公 司 报 告│ 公 司 年 报 点 评 ➢ 持续受益新业务放量，机器人有望打开长期空间 2 请务必阅读报告末页的重要声明 本报告署名分析师在此声明：我们具有中国证券业协会授予的证券投资咨询执业资格或相当的专业胜任能力，本报告所表述的所有观点均准确地反映了我们 对标的证券和发行人的个人看法。我们所得报酬的任何部分不曾与，不与，也将不会与本报告中的具体投资建议或观点有直接或间接联系。 评级说明 除非另有规定，本报告中的所有材料版权均属国联证券股份有限公司（已获中国证监会许可的证券投资咨询业务资格）及其附属机构（以下统称"国联证券"）。 未经国联证券事先书面授权，不得以任何方式修改、发送或者复制本报告及其所包含的材料、内容。所有本报告中使用的商标、服务标识及标记均为国联证 券的商标、服务标识及标记。 凌云股份(600480) 凌云股份 2023 年及 2024 年一季报点评： 新业务拓展顺利，2024Q1 业绩超预期 事件： 4 月 29 日公司发布 2023 年报和 2024 年一季报，2023 年公司实现营收 187 亿元，同比+12.1%，实现归母净利润 6.3 亿元，同比+85.4%，实现扣非归 母净利润 ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price based on a closing price of 10.16 yuan on April 29, 2024, corresponding to PE ratios of 12.6, 11.3, and 10.1 for the years 2024-2026 [4]. Core Insights - The company achieved significant growth in 2023, with total revenue of 18.7 billion yuan, a year-on-year increase of 12.1%, and a net profit attributable to shareholders of 630 million yuan, up 85.4% year-on-year. In Q1 2024, revenue reached 4.3 billion yuan, reflecting an 8.5% year-on-year growth, while net profit surged by 163.4% to 220 million yuan [3][11]. - The company is focusing on lightweight and robotics businesses, which are expected to drive further growth in performance. Revenue projections for 2024-2026 are 20.3 billion, 22.2 billion, and 24.2 billion yuan, with corresponding net profits of 760 million, 850 million, and 950 million yuan [4][11]. Financial Performance Summary - In 2023, the company reported a gross margin of 16.3%, an increase of 1.6 percentage points year-on-year, and a net profit margin of 3.4%, up 1.4 percentage points year-on-year. In Q1 2024, the gross margin improved to 18.0%, a 2.7 percentage point increase year-on-year, with a net profit margin of 5.2%, up 3.0 percentage points year-on-year [18]. - The company has a strong market position, with over 85% of its products in key areas such as body safety structural parts, new energy battery shells, and automotive pipelines, maintaining a high market share with major clients like Mercedes-Benz, BMW, and General Motors [11][26]. Strategic Developments - The company is making strategic advancements in emerging industries, particularly in the sensor business, by collaborating with Huagong Technology to establish a smart manufacturing company. It is also leading a project with the Chinese Academy of Sciences to develop key technologies for humanoid robots [26].

