证券代码：600480 证券简称：凌云股份 公告编号：2025-016 凌云工业股份有限公司 关于股东中兵投资管理有限责任公司 完成可交换公司债券解除质押登记的公告 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。 重要事项提示： 中兵投资于2025年4月23日在中国证券登记结算有限责任公司上海分公司 办理完成"22中兵EB"解除质押登记手续，将"中兵投资管理有限责任公司-2022 年面向专业投资者非公开发行可交换公司债券质押专户"持有公司股份 30,000,000股解除质押后划转至中兵投资自有证券账户，具体情况如下： | 股东名称 | 中兵投资 | | --- | --- | | 本次解除质押股份 | 股 30,000,000 | | 占其所持股份比例 | 26.23% | | 占公司总股本比例 | 3.19% | | 解除质押时间 | 年 月 日 2025 4 23 | | 持股数量 | 114,381,060 股 | | 持股比例 | 12.16% | | 剩余被质押股份数量 | - | | 剩余被质押股份数量占其所持股份 ...

证券代码：600480 证券简称：凌云股份 公告编号：2025-015 凌云工业股份有限公司 股权激励限制性股票回购注销实施公告 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： 回购注销原因：凌云工业股份有限公司（以下简称"公司"）1 名激励对象 2023 年度个人绩效考核结果不符合解除限售条件，根据公司《2022 年限制性股 票激励计划（草案）》（以下简称"《激励计划》"）相关规定，公司需要回购注 销其持有的第一个解除限售期不符合解除限售条件的限制性股票。 本次注销股份的有关情况 | 回购股份数量 | 注销股份数量 | | 注销日期 | | | | --- | --- | --- | --- | --- | --- | | 19,520 股 | 19,520 股 | 2025 | 年 4 | 月 | 29 日 | 一、本次限制性股票回购注销的决策与信息披露 2025 年 3 月 3 日，公司第八届董事会第二十五次会议和第八届监事会第十 九次会议审议通过了《关于回购注销部分限制性股票及调整回购价格的议案》。 根 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8 层 8/F, Emperor Group Centre, No. 12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R. China 电话/Tel.:010-50867666 传真/Fax:010-65527227 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 北京市康达律师事务所 关于凌云工业股份有限公司 回购注销部分限制性股票及调整回购价格事宜之 法律意见书 康达法意字【2025】第 0188 号 二〇二五年四月 法律意见书 北京市康达律师事务所 关于凌云工业股份有限公司 回购注销部分限制性股票及调整回购价格事宜之 法律意见书 康达法意字【2025】第 0188 号 致：凌云工业股份有限公司 北京市康达律师事务所（以下简称"本所"）接受凌云工业股份有限公司（以 下简称"公司"）的委托，作为公司 2022 年限制性股票激励计划（以下 ...

证券代码：600480 证券简称：凌云股份 公告编号：2025-014 凌云工业股份有限公司 关于控股股东获得增持贷款承诺函的公告 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。 近日，凌云工业股份有限公司（以下简称"本公司"或"公司"）收到北方凌云 工业集团有限公司（以下简称"凌云集团"）通知，凌云集团已获得中国银行股 份有限公司保定分行（以下简称"中国银行保定分行"）出具的《贷款承诺函》。 中国银行保定分行拟为凌云集团增持公司股份计划提供不超过 0.9 亿元人民币 的贷款额度，贷款期限不超过 3 年。现将有关情况公告如下： 一、增持计划的内容 基于对本公司未来发展前景的信心和长期投资价值的认可，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。 公司已于 2025 年 4 月 9 日在《中国证券报》《上海证券报》及上海证券 交易所网站披露 ...

凌云股份（600480）公告，控股股东凌云集团收到中国银行保定分行出具的《贷款承诺函》，该行拟为 凌云集团增持公司股份提供不超过0.9亿元人民币的贷款额度，贷款期限不超过3年。凌云集团计划以自 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公司股份，增持金额不低于8000万 元、不高于1亿元，增持价格不超过19元/股，增持期限自2025年4月9日起6个月内进行。公司已在相关 媒体披露增持计划公告。 ...

