Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a steady revenue growth with a focus on becoming a leading automotive parts manufacturer [2][5] - The company is experiencing short-term profit pressure but is improving cost control efficiency [4] - The company is actively pursuing innovation and transformation to enhance its market position [5][6] - The company is expanding its international operations, particularly in the European market through its Morocco base [7] Revenue and Profit Summary - In 2024, the company's revenue reached 18.837 billion yuan, a year-on-year increase of 0.72%, with a net profit attributable to shareholders of 655 million yuan, up 3.77% year-on-year [2][3] - For Q1 2025, the revenue was 4.339 billion yuan, a year-on-year increase of 0.92%, while the net profit attributable to shareholders was 215 million yuan, down 2.91% year-on-year [2] Business Performance - The revenue from automotive metal and plastic parts was 17.112 billion yuan and 1.111 billion yuan, respectively, with year-on-year changes of +2.78% and -15.13% [3] - The gross margin for 2024 was 17.60%, an increase of 1.26 percentage points year-on-year [4] - The company has secured new orders totaling 51 billion yuan, with a lifecycle value of over 35 billion yuan for automotive metal projects [5] Financial Forecast - The company maintains its revenue forecast for 2025 at 21.495 billion yuan and projects a net profit of 948 million yuan [8] - The expected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (PE) ratio of 16.00 [8][10]

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a revenue of 18.837 billion yuan for 2024, a year-on-year increase of 0.72%, with a net profit attributable to shareholders of 655 million yuan, up 3.77% year-on-year [2] - The company aims to become a leading automotive parts manufacturer by enhancing R&D and expanding strategic partnerships with major clients [5] - The company is focusing on international market expansion, particularly in Europe, through its Morocco base [7] Revenue Growth - The company's revenue for 2024 was 188.37 billion yuan, with a year-on-year growth of 0.72%. The revenue from automotive metal and plastic parts was 171.12 billion yuan and 11.11 billion yuan, respectively, with year-on-year changes of +2.78% and -15.13% [3] - The increase in revenue is attributed to a shift towards high-value-added products, despite a decrease in the production and sales volume of automotive metal parts [3] Profitability and Cost Control - The company's gross margin for 2024 was 17.60%, an increase of 1.26 percentage points year-on-year. The gross margins for automotive metal and plastic parts were 17.88% and 14.97%, respectively [4] - The company has effectively controlled sales expenses, with a decrease in the sales/management expense ratio by 0.30 percentage points and an increase in R&D expense ratio by 0.16 percentage points [4] Innovation and Transformation - The company is committed to innovation and transformation, focusing on lightweight, integrated technology development, and expanding its product offerings [5] - The company secured new orders totaling 51 billion yuan, with lifecycle project values exceeding 35 billion yuan for automotive metal parts [5] International Expansion - The company is enhancing its international business management and quality control, particularly in Germany and Mexico, while actively developing the Southeast Asian market [6][7] - The establishment of a production base in Morocco aims to expand market share in Europe and North Africa [7] Financial Forecast - The company maintains its revenue forecasts for 2025 and 2026, with expected revenues of 21.495 billion yuan and 23.600 billion yuan, respectively, and net profits of 948 million yuan and 1.050 billion yuan [8] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.01 yuan, 1.12 yuan, and 1.21 yuan, respectively [8]