Financial Performance - The company's operating revenue for Q1 2024 was CNY 4,299,448,627.36, representing an increase of 8.48% compared to the same period last year[3]. - Net profit attributable to shareholders of the listed company reached CNY 221,591,978.97, a significant increase of 163.38% year-on-year[3]. - Basic and diluted earnings per share were both CNY 0.24, reflecting a growth of 166.67% year-on-year[3]. - The company's total comprehensive income for Q1 2024 was CNY 23,577,681.35, compared to CNY 13,887,063.34 in Q1 2023, indicating a growth of 69.8%[45]. - Net profit for Q1 2024 reached ¥267,379,408.57, a significant increase from ¥139,622,345.52 in Q1 2023, representing a growth of approximately 91.3%[36]. - Revenue from sales of goods and services in Q1 2024 was ¥3,439,989,948.95, compared to ¥3,244,727,470.29 in Q1 2023, indicating an increase of about 6.0%[38]. Cash Flow - The net cash flow from operating activities was CNY 76,030,956.06, up by 131.12% compared to the previous year[3]. - The net cash flow from operating activities for Q1 2024 was ¥76,030,956.06, a recovery from a negative cash flow of -¥244,338,247.42 in Q1 2023[38]. - In Q1 2024, the net cash flow from operating activities was RMB 965,918,065.70, a significant increase of 110.5% compared to RMB 458,815,340.32 in Q1 2023[65]. - Total cash inflow from operating activities reached RMB 1,454,053,098.10, up 68.3% from RMB 862,770,245.68 in the same period last year[65]. - The net cash flow from investing activities was RMB 11,155,054.82, recovering from a negative cash flow of RMB -6,314,876.99 in Q1 2023[65]. - The net increase in cash and cash equivalents for the period was RMB 1,128,516,860.45, compared to RMB 351,495,194.13 in Q1 2023, marking a rise of 221.5%[65]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 19,331,643,405.06, an increase of 1.48% from the end of the previous year[3]. - Total liabilities decreased to ¥9,951,098,974.30 in Q1 2024 from ¥9,984,265,711.80 in Q1 2023, reflecting a reduction of approximately 0.3%[34]. - The company’s total liabilities rose to CNY 3,528,823,733.61, up from CNY 2,457,410,755.14, representing a significant increase of approximately 43.5%[61]. - The company’s total equity increased to CNY 4,813,124,518.26 from CNY 4,779,399,698.43, reflecting a growth of about 0.7%[61]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 35,836[7]. - The company has a significant shareholder structure with the top ten shareholders holding a total of 295,092,102 shares[28]. Operational Highlights - The company actively communicated with clients, resulting in significant compensation for material price differences and design changes, contributing to the profit increase[7]. - The company has increased the sales of high value-added products due to product structure adjustments[7]. - The company plans to continue investing in R&D to drive future growth and innovation[45]. Other Financial Metrics - Non-recurring gains and losses totaled RMB 22,571,120.41 after tax and minority interest adjustments[24]. - Cash and cash equivalents increased to RMB 3,318,714,438.47 from RMB 3,292,085,541.62, reflecting a growth of approximately 0.8%[33]. - Accounts receivable rose to RMB 4,694,467,165.29, up from RMB 4,296,793,071.78, indicating an increase of about 9.3%[33]. - Inventory increased to RMB 2,357,638,772.11 from RMB 2,125,334,216.93, representing a growth of approximately 10.9%[33]. - The company reported investment income of CNY 27,898,701.42 in Q1 2024, significantly higher than CNY 11,712,659.43 in Q1 2023, marking an increase of 138.8%[45]. - Other income for Q1 2024 was CNY 5,223,737.75, compared to CNY 1,846,793.67 in Q1 2023, representing an increase of 182.5%[45].

证券代码：600480 证券简称：凌云股份 公告编号：2024-024 凌云工业股份有限公司（以下简称"公司"）已于 2024 年 4 月 30 日发布公司 2023 年度报告及 2024 年第一季度报告，为便于广大投资者更全面深入地了解 公司 2023 年度经营成果、财务状况，公司计划于 2024 年 5 月 20 日 下午 15:00-16:30 举行 2023 年度暨 2024 年第一季度业绩说明会，就投资者关心的问 题进行交流。 一、 说明会类型 凌云工业股份有限公司 关于召开 2023 年度暨 2024 年第一季度 业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 5 月 20 日(星期一) 下午 15:00-16:30 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2024 年 5 月 13 日(星期 ...

