情况 ...

Core Viewpoint - The company Lingyi Technology (领益智造) announced a share reduction plan by shareholder Zeng Fangqin, who intends to sell up to 36 million shares over a three-month period, which represents 0.49% of the company's total share capital after excluding repurchased shares [1][3]. Group 1: Shareholder Reduction Plan - Shareholder Zeng Fangqin holds 144,536,846 shares, accounting for 1.98% of the company's total share capital after excluding repurchased shares [1]. - The planned reduction will occur through block trades starting from February 7, 2026, to May 6, 2026 [1]. - The estimated cash amount from the share reduction, based on the closing price of 16.51 yuan on January 16, 2026, is approximately 594 million yuan [2]. Group 2: Company Control and Governance - Lingyi Technology confirmed that the share reduction will not lead to a change in company control or affect its ongoing operations and governance structure [3]. - The company's fundamentals have not undergone significant changes, ensuring stability in its operations [3]. Group 3: International Expansion Plans - Lingyi Technology is planning to issue H-shares and list on the Hong Kong Stock Exchange to enhance its international strategy and expand overseas business [3]. - This move aims to broaden merger and financing channels, increase international visibility, and improve overall competitiveness [3]. Group 4: Fundraising History - Over the past six years, Lingyi Technology has raised a total of 5.137 billion yuan through two rounds of fundraising in the A-share market [4]. - The company reported a net fundraising amount of approximately 2.972 billion yuan from a private placement in 2020 [4]. - In 2024, the company raised 2.137 billion yuan through the issuance of convertible bonds [4].

Economic Information - Several smartphone manufacturers, including Xiaomi, OPPO, vivo, and Transsion, have lowered their annual shipment forecasts, with Xiaomi and OPPO reducing by over 20%, vivo by nearly 15%, and Transsion to below 70 million units [2] - Silver prices have surged over 50% in one month and over 150% in six months, impacting the photovoltaic industry, which consumes a significant amount of silver. The cost of raw materials for solar cells has increased by nearly 20% due to rising silver prices [2] - The company Xibei is expected to incur cumulative losses exceeding 600 million yuan from September 2025 to March 2026, leading to the closure of 102 stores, accounting for 30% of its total outlets [2] Company Alerts - Shenghong Technology anticipates a net profit increase of 260%-295% year-on-year for 2025, although Q4 performance fell short of expectations [4] - Cambridge Technology expects a net profit increase of 51%-67% year-on-year for 2025, with Q4 results also below expectations [4] - Multiple companies, including Weimait and Youyan Silicon, have announced plans to reduce their shareholdings by up to 4.98% and 3% respectively [4][11] Overseas Alerts - The three major U.S. stock indices collectively declined last Friday, with the Nasdaq China Golden Dragon Index dropping by 1.15%. Notable declines were seen in Chinese stocks such as Alibaba and JD.com [5] - The European Union is considering imposing tariffs on U.S. goods worth 93 billion euros in response to U.S. tariffs on eight European countries, which could take effect on February 6 if no agreement is reached [5]

Group 1 - The actual controller of Lingyi Zhizao, Zeng Fangqin, plans to reduce holdings by up to 36 million shares, accounting for 0.49% of the total share capital, through block trading within three months after the announcement [1] - The reduction will be conducted entirely through block trading, with a six-month lock-up period for the transferee, and is expected to have no direct impact on the secondary market stock price [1] - For the first three quarters of 2025, the company achieved operating revenue of 37.59 billion yuan, a year-on-year increase of 19.25%, and a net profit attributable to shareholders of 1.94 billion yuan, a year-on-year increase of 37.66%, with steady improvements in gross margin and net margin [1] Group 2 - The company has developed comprehensive solutions in the server field, covering the entire chain of cooling and power supply [1]