Summary of Lingyun Co., Ltd. Conference Call Company Overview - **Company**: Lingyun Co., Ltd. - **Date**: Q1 2025 Conference Call Key Points Financial Performance - **Q1 2025 Revenue**: 4.34 billion RMB, a year-on-year increase of nearly 1% [2][3] - **Net Profit**: Approximately 220 million RMB, stable compared to the same period last year [2][3] - **Total Orders**: Reached 51 billion RMB, with metal components accounting for 97% [2][3] - **2024 Revenue**: 18.8 billion RMB, a year-on-year growth of 0.72% [3] Business Segments - **Metal Components**: Expected revenue of 500 million RMB in 2025, with major clients including Tesla, Ford, General Motors, and Yapp [2][7] - **Automotive Pipeline Segment**: Projected sales of 300 million RMB in 2025, primarily targeting the North American market [2][8][9] - **Sensor Projects**: Progressing well with collaborations with companies like Schaeffler and Xiaomi, expanding product categories to torque and six-dimensional force sensors [2][10] Market Dynamics - **Impact of Natural Disasters**: Production lines affected by flooding in Zhuozhou have been relocated to Mexico, with production expected to commence by early 2025 [2][8] - **Mexican Market Growth**: Slight growth observed, with reduced exchange rate impacts compared to the previous year [4][13] - **European Market Challenges**: Declining automotive sales in Europe may lead to increased losses, with a target to control losses to 10 million Euros in 2025 [2][12] Strategic Initiatives - **R&D in Steer-by-Wire Systems**: Actively developing steer-by-wire technology, with a projected market penetration of 10% by 2030, representing a market size of approximately 30 billion RMB [4][20] - **Battery Shell Production**: Significant progress in the battery shell sector, with expected revenue growth from 3.5 billion RMB in 2024 to higher levels in 2025 [21] Shareholder Structure - **New Shareholder**: China Reform Holdings has become the fourth-largest shareholder, with recent increases in holdings [2][3] Profitability Outlook - **Profit Margin**: Q1 profit margins were strong, but future performance will depend on market conditions [10] - **Loss Control Target**: Aiming for a loss control target of 10 million Euros in 2025, with potential for reduced losses if European automotive sales stabilize [10][12] Investment and Expansion Plans - **Overseas Investments**: Continued expansion in Mexico and Morocco, with a focus on low-cost production bases and local market integration [36][37] - **Funding Strategy**: Plans to minimize registered capital while ensuring funding through local banks and gradual capital increases based on market demand [38] Conclusion Lingyun Co., Ltd. is navigating a complex market landscape with a focus on optimizing its product offerings and expanding its international footprint. The company is strategically positioned to leverage growth in the automotive sector while managing risks associated with market fluctuations and natural disasters.

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中信建投证券股份有限公司 关于凌云工业股份有限公司 部分募投项目结项并将结项剩余资金永久性补充流 动资金以及变更部分募集资金用途的核查意见 中信建投证券股份有限公司（以下简称"中信建投证券"或"保荐机构"） 作为凌云工业股份有限公司（以下简称"凌云股份"或"公司"）非公开发行股 票项目的保荐机构。根据《证券发行上市保荐业务管理办法》《上市公司监管指 引第 2 号——上市公司募集资金管理和使用的监管要求》《上海证券交易所股票 上市规则》《上海证券交易所上市公司自律监管指引第 1 号——规范运作》等有 关法律法规和规范性文件的规定，对凌云股份部分募投项目结项并将结项剩余资 金永久性补充流动资金以及变更部分募集资金用途事项进行了认真、审慎核查， 核查情况及核查意见如下： 一、募集资金基本情况 根据中国证券监督管理委员会出具的《关于核准凌云工业股份有限公司非公 开发行股票的批复》（证监许可[2022]60 号）文件，公司向包括公司股东北方凌 云工业集团有限公司、中兵投资管理有限责任公司在内的 9 名特定对象非公开发 行股票 153,503,893 股，发行价格为 8.99 元/股，募集资金总额 1,379,999,9 ...

凌云工业股份有限公司 2024 年度独立董事述职报告 （汇报人：马朝松） 按照《公司法》《上市公司独立董事管理办法》等相关法律 法规，以及凌云工业股份有限公司（简称"公司"或"凌云股份"） 《公司章程》《公司独立董事工作制度》等规定，作为凌云股份 独立董事，本人在 2024年度工作中，勤勉尽责、忠实独立地履 行职责，积极参与公司的重大决策，发挥财务专业优势和独立作 用，对相关事项客观地发表意见，切实维护了公司和股东的利益。 现将年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 本人马朝松，1972年7月出生,中国国籍，硕士学位，中国注册 会计师、资产评估师、注册税务师、高级会计师。曾任中测会计师 事务所项目经理、中诚信会计师事务所有限责任公司董事长。现任 中天运会计师事务所（特殊普通合伙）合伙人、北京信利恒税务师 事务所有限责任公司董事长兼总经理、紫光国芯微电子股份有限公 司独立董事、中勍科技股份有限公司独立董事、苏州瑞博生物技术 股份有限公司独立董事、汇百川基金管理有限公司董事，中科富海 科技股份有限公司董事。 （二）是否影响独立性的情况说明 作为公司独立董事，本人未在 ...

