Shenwan Hongyuan Research: maintain the "buy" rating for Lingyi Intelligent Manufacturing, while exploring overseas markets and deepening domestic demand.
Shenwan Hongyuan Research pointed out that Lingyi Intellimaking recently released the "Announcement on Adjusting Part of the Raised Investment Projects and Changing the Use of Part of the Raised Funds" and the "2025 Employee Stock Ownership Plan", increasing investment in heat dissipation capacity and humanoid robot research and development. Lingyi Intellimaking is a leading one-stop AI terminal hardware manufacturing platform globally, building core competitive advantages in precision manufacturing through advanced processes such as die-cutting, stamping, CNC machining, and injection molding, gradually transitioning from a product manufacturing expert to a solution expert. The company is optimistic about the company's medium to long-term layout in robot/server cooling/AI glasses/foldable screens and other high-growth segments, expanding overseas markets while digging deep into domestic demand. The company maintains a forecast of net profit attributable to the parent company for 2025-27 at 2.8/3.4/3.9 billion yuan. The PE ratios for 2025/26 are 21/17X, maintaining a "buy" rating.
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