证 券 研 究 报 告 凌云股份（600480）深度研究报告 强推（首次） 热成型、电池盒双轮驱动，传感器加速布局 目标价：14.9 元 [ReportFinancialIndex] 主要财务指标 | | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 18,837 | 19,728 | 20,890 | 21,879 | | 同比增速(%) | 0.7% | 4.7% | 5.9% | 4.7% | | 归母净利润(百万) | 655 | 806 | 933 | 1,020 | | 同比增速(%) | 3.8% | 22.9% | 15.8% | 9.3% | | 每股盈利(元) | 0.54 | 0.66 | 0.76 | 0.83 | | 市盈率(倍) | 22 | 18 | 15 | 14 | | 市净率(倍) | 1.9 | 1.7 | 1.6 | 1.6 | 资料来源：公司公告，华创证券预测 注：股价为 2025 年 7 月 11 日收盘价 公司研究 汽车零部件Ⅲ 2025 年 07 月 1 ...

Core Viewpoint - The Tesla concept sector experienced a slight decline of 0.15% with a significant capital outflow of approximately 2.92 billion [1] Group 1: Stock Performance - A total of 84 stocks within the sector saw an increase, while 113 stocks experienced a decline [1] - The top-performing stocks included: - Gongzhi Tui (11.54%) - Kelu Electronics (10.02%) - Haosen Intelligent (7.49%) - Zhongke Sanhuan (5.22%) - Hezhuan Intelligent (5.02%) - Jinli Yongci (4.48%) - China Automotive Research (4.1%) - Jinjing Technology (3.23%) - Southern Precision (3.09%) - Nanbo A (2.49%) - *ST Weier (2.38%) - Nord Shares (2.03%) - Spring and Autumn Electronics (2.02%) - Baolong Technology (1.92%) - Hengdian East Magnet (1.74%) - Galaxy Magnet (1.71%) - Paislin (1.63%) - Shida Shenghua (1.61%) - Bowei Alloy (1.4%) - Delian Group (1.38%) [1] Group 2: Declining Stocks - The stocks with the largest declines included: - Rongtai Co. (-7.53%) - Yamaton (-5.0%) - Shenghong Technology (-4.96%) - Quanfeng Automotive (-4.64%) - Shuanglin Co. (-3.99%) - Xingyuan Zhuomei (-3.36%) - Jintuo Co. (-3.08%) - Keda Li (-3.01%) - Hailian Jinhui (-2.98%) - Huafeng Superfiber (-2.86%) - Chaojie Co. (-2.74%) - Jifeng Co. (-2.66%) - Ningbo Huaxiang (-2.64%) - Changsheng Bearing (-2.54%) - Saiwu Technology (-2.34%) - Fabon Information (-2.25%) - Chaoda Equipment (-2.07%) - Lingyun Co. (-2.06%) - Sikan Technology (-1.94%) - Changhua Group (-1.86%) [1]

增持计划的实施进展：截至 2025 年 7 月 8 日，凌云集团通过上海证券 交易所交易系统以集中竞价交易方式累计增持本公司股份 2,690,580 股，约占本 公司总股本的 0.29%，增持金额约 4,005.58 万元，达到本次增持计划拟增持金 额区间下限的 50%。 增持计划无法实施风险：凌云集团增持计划尚未完成，因资本市场发生 变化等目前尚无法预判的因素，可能导致本次增持计划无法按期完成，敬请广大 投资者注意投资风险。 | 增持主体名称 | 北方凌云工业集团有限公司 | | | | --- | --- | --- | --- | | 增持主体身份 | 控股股东、实控人 | 是 | 否 | | | 控股股东、实控人的一致行动人 | 是 | 否 | | | 直接持股 5%以上股东 | 是 | 否 | | | 董事、监事和高级管理人员 | 是 | 否 | | | 其他：无 | | | | 增持前持股数量 | 股 295,092,102 | | | | 增持前持股比例 | 31.38% | | | | （占总股本） | | | | 一、增持主体的基本情况 1 证券代码：600480 证券简称 ...

