Report Interpretation

Overview

This conference takeaway summarizes Lingyi management’s plans to deepen its role in humanoid-robot hardware and AI computing infrastructure. Goldman Sachs remains positive and maintains Buy, expecting new-business ramp-up, foldable-phone content growth and better overseas execution to support longer-term growth.

Core views

Goldman Sachs says Lingyi is progressing from precision components toward functional modules and higher-level assembly. In humanoid robots, management highlighted offerings spanning core components, robot joint modules and complete-machine assembly. Its production bases are intended to support mass delivery across these categories, which the report views as enabling more integrated manufacturing services along the humanoid-robot hardware value chain rather than a narrower components-only role. For AI servers, Lingyi is broadening its portfolio beyond liquid-cooling components into thermal-management and power solutions. Management cited products including liquid-cooling cold plates, quick connectors, manifolds and CRPS. The intended strategy is to combine precision-manufacturing and system-integration capabilities into a more comprehensive offering for AI computing infrastructure. Goldman Sachs remains positive because it expects three growth drivers: ramp-up of innovative businesses including humanoid robots, liquid cooling and AI glasses; increasing content value in foldable phones; and improving operating efficiency at overseas production sites. The report maintains Buy. The valuation uses a 12-month target price of Rmb21.20, based on a 29x 2027E P/E multiple. Goldman Sachs derives that multiple from the relationship between peer P/E valuations and EPS growth, applied to Lingyi’s expected 2027 EPS growth. The table shows forecast revenue rising from Rmb51,428.9mn in 2025 to Rmb66,471.7mn in 2026E, Rmb81,964.3mn in 2027E and Rmb96,472.8mn in 2028E; forecast EPS rises from Rmb0.32 to Rmb0.44, Rmb0.73 and Rmb0.90 over the same periods. At Rmb12.52 as of 1 September 2026, the target implies 69.3% upside.

Analysis framework

The report draws on management discussions at Goldman Sachs’ Asia Leaders Conference, then links Lingyi’s product expansion in humanoid robots and AI servers to its manufacturing and system-integration capabilities. It supports the investment view with forecast operating and earnings metrics and values the company on a peer-growth-informed 2027E P/E multiple.

Methodology notes

• Valuation methodsP/E and PEG Valuation

  Peer P/E-to-EPS-growth correlation used to set the target multiple

  Goldman Sachs sets Lingyi’s 29x 2027E P/E target multiple by referencing how peer valuation multiples correlate with EPS growth, then applies that relationship to the company’s expected 2027 earnings growth.

• Competition & strategyValue chain analysis

  Expansion across the humanoid-robot hardware value chain

  The report evaluates Lingyi’s move from components to joint modules and complete-machine assembly as a broader, more integrated manufacturing role across robot hardware.

Asset mapping & comparison

Structured mapping from thesis to named assets (strengths, weaknesses, peers, risks).

• Lingyi (002600.SZ)

  The primary covered company; expected to benefit from expansion into humanoid-robot hardware, AI-server solutions and foldable-phone content.

  Strengths

  Precision manufacturing, system integration, production support for robot components, joint modules and complete-machine assembly.

  Comparison

  The target P/E multiple is derived from the relationship between peer P/E and EPS growth.

  Risks

  Slower-than-expected foldable-phone or AI-terminal penetration, more supplier competition and weak macro demand.

Key data

• 12-month target priceRmb21.20Based on a 29x 2027E P/E multiple.
• Share priceRmb12.52Price as of 1 September 2026 close.
• Implied upside69.3%Target-price upside from the reported share price.
• RevenueRmb51,428.9mn / Rmb66,471.7mn / Rmb81,964.3mn / Rmb96,472.8mn2025 / 2026E / 2027E / 2028E.
• EBITDARmb5,221.5mn / Rmb7,247.1mn / Rmb10,269.3mn / Rmb12,614.6mn2025 / 2026E / 2027E / 2028E.
• EPSRmb0.32 / Rmb0.44 / Rmb0.73 / Rmb0.902025 / 2026E / 2027E / 2028E.
• P/E34.0x / 28.6x / 17.1x / 13.9x2025 / 2026E / 2027E / 2028E.

Impact & implications

The report argues that more integrated robot manufacturing and a wider AI-server product suite can expand Lingyi’s addressable content beyond its legacy precision-component role. Its positive view also depends on commercialization of innovative businesses, foldable-phone content gains and better efficiency at overseas sites.

Risks

• Foldable-phone and AI-terminal penetration could be slower than expected.
• Competition could increase as more suppliers enter the market.
• A weak macroeconomy could continue to weigh on market demand.