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]

Group 1 - The company announced a share buyback plan by its controlling shareholder, with a total investment amount between 80 million and 100 million yuan, and a maximum purchase of 2% of the total share capital at a price not exceeding 19 yuan per share, to be implemented within 6 months from the announcement date [1] Group 2 - The company has acquired all shares of GNS from South Korea, enhancing its market share in the hot-formed components sector [2] - The company is a leader in pipeline systems, focusing on automotive fluid pipelines and municipal network systems, and has made strategic advancements in new industries, including a partnership with Huagong Technology to establish a joint venture in intelligent manufacturing [2] Group 3 - The company's main business remains stable, driven by hot forming and battery shell operations, while also strategically expanding into energy storage and robotics, creating new growth opportunities [3] - Revenue forecasts for 2024-2026 are projected at 19.341 billion, 21.495 billion, and 23.600 billion yuan, with net profits of 819 million, 948 million, and 1.050 billion yuan, and EPS of 0.87, 1.01, and 1.12 yuan respectively [3] - As of April 8, 2025, the closing price was 12.93 yuan, corresponding to PE ratios of 14.84, 12.82, and 11.58 for 2024-2026 [3]

Group 1 - The stock of Lingyun Co., Ltd. (600480) increased by 8.82% with a turnover rate of 8.54% and a trading volume of 1.037 billion yuan, showing a volatility of 21.54% on the day [1] - Institutional investors net sold 13.69 million yuan, while the Shanghai Stock Connect saw a net sell of 21.90 million yuan, with the total net buying from brokerage seats amounting to 40.19 million yuan [1] - The top five brokerage seats accounted for a total transaction of 464 million yuan, with a net buying of 4.60 million yuan [1] Group 2 - As of April 8, the margin trading balance for the stock was 475 million yuan, with a financing balance of 473 million yuan and a securities lending balance of 1.69 million yuan [2] - Over the past five days, the financing balance decreased by 147 million yuan, representing a decline of 23.68%, while the securities lending balance decreased by 0.40 million yuan, a decline of 19.13% [2] - For the first three quarters of 2024, the company reported a revenue of 13.348 billion yuan, a year-on-year decrease of 0.42%, and a net profit of 501 million yuan, a year-on-year increase of 13.23% [2]

证券代码：600480 证券简称：凌云股份 公告编号：2025-013 凌云工业股份有限公司 关于控股股东增持计划的公告 一、增持主体的基本情况 （一）增持主体：公司控股股东北方凌云工业集团有限公司 （二）增持主体持股情况 截至本公告日，凌云集团持有本公司 295,092,102 股股份，占公司总股本 的 31.38%。 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： 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，控股股东 北方凌云工业集团有限公司（以下简称"凌云集团"）拟增持本公司股份。 凌云集团计划自本公告披露之日起 6 个月内通过上海证券交易所系统 以集中竞价方式增持本公司股份，增持金额不低于 8,000 万元，不高于 10,000 万元。 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。 2025 年 4 月 8 日，凌云工业股份有限公司（以下简称"本公司"或"公司"） 收到控股股东凌云集团出具的《关于增持凌云工业股份有限公司股份的告知函》 ...

作 者丨 崔文静 实习生 张长荣 编 辑丨姜诗蔷 黎雨桐 4月8日，A股指数尾盘集体走强，主要股指集体飘红。 截至收盘，沪指报3 1 4 5 . 5 5点，涨1 . 5 8%； 深成指报9 4 2 4 . 6 8点，涨0 . 6 4%； 创指报 1 8 4 0 . 3 1点，涨 1 . 8 3%。 | 上证指数 深证成指 | 北证50 | | --- | --- | | 3145.55 9424.68 +48.97 +1.58% +60.18 +0.64% +50.32 +4.82% | 1094.39 | | 科创50 创业板指 | 万得全A | | 940.09 1840.31 +15.92 +1.72% +33.11 +1.83% +46.30 +1.00% | 4674.54 | | 沪深300 中证500 | 中证A500 | | 3650.76 5326.91 +61.32 +1.71% +39.88 +0.75% +60.22 +1.43% | 4259.31 | 沪深两市成交额超1 . 6万亿元，全市场超3 2 0 0只个股上账。 板块方面，农业股持续爆发，秋乐种业、华绿生物、雪榕生物等集体涨 ...