Industry Overview - Battery trays are crucial components of the power system in electric vehicles, accounting for 20%-30% of the battery system's weight and requiring high precision, corrosion resistance, high-temperature resistance, and impact resistance [1][4] - The battery tray industry in China is experiencing significant growth, with market size projected to increase from 2.63 billion yuan in 2020 to 33.93 billion yuan by 2024, maintaining a double-digit growth rate [7][8] Market Demand - The demand for battery trays is primarily driven by the electric vehicle market, with the market size for electric vehicle battery trays expected to reach 28.5 billion yuan in 2024, representing 84% of the total market [8] - The energy storage system market is also growing rapidly, with a projected market size of 5.429 billion yuan in 2024, accounting for 16% of the total market [8] Competitive Landscape - The battery tray industry features a concentrated market share among key players, including traditional component manufacturers, battery manufacturers, and material extension companies [12] - Major participants include Huayu Automotive, Huada Technology, Lingyun Industrial, and Ningde Times, among others, with a focus on aluminum alloy and high-strength steel products [14][15] Production Capacity Dynamics - Leading companies are accelerating production capacity to capture market share, with Jiangsu Tianjun Precision Technology Co., Ltd. planning to invest in 14 high-standard production lines for battery trays, aiming for an annual output of approximately 400,000 units [15] - YouSheng Aluminum's battery tray series is experiencing significant revenue growth, with a 59.85% increase in 2024, contributing to 29.77% of the company's total revenue [23][25] Trends in the Battery Tray Industry - The industry is witnessing a shift towards lightweight, integrated, and modular products, with aluminum alloys remaining the dominant material due to their excellent strength-to-weight ratio and processability [29][30] - Innovations in battery pack structure technologies (CTP/CTC/CTB) are driving the need for battery trays to integrate more functions, requiring higher rigidity, strength, and thermal management compatibility [30]

Core Points - The company announced a cash dividend of RMB 0.30 per share and a stock bonus of 0.30 shares for every share held [1][2] - The total cash dividend distribution amounts to RMB 282,083,187, and the total stock bonus distribution will also be 282,083,187 shares, increasing the total share capital to 1,222,360,477 shares [2][5] - The profit distribution and stock bonus plan were approved at the annual shareholders' meeting held on May 20, 2025 [2] Dividend and Stock Bonus Details - The cash dividend will be distributed to shareholders registered by the close of trading on June 20, 2025, with the ex-dividend date set for June 23, 2025 [2][3] - The cash dividend will not be subject to withholding tax at the time of distribution; however, tax will be calculated based on the holding period when shares are sold [4][5] - For qualified foreign institutional investors (QFII), a 10% withholding tax will apply, resulting in a net cash dividend of RMB 0.27 per share [4][5] Share Capital Structure Changes - Before the distribution, the total share capital was 940,277,290 shares, which will increase to 1,222,360,477 shares after the distribution [5] - The breakdown of shares post-distribution includes 18,198,492 restricted shares and 1,204,161,985 unrestricted shares [5] - The diluted earnings per share for the fiscal year 2024 is projected to be RMB 0.55 based on the new total share capital [5]

证券代码：600480 证券简称：凌云股份 公告编号：2025-046 凌云工业股份有限公司 2024年年度权益分派实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： A 股每股现金红利0.30元 每股转增股份0.30股 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 新增无限售条件 | 现金红利 | | --- | --- | --- | --- | --- | --- | | | | | | 流通股份上市日 | 发放日 | | Ａ股 | 2025/6/20 | － | 2025/6/23 | 2025/6/23 | 2025/6/23 | 差异化分红送转： 否 一、通过分配、转增股本方案的股东会届次和日期 1 公司不存在首发战略配售股份 每股分配比例，每股转增比例 3. 分配方案： 本次利润分配及转增股本以方案实施前的公司总股本940,277,290股为基数， 每股派发现金红利0.30元（含税），以资本公积金向全体股东每股转增0.30股，共 计派发现金红利 282,083 ...

