凌云股份：Q1业绩超预期，机器人引领长期成长

Investment Rating - The investment rating for the company is "Buy" [13] Core Insights - The company's new energy vehicle lightweight business is entering a performance release phase, with significant growth expected from the robot sensor project [18][54] - In 2023, the company achieved revenue of 18.7 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to the parent company of 632 million yuan, up 85.4% year-on-year [19][54] - The company is positioned to benefit from the growing demand in the new energy vehicle sector and the robotics industry, with projections for net profit of 763 million yuan in 2024, 896 million yuan in 2025, and 1.045 billion yuan in 2026 [54] Financial Summary - Revenue is projected to grow from 18.7 billion yuan in 2023 to 23.8 billion yuan in 2026, reflecting a compound annual growth rate [14] - The gross profit margin is expected to improve from 16.3% in 2023 to 16.7% in 2026, indicating enhanced profitability [14] - Earnings per share (EPS) is forecasted to increase from 0.69 yuan in 2023 to 1.11 yuan in 2026 [14] Business Segments - The main business segments include automotive metal and plastic components, which accounted for 89% of total revenue in 2023, and municipal plastic pipeline systems [44][45] - The company has made significant advancements in the lightweight safety structure products and has entered the high-end new energy battery shell market [54] Market Position - The company is leading the development of six-dimensional force sensors for humanoid robots, which presents a high market potential due to the technical barriers involved [24][47] - The global market for six-dimensional force and torque sensors is competitive, with domestic manufacturers like Yuli Instruments gaining traction against established foreign players [29][52]