研報掘金丨申萬宏源研究:維持領益智造“增持”評級,拓展海外市場的同時深挖國內需求
申萬宏源研究指出,領益智造日前發佈《關於調整部分募投項目、變更部分募集資金用途的公告》及《2025年員工持股計劃(草案)》,增加散熱產能、人形機器人研發投資。領益智造是全球領先的一站式AI終端硬件製造平臺,憑藉先進的模切、衝壓、CNC加工及注塑等工藝構建精密製造核心競爭力,逐步從產品製造專家轉型爲解決方案專家。看好公司中長期佈局機器人/服務器散熱/AI眼鏡/摺疊屏等第N增長曲線,拓展海外市場的同時深挖國內需求。維持2025-27年歸母淨利潤預測爲28/34/39億元。2025/26年PE 21/17X,維持“增持”評級。
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