LINGYUN CORPORATION(600480) 新浪财经·2025-04-11 00:29Core Viewpoint - Lingyun Co., Ltd. leverages its military background to expand into the automotive sector, achieving global and diversified development with a focus on lightweight automotive systems, low-emission automotive piping systems, and municipal engineering pipeline systems [1] Group 1: Company Overview - Lingyun Co., Ltd. is a publicly listed company under China North Industries Group Corporation, with a production network covering over 30 domestic provinces and cities, as well as overseas regions including Germany, Mexico, and North America [1] - The company has established 20 joint ventures with partners from Switzerland, the United States, and South Korea to deepen technological cooperation [1] - The average ROE from 2021 to 2023 is 5.3%, with a compound annual growth rate (CAGR) of 52% in net profit attributable to shareholders [1] Group 2: Business Performance - In the first three quarters of 2024, the company reported revenue of 13.348 billion yuan, a year-on-year decline of 0.42%, while net profit attributable to shareholders was 501 million yuan, an increase of 13.23% [1] - For the first half of 2024, revenue from automotive metal and plastic components reached 8.156 billion yuan, a year-on-year increase of 6.66%, with a gross margin of 18.10%, up by 1.8 percentage points [1] - Revenue from the plastic pipeline system was 525 million yuan, a year-on-year decrease of 19.58%, with a gross margin of 12.96%, up by 0.5 percentage points [1] Group 3: Metal Sector - The stamping segment has significant industry potential, with the company holding a high market share [2] - Lingyun Co., Ltd. has accelerated its hot forming market layout through a joint venture with South Korea's GNS, establishing seven joint ventures across the country [2] Group 4: Battery Shell Business - The company has established battery shell production lines in Germany and domestically, with mass production for clients including Porsche, BMW, and Mercedes-Benz [3] - In the first half of 2024, the German subsidiary WAG received the A-level supplier title from Porsche, while significantly reducing losses [3] Group 5: Pipeline Business - The company’s subsidiary, Yada Group, is a leading player in the pipeline system sector, established as a joint venture with George Fischer, holding a prominent market share [4] - Yada Group provides comprehensive solutions in municipal pipeline projects, partnering with major municipal energy companies [5] - The automotive fluid pipeline business is expected to benefit from the increasing penetration of new energy vehicles, with a focus on developing new products for non-automotive sectors [6] Group 6: Sensor Technology - Force sensors are core components in power equipment and engineering machinery, with rapid market growth in China, currently dominated by foreign brands [7] - The company has taken the lead in forming a project working group to advance sensor project development [8] Group 7: Profit Forecast and Valuation - Revenue projections for 2024, 2025, and 2026 are 20.29 billion, 21.83 billion, and 23.75 billion yuan, respectively, with year-on-year growth rates of 8.5%, 7.6%, and 8.8% [9] - Expected net profits attributable to shareholders for the same period are 733 million, 838 million, and 937 million yuan, with growth rates of 16.1%, 14.2%, and 11.9% [9] - The projected PE ratios for 2024, 2025, and 2026 are 18.0, 15.8, and 14.1, respectively, with an initial coverage rating of "buy" [9]