热成型、电池壳双引擎驱动，有望切入机器人领域

Investment Rating - The report initiates coverage on Lingyun Co., Ltd. (600480.SH) with an "Accumulate" rating [7][22]. Core Viewpoints - Lingyun Co., Ltd. is driven by dual engines of hot forming and battery shell production, with potential to enter the robotics field [5][30]. - The company has a solid leading position in the automotive pipeline business, providing stable cash flow [6][70]. - The lightweight business is set to grow, focusing on hot forming and aluminum alloy technologies, with significant project expansions [6][81]. - The company is actively engaging in the development of robotic force sensors, which are critical components for humanoid robots, indicating a forward-looking strategic layout [6][85]. Summary by Sections 1. Company Overview - Lingyun Co., Ltd. was established in 1995 and listed in 2003, primarily engaged in lightweight safety structural components, hot forming products, and automotive pipelines [5][34]. - The acquisition of German WAG in 2015 enhanced the company's capabilities in aluminum alloy lightweight technology and allowed entry into the high-end new energy battery shell market [5][81]. 2. Business Segments - The automotive metal and plastic components business has been increasing its revenue share, reaching 87.7% in 2022 [36][62]. - The company has a diverse product matrix, including high-strength lightweight safety systems and battery system components for new energy vehicles [36][62]. 3. Financial Performance - Revenue is projected to grow from 180.23 billion CNY in 2023 to 215.73 billion CNY in 2025, with net profit expected to rise from 6.06 billion CNY to 8.59 billion CNY in the same period [7][10]. - The company has shown a stable growth trend, with a compound annual growth rate (CAGR) of 12.4% from 2014 to 2022 [40]. 4. Strategic Initiatives - The company is focusing on the development of robotic force sensors, with a projected market size of 328 billion CNY by 2030 for the humanoid robot sector [6][88]. - Lingyun Co., Ltd. is collaborating with research institutions to innovate in the field of humanoid robot force sensing technology [6][85]. 5. Investment Recommendations - The report suggests that the company's performance is expected to improve significantly due to the growth in lightweight and robotics businesses, leading to an "Accumulate" rating [7][22].