Investment Rating - The report maintains a "Positive" investment rating for the automotive industry [14] Core Insights - The impact of the recent tariffs imposed by the U.S. on China is relatively limited for the automotive sector, primarily affecting parts exports. Strong parts manufacturers have established global production capabilities, particularly in Mexico, which benefits from zero tariffs under the USMCA agreement [2][10] - The overall automotive sales for the week of March 24-30 reached 482,500 units, a 12.3% increase compared to the previous week. New energy vehicle sales were 241,900 units, reflecting an 8.0% increase, with a penetration rate of 50%, down 2.0 percentage points from the previous week [9][10] - The A-share automotive sector experienced a decline of 3.60%, underperforming the CSI 300 index, which fell by 1.37% [9] Summary by Sections Tariff Impact - The U.S. tariffs on Chinese imports have a limited short-term impact on the automotive sector, with parts exports being the primary concern. Companies can potentially shift production to Mexico or other low-tariff regions to mitigate costs [10][23] Market Performance - The automotive sector's performance in the A-share market has been weak, with various sub-sectors showing declines, particularly in commercial vehicle parts and tires [9][11] Sales Data - Total automotive sales for March 2025 reached 1.685 million units, a 23.4% increase year-on-year, with new energy vehicles accounting for 890,000 units, up 27.7% [9][10] Investment Recommendations - The report recommends focusing on the complete vehicle segment and parts manufacturers with strong overseas layouts, particularly those involved in smart driving technologies and robotics [11][12] - Specific companies highlighted for investment include BYD, XPeng Motors, and Geely for smart driving vehicles, and Top Group and Fulin Precision for robotics [11][12] Parts Manufacturing - Some parts manufacturers may face pressure due to declining Tesla sales, but recovery is expected with new vehicle launches in Q2. Companies with operations in Mexico are less affected by the tariffs [12][40]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has completed the registration procedures for the change of business scope, officially expanding its operations to include components related to robotics [2][10]. - The long-term strategy focuses on transitioning to new energy and enhancing lightweight product reserves, which is expected to improve the company's global supply capabilities and market position in the new energy lightweight sector [2][10]. - The company has seen a significant increase in new business orders, achieving 200% of its annual target of 26 billion yuan in 2023, with a total of 137 and 243 designated projects in the automotive metal and pipeline sectors, respectively [10]. Summary by Sections Business Expansion - The company has expanded its business scope to include the research and sales of key components such as sensors, intelligent joints, and robotic arms, currently in the product development and customer engagement phase [10]. Financial Performance - The company plans to distribute a cash dividend of 0.10 yuan per share (before tax) for the first half of 2024, which represents 23.56% of the net profit attributable to shareholders for that period [10]. - Expected net profits for 2024, 2025, and 2026 are projected to be 630 million, 800 million, and 900 million yuan, respectively, with corresponding price-to-earnings ratios of 25.0X, 19.8X, and 17.5X [10]. Market Position - The company is actively improving its overseas operations and optimizing its global layout, enhancing management capabilities in its foreign subsidiaries [10]. - The company is positioned to enter a profit release cycle, with a focus on battery boxes and hot-formed products, which are expected to have significant growth potential in the medium to long term [10].

Core Viewpoint - Lingyun Industrial Co., Ltd. has completed the registration of changes in its business scope, expanding into the research and sales of key components such as sensors, robotic joints, and mechanical arms, in response to business development needs [1][3]. Business Scope Changes - The company has added the following to its business scope: research and sales of sensors, robotic intelligent joints, and mechanical arms, alongside existing automotive parts manufacturing and sales [1][3]. - The approved business scope before and after the change is detailed, showing the addition of new technological areas while maintaining existing automotive-related activities [1][3]. Business Operations - The company’s main business remains focused on the production and sales of automotive metal and plastic parts, with the new sensor products aimed at the robotics industry representing an expansion rather than a shift in core operations [4]. - Currently, the sensor business is in the product development and customer engagement phase, with no related revenue generated yet, indicating uncertainty regarding future demand and product matching [4].

Group 1 - The company is named Ling Yun Industrial Corporation Limited, established on April 10, 1995, and registered in Baoding, Hebei Province [4][5] - The registered capital of the company is RMB 940,498,410, with a total of 940,498,410 shares, all of which are ordinary shares [5][19] - The company operates in various sectors, including manufacturing and sales of automotive parts, machinery, and electronic components, as well as technology services and research [6] Group 2 - The company aims to enhance economic cooperation and technological exchange, reduce costs, improve product quality, and develop new products to maintain competitiveness in domestic and international markets [6] - The company is governed by a set of articles that outline the rights and obligations of shareholders, directors, and management, ensuring legal compliance and corporate governance [11][12] Group 3 - The company has provisions for issuing shares, which must be conducted in a fair and transparent manner, ensuring equal rights for all shareholders [7][8] - The company can increase or decrease its registered capital through various methods, including public offerings and private placements, subject to shareholder approval [8][9] Group 4 - The company holds annual and extraordinary shareholder meetings to discuss and decide on key matters such as financial reports, profit distribution, and major corporate actions [15][42] - Shareholders have the right to propose agenda items for meetings and to vote on resolutions, with specific rules governing the voting process [23][75]