Financial Performance - The company's operating revenue for 2023 reached ¥18.70 billion, representing a 12.06% increase compared to ¥16.69 billion in 2022[20]. - Net profit attributable to shareholders for 2023 was ¥631.63 million, an 85.44% increase from ¥340.60 million in 2022[20]. - The net profit after deducting non-recurring gains and losses was ¥568.99 million, up 96.47% from ¥289.60 million in the previous year[20]. - The total assets of the company at the end of 2023 amounted to ¥19.05 billion, reflecting a 6.60% increase from ¥17.87 billion at the end of 2022[20]. - The net cash flow from operating activities for 2023 was ¥1.36 billion, a slight decrease of 2.54% compared to ¥1.39 billion in 2022[20]. - Basic earnings per share increased by 76.92% to CNY 0.69 in 2023 from CNY 0.39 in 2022[21]. - The weighted average return on equity rose to 9.38% in 2023, up from 5.69% in 2022, an increase of 3.69 percentage points[21]. - The total profit reached 958 million yuan, up 32.52% compared to the previous year[44]. - Net profit amounted to 868 million yuan, reflecting a growth of 43.29% year-on-year, with the net profit attributable to the parent company at 632 million yuan, an increase of 85.44%[44]. Cash Flow and Investments - The net cash flow from operating activities in Q4 2023 was CNY 746,052,455.51, indicating strong cash generation capabilities[22]. - Operating cash flow decreased by 2.54% to 1.36 billion yuan due to increased payments to employees and taxes[47]. - The net cash flow from investing activities improved by 7.47% to -¥559,010,464.27, due to payments received for equipment and mold purchases[60]. - The company has a cash dividend policy that stipulates a minimum distribution of 30% of the average annual distributable profit over the last three years if conditions are met[132]. - The company distributed a cash dividend of 1.03 billion RMB in 2022, equivalent to 1.1 RMB per 10 shares[132]. Research and Development - In 2023, the company increased R&D investment to 783 million yuan, achieving an R&D intensity of 4.19%[33]. - The company completed 238 patent applications in 2023, including 46 invention patents[33]. - Research and development expenses increased by 25.78% to 782 million yuan, driven by investments in new energy vehicle products and lightweight automotive components[46]. - The company has established a product innovation platform with 1 central research institute and 7 subsidiary research institutes to enhance R&D capabilities[42]. Market and Product Development - Over 85% of the company's products in 2023 were focused on body safety structural parts, new energy battery shells, and automotive pipelines, maintaining a high market share[30]. - The company achieved a historical high in new project approvals, exceeding the annual target of CNY 26 billion by 200%[30]. - The company secured 240 new projects in the metal sector and expanded automotive pipeline products into fluid control systems with 344 new projects[30]. - The company is focused on deepening state-owned enterprise reforms and aligning with national strategic industries such as artificial intelligence and new energy vehicles[87]. Governance and Compliance - The company has received multiple awards for its governance practices, including recognition for best practices in investor relations and corporate governance in 2023[99]. - The company held a total of 3 shareholder meetings during the reporting period, ensuring compliance with legal regulations in the convening and voting procedures[100]. - The company’s board of directors convened 7 meetings, adhering to the relevant laws and regulations in the process[101]. - The company has not experienced significant changes in competition or business operations that would affect its independence[103]. Environmental Responsibility - The company invested 14.27 million yuan in environmental protection during the reporting period[145]. - The company achieved a carbon emission reduction of 13,832 tons of CO2 equivalent through various measures, including the use of photovoltaic power generation[160]. - The company completed the installation of 11.4 MWp photovoltaic power generation projects, with 5.29 million kWh generated from solar energy in 2023[160]. - The company has implemented a comprehensive environmental monitoring plan, ensuring all pollutants are within the permissible limits[155]. Strategic Initiatives - The company plans to achieve a revenue target of 19.26 billion RMB in 2024, focusing on upgrading traditional industries towards modularization and high-end transformation[82]. - The company is committed to optimizing its global layout and improving operations to mitigate overseas risks, ensuring sustainable operational capabilities[85]. - The company is implementing a special action plan for quality improvement and efficiency enhancement in 2024, focusing on cost reduction in procurement, lean management, and investment control[88]. Shareholder and Management Compensation - The total compensation for the chairman was reported at 50,000 RMB, while the general manager received 860,200 RMB[108]. - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 7.1842 million yuan (pre-tax)[115]. - The company has a structured process for determining the remuneration of directors and supervisors, which is subject to shareholder approval[115]. - The report indicates that stock incentive programs are a key strategy for retaining and motivating senior management[108]. Risk Management - The company has described potential risks in its management discussion and analysis section, highlighting uncertainties in future plans[6]. - The company has diversified its customer base to reduce reliance on single customers, implementing annual risk assessments to identify potential risks[92]. - The company is facing high raw material prices in 2024, particularly for steel and aluminum, and is negotiating with suppliers to secure better pricing and enhance risk resilience[96].