Group 1 - The core business of the company includes automotive parts and municipal pipelines, with a focus on globalization and high-end development [1] - The company has applied for a robotics force sensor project in 2023, which is expected to benefit from the growth of the domestic robotics industry [1] Group 2 - The automotive parts segment is driven by "stamping parts + battery shells," with stamping business revenue around 6 billion yuan, ranking among the top third-party stamping manufacturers in China [2] - The company acquired German WAG in 2015 to enhance its core technology for high-strength, lightweight automotive parts, which is expected to support the long-term growth of its battery shell business [2] Group 3 - The company has started research and development of force sensors in 2023 and is part of a key project by the Ministry of Industry and Information Technology, with a complete product matrix for precise force measurement [3] - The company is actively expanding into key components for robotics, such as intelligent joints and robotic arms, which may benefit from the explosive growth of the domestic robotics industry [3] - Based on existing and new business developments, the company is given a target price of 22.5 yuan with a "buy" rating, using a 25X PE ratio for 2025 [3]

证券代码：600480 证券简称：凌云股份 公告编号：2025-045 凌云工业股份有限公司 关于 2022 年限制性股票激励计划预留授予部分 第一个解除限售期解除限售暨上市公告 本次股票上市流通日期为2025 年 6 月 9 日。 凌云工业股份有限公司（以下简称"公司"）于 2025 年 5 月 20 日召开了第九 届董事会第一次会议和薪酬与考核委员会 2025 年第二次会议，审议通过了《关于 2022 年限制性股票激励计划预留授予部分第一个解除限售期解除限售条件成就的 议案》，公司 2022 年限制性股票激励计划（以下简称"本次激励计划"）规定的 预留授予（第一批次）第一个解除限售期解除限售条件已经成就，同意公司为 10 名符合解除限售条件的激励对象办理解除限售事宜，解除限售的限制性股票数量 共计 297,360 股。现将有关情况公告如下： 一、本次激励计划批准及实施情况 （一）已履行的审批程序及信息披露主要情况 1、2022 年 12 月 9 日，公司第八届董事会第八次会议审议通过了《关于凌云 工业股份有限公司<2022 年限制性股票激励计划（草案）>及其摘要的议案》《关 于凌云工业股份有限公司<限制性 ...

Core Viewpoint - Lingyun Co., Ltd. has made adjustments to its 2024 profit distribution and capital reserve conversion, alongside a share buyback initiative by its controlling shareholder, Lingyun Group, indicating a strategic move to enhance shareholder value and manage equity structure [1][2]. Group 1: Company Announcements - Lingyun Co., Ltd. adjusted the total cash dividend for 2024 from 282,149,523 yuan (including tax) to 282,083,187 yuan (including tax) due to the repurchase and cancellation of certain restricted stock options, resulting in a change in total share capital [1]. - The total capital reserve conversion amount was also adjusted from 282,149,523 shares to 282,083,187 shares, maintaining the per-share distribution and conversion ratios unchanged [1]. - Following these adjustments, the total share capital of the company is now 1,222,360,477 shares, subject to final registration results from the China Securities Depository and Clearing Corporation [1]. Group 2: Shareholder Activity - Lingyun Group plans to increase its stake in Lingyun Co., Ltd. with a budget between 80 million yuan and 100 million yuan, with a maximum purchase price of 19 yuan per share, over a six-month period starting from April 9, 2025 [2]. - On May 29, 2025, Lingyun Group acquired 83,600 shares, representing approximately 0.0089% of the total share capital, for about 1.3392 million yuan [2]. - Post this acquisition, Lingyun Group holds 295,175,702 shares, accounting for 31.3924% of the total share capital, while the group and its concerted parties collectively hold 409,556,762 shares, or 43.5570% of the total share capital [2].

证券代码：600480 证券简称：凌云股份 公告编号：2025-044 凌云工业股份有限公司 关于控股股东增持公司股份的进展公告 本公司董事会、全体董事及相关股东保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 已披露增持计划情况：凌云工业股份有限公司（以下简称"公司"或"本公 司"）已于 2025 年 4 月 9 日披露《关于控股股东增持计划的公告》。公司控股股 东北方凌云工业集团有限公司（以下简称"凌云集团"）拟以自有资金及自筹资金 通过上海证券交易所系统以集中竞价方式择机增持本公司股份，增持金额不低于 8,000 万元、不高于 10,000 万元，增持价格不超过 19 元/股，增持期限自 2025 年 4 月 9 日起 6 个月内。 增持计划的实施进展：2025 年 5 月 29 日，凌云集团通过上海证券交易 所交易系统以集中竞价交易方式首次增持本公司股份 83,600 股，约占本公司总 股本的 0.0089%，增持金额约 133.92 万元。 增持计划无法实施风险：凌云集团增持计划尚未完成，因资本市场发生 变化等目前尚无法预判 ...