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]

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》 ...

Core Viewpoint - The A-share market showed a strong performance on April 8, with major indices closing in the green, indicating a positive market sentiment driven by significant policy support from government entities [1][2]. Market Performance - The Shanghai Composite Index closed at 3145.55 points, up 1.58% - The Shenzhen Component Index closed at 9424.68 points, up 0.64% - The ChiNext Index closed at 1840.31 points, up 1.83% - Total trading volume in the Shanghai and Shenzhen markets exceeded 1.6 trillion yuan, with over 3200 stocks recording gains [1][2]. Sector Performance - Agricultural stocks surged, with companies like Qiule Seed Industry and Hualu Biology hitting the daily limit - Retail stocks continued their upward trend, with Kid King and Guofang Group also reaching the daily limit - State-owned enterprises and technology innovation stocks were active, with companies like COFCO Technology and Sinotrans both hitting the daily limit - The fruit supply chain sector experienced a collective adjustment, with companies like Luxshare Precision and Dongshan Precision hitting the daily limit - The automotive industry chain saw a decline, with companies like Jinbei Automobile and Asia-Pacific Shares collectively hitting the daily limit [4][5]. Policy Support - On April 8, the Central Huijin, the People's Bank of China, and the National Financial Regulatory Administration collectively announced measures to support the capital market, emphasizing their role as a "national team" [7][10]. - The National Financial Regulatory Administration optimized policies for insurance funds entering the market, increasing the allocation ratio for equity assets, which could potentially bring in an additional 1.66 trillion yuan in market funds [8][10]. - State-owned asset management platforms like China Chengtong and China Guoxin announced significant purchases of central enterprise and technology innovation stocks, creating a strong market support coalition [9][10]. Market Outlook - Analysts believe that the recent policy actions are crucial for maintaining market liquidity and fostering a positive feedback loop for microeconomic entities [10][11]. - The overall valuation of A-shares is considered attractive, with a focus on core assets, as the market is expected to stabilize despite short-term fluctuations [11][15]. - The government is likely to implement further fiscal policies aimed at expanding domestic demand and promoting consumption, with potential measures including accelerated issuance of special bonds and increased subsidies [25][26].

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]