Investment Rating - The report initiates coverage on Lingyun Co., Ltd. (600480.SH) with an "Accumulate" rating [7][22]. Core Viewpoints - Lingyun Co., Ltd. is driven by dual engines of hot forming and battery shell production, with potential to enter the robotics field [5][30]. - The company has a solid leading position in the automotive pipeline business, providing stable cash flow [6][70]. - The lightweight business is set to grow, focusing on hot forming and aluminum alloy technologies, with significant project expansions [6][81]. - The company is actively engaging in the development of robotic force sensors, which are critical components for humanoid robots, indicating a forward-looking strategic layout [6][85]. Summary by Sections 1. Company Overview - Lingyun Co., Ltd. was established in 1995 and listed in 2003, primarily engaged in lightweight safety structural components, hot forming products, and automotive pipelines [5][34]. - The acquisition of German WAG in 2015 enhanced the company's capabilities in aluminum alloy lightweight technology and allowed entry into the high-end new energy battery shell market [5][81]. 2. Business Segments - The automotive metal and plastic components business has been increasing its revenue share, reaching 87.7% in 2022 [36][62]. - The company has a diverse product matrix, including high-strength lightweight safety systems and battery system components for new energy vehicles [36][62]. 3. Financial Performance - Revenue is projected to grow from 180.23 billion CNY in 2023 to 215.73 billion CNY in 2025, with net profit expected to rise from 6.06 billion CNY to 8.59 billion CNY in the same period [7][10]. - The company has shown a stable growth trend, with a compound annual growth rate (CAGR) of 12.4% from 2014 to 2022 [40]. 4. Strategic Initiatives - The company is focusing on the development of robotic force sensors, with a projected market size of 328 billion CNY by 2030 for the humanoid robot sector [6][88]. - Lingyun Co., Ltd. is collaborating with research institutions to innovate in the field of humanoid robot force sensing technology [6][85]. 5. Investment Recommendations - The report suggests that the company's performance is expected to improve significantly due to the growth in lightweight and robotics businesses, leading to an "Accumulate" rating [7][22].

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非公开发行 可交换公司债券股份补充担保质押完成的公告 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。 重要内容提示： 证券代码：600480 证券简称：凌云股份 公告编号：2024-005 凌云工业股份有限公司（以下简称"本公司"）股东中兵投资管理有限责任公 司（以下简称"中兵投资"）持有本公司股份 114,381,060 股，占本公司总股本的 12.16%，持有本公司股份累计质押数量 30,000,000 股，占其持有本公司股份总 数的 26.23%。 本公司于 2024 年 3 月 7 日收到股东中兵投资通知，获悉其已发行的"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（第一 期）"维持担保比例和追加担保机制，将其所持有的本公司 30,000,000 股股份进 行补充质押，质押手续已在中国证券登记结算有限责任公司上海分公司办理完毕。 具体事项公告如下： | | 是否 为控 | 本次质押 | 是否 | 是否 | 质押起始 | | 质押到期 ...

证券代码：600480 证券简称：凌云股份 公告编号：2024-004 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非公开发行 可交换公司债券拟以其持有的部分本公司股份办理 补充担保质押的公告 凌云工业股份有限公司（以下简称"本公司"）于 2024 年 2 月 29 日收到股东 中兵投资管理有限责任公司（以下简称"中兵投资"）通知，为保障中兵投资 2022 年面向专业投资者非公开发行可交换公司债券（第一期）（以下简称"本期债券"） 担保比例符合约定要求，根据《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（第一期）募集说明书》"追加担保"条款约定， 中兵投资拟将持有的本公司 30,000,000 股无限售流通股进行补充担保质押，并 将该部分股份划转至中兵投资与债券受托管理人中信证券在中国证券登记结算 有限责任公司上海分公司开立的质押专户"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"，预备用于为可交换公 司债券换股和本息偿付提供担保。上述质押手续将在中国证券登记结算有限责任 公司上海分公司办理。本期债券期限至 2025 年 3 ...

证券代码：600480 证券简称：凌云股份 公告编号：2024-003 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"）2 名激励 对象因个人原因离职，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，离职人员不再符合激励对象资格，公司需要 回购注销其已获授但尚未解除限售的限制性股票。 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 | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 97,500 股 | 97,500 | 股 | 2024 | 年 | 2 | 月 29 | 日 | 一、本次限制性股票回购注销的决策与信息披露 2023 年 12 月 27 日，公司第八届董事会第十五次会议和第八届监事会第十 二次会议审议通过了《关于回购注销部分限制性股票及调整回购 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 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 2022 年限制性股票激励计划部分限制性股票 及调整回购价格 之 法律意见书 康达法意字[2024]第 0568 号 二〇二四年二月 关于凌云工业股份有限公司 回购注销 2022 年限制性股票激励计划部分限制性股票 及调整回购价格之法律意见书 康达法意字[2024]第 0568 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 ...