Summary of Lingyun Co., Ltd. Conference Call Company Overview - Lingyun Co., Ltd. is a subsidiary of China North Industries Group Corporation, classified as a state-owned enterprise. The company has a substantial revenue scale and a diverse product range, primarily divided into two major categories: automotive parts and municipal engineering plastic pipes [3][12]. Core Business Insights - The automotive parts business is further segmented into metal and non-metal components. Metal components include body structure parts (such as stamped parts) and lightweight components like electric vehicle battery boxes. Non-metal components encompass nylon pipes, rubber pipes, and seals [3][4]. - Lingyun has established a strong foundation in the stamping field and has entered the supply chains of leading global automotive companies through its subsidiary WAG, which supplies battery shells to brands like Mercedes-Benz, BMW, Audi, and Volkswagen [5][12]. Financial Performance - Revenue has been steadily increasing since 2020, with projections to approach 20 billion in 2024. Profit has also seen rapid growth, rising from 100 million in 2020 to 600 million in 2023, indicating continuous improvement in profitability [6][12]. - The net profit margin is expected to reach nearly 6% in the first half of 2024, with Return on Equity (ROE) increasing from 2-3% in earlier years to 9.9% in 2023, which is considered a strong performance for a manufacturing company [6][12]. Factors Driving Profitability - The improvement in profitability is attributed to management and operational optimizations, including supply chain management, cost control, and strategic partnerships with leading suppliers. Scale effects have also reduced the proportion of depreciation and amortization relative to revenue, further enhancing profitability [7][12]. Expansion into Non-Automotive Sectors - Lingyun is actively expanding into non-automotive sectors such as energy storage and data centers. The demand for thermal management in data centers is increasing, providing new growth opportunities for the company [8][9]. - The complexity of pipe structures in the era of new energy vehicles adds higher value, with potential market share expansion as the penetration rate of new energy vehicles increases [8]. International Market Performance - From 2022 to 2023, Lingyun's overseas profitability significantly improved through cost reduction and efficiency enhancement measures. The company has established production capacity in multiple countries and regions, enhancing operational stability and risk resistance [10][12]. Sensor Technology Development - Lingyun is a key player in the mechanical sensor field, particularly in six-dimensional force sensors, which have significant market potential as robotics applications proliferate. The company plans to develop a sensor platform for both automotive and robotics applications, targeting a market size exceeding 10 billion [11][13]. - The market for six-dimensional force sensors could reach 8 billion if each robot uses four sensors priced at 2000 yuan each. As production scales up, costs are expected to decrease, further expanding market opportunities [11][13]. Conclusion - Overall, Lingyun Co., Ltd. demonstrates a solid and stable core business with continuous improvement in profitability. The company is well-positioned to leverage its strengths in both automotive and emerging sectors, particularly in sensor technology and data center applications, indicating strong growth potential in the future [12][13].

Core 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]

撰 文 / 牛跟尚 设 计 / 琚 佳 央企控股上市公司正不断加大增持回购力度。 自国务院国资委4月8日下午发布《全力支持央企控股上市公司不断加大增持回购力度》后，兵工集 团、兵装集团、中国一汽、东风公司等汽车央企或有汽车业务的央企先后表态，并拿出真金白银支 持这一号召。 国务院国资委4月8日表示，将全力支持推动中央企业及其控股上市公司主动作为，不断加大增持回 购力度，切实维护全体股东权益，持续巩固市场对上市公司的信心，努力提升公司价值，充分彰显 央企责任担当。同时，加大对央企市值管理工作的指导，引导中央企业持续为投资者打造负责任、 有实绩、可持续、守规矩的价值投资优质标的，为促进资本市场健康稳定发展作出贡献。 据国务院国资委的微信公众号"国资小新"不完全统计，4月7日起截至8日20时，有18家央企宣布增 持回购；截至9日8时，新增9家央企宣布增持回购，通过真金白银投入；截至10日8时，新增15家央 企对外积极发声，坚定看好资本市场，披露亮眼经营业绩，宣布增持回购。 东风公司增持回购旗下上市公司股票超20亿元 最新的消息是，4月10日0时，东风公司发布《坚定看好中国经济与汽车业务前景，持续开展增持回 购》的公 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The controlling shareholder, Lingyun Group, has shown confidence by planning to increase its stake in the company by 80 to 100 million yuan within the next six months. This reflects a long-term strategic shift towards new energy and a comprehensive reserve of lightweight products. The company is accelerating its global supply capabilities and enhancing its position in the global new energy lightweight market [2][10]. Summary by Sections Event Description - The company announced a plan for the controlling shareholder to increase its stake [4]. Event Commentary - Lingyun Group intends to increase its shareholding by no less than 80 million yuan and no more than 100 million yuan, which will not exceed 2% of the total share capital. After the increase, there will be no reduction in shareholding for six months [10]. - The company is deepening its layout in the new energy sector and enhancing its global supply capabilities. The automotive business is focusing on new energy components, with plans to develop various systems and technologies by 2025. The company is also improving operational quality and risk management in its overseas operations [10]. Investment Recommendations - The company is expected to see both performance and valuation improvements, anticipating a "Davis Double Play." In the short term, the peak of capacity investment has passed, and downstream demand is gradually increasing, which is expected to release profit elasticity. In the medium to long term, the strategic shift towards new energy is anticipated to yield significant growth potential [10]. - The company plans to distribute a cash dividend of 0.10 yuan per share for the first half of 2024, which accounts for 23.56% of the net profit attributable to shareholders for that period. The projected net profits for 2024-2026 are 630 million, 800 million, and 900 million yuan, respectively, with corresponding P/E ratios of 20.9X, 16.5X, and 14.7X [10].

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to benefit from the increase in shareholding by the controlling shareholder, with a planned investment of no less than 80 million and no more than 100 million, representing up to 2% of the total share capital [2] - The main business of the company is stable, driven by both the thermoforming and battery shell businesses, while also strategically expanding into new areas such as energy storage and robotics, which opens up new growth opportunities [5] - The company has a leading position in the pipeline system sector, focusing on automotive fluid pipelines and municipal network systems, and has made breakthroughs in new industries through partnerships, such as the establishment of a joint venture for intelligent manufacturing [4] Financial Summary - The company’s revenue for 2024-2026 is projected to be 19.34 billion, 21.50 billion, and 23.60 billion respectively, with net profit attributable to the parent company expected to be 819 million, 948 million, and 1.05 billion respectively [5][7] - The earnings per share (EPS) is forecasted to be 0.87, 1.01, and 1.12 for the years 2024-2026 [9] - The company’s financial performance shows a steady increase in revenue and net profit, with year-on-year growth rates of 3.4%, 11.1%, and 9.8% for revenue, and 29.7%, 15.7%, and 10.7% for net profit from 2024 to 2026 [10]