凌云工业股份有限公司 2024 年度独立董事述职报告 （汇报人：郑元武） 2024年，本人作为凌云工业股份有限公司（简称"公司"或 "凌云股份"）独立董事，按照《公司法》《上市公司独立董事 管理办法》及有关法律法规的规定和要求，认真履行职责，积极 出席股东大会、董事会及各专门委员会会议，凭借法律、投资等 专业知识和经验，从专业角度为公司的经营决策和规范运作提出 意见和建议，为董事会的科学决策提供支撑，维护了公司和股东 尤其是社会公众股东的利益。现将年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 本人郑元武，1977年12月出生，大学本科。曾任深圳市经天 律师事务所律师助理，北京市德恒律师事务所律师，北京市中瑞 律师事务所合伙人，北京市康达律师事务所合伙人。现任树石明 溪股权投资基金管理（北京）有限公司合伙人。 （二）是否影响独立性的情况说明 作为公司独立董事，本人未在公司担任其他职务，未在公司 控股股东、实际控制人的附属企业担任职务，未持有公司股票， 没有为公司及控股股东、实际控制人提供财务、法律、咨询、保 荐等服务，与公司控股股东及实际控制人不存在可能妨碍进行独 立客 ...

凌云工业股份有限公司 董事会议事规则 （2025 年 4 月修订） 第一章 总则 为了进一步规范本公司董事会的议事方式和决策程序，促使董事和董事会有效地 履行其职责，提高董事会规范运作和科学决策水平，根据《中华人民共和国公司法》（以 下简称《公司法》）、《中华人民共和国证券法》、中国证监会《上市公司章程指引》及 《凌云工业股份有限公司章程》（以下简称《公司章程》）等规定，制定本规则。 第一条 董事会对股东会负责，根据《公司法》《公司章程》的规定和股东会授予 的职权范围内行使决策权。董事会行使下列职权： （一）负责召集股东会，并向股东会报告工作； （二）执行股东会的决议； （三）决定公司的经营计划和投资方案； （五）制订公司的利润分配方案和弥补亏损方案； (六) 制订公司增加或者减少注册资本、发行债券或其他证券及上市方案； (七) 拟订公司重大收购、收购本公司股票或者合并、分立、解散及变更公司形式 的方案； (八) 在股东会授权范围内，决定公司对外投资、收购出售资产、资产抵押、对外 担保事项、委托理财、关联交易、对外捐赠等事项； (九) 决定公司内部管理机构的设置； (十) 决定聘任或者解聘公司总经理、董事会秘 ...

凌云工业股份有限公司 2024 年度独立董事述职报告 （汇报人：王子冬） 作为凌云工业股份有限公司（简称"公司"或"凌云股份"） 的独立董事，本人根据《上市公司独立董事管理办法》以及公司 《独立董事工作制度》等有关规定，认真行使法规所赋予的职权， 及时了解公司的经营管理信息，全面关注公司的发展状况，积极 出席公司召开的相关会议，发挥行业技术专业优势对董事会及专 门委员会审议事项进行审核，发挥独立董事的独立作用，维护了 公司及全体股东的利益。现将2024年度履职情况报告如下： 一、独立董事的基本情况 （一）个人工作履历、专业背景及兼职情况 本人王子冬，1958年11月出生，大学本科，教授级高级工程 师。曾任国家863电动车重大专项动力电池测试中心主任。现任 中国汽车动力电池产业创新联盟副秘书长，特来电新能源股份有 限公司独立董事、江苏科瑞恩自动化科技有限公司独立董事，上 市公司双杰电气股份有限公司、国安达股份有限公司独立董事。 （二）是否影响独立性的情况说明 作为公司独立董事，本人未在公司担任其他职务，未在公司 控股股东、实际控制人的附属企业担任职务，未持有公司股票， 没有为公司及控股股东、实际控制人提供财务、 ...

凌云工业股份有限公司 章 程 （二 O 二五年四月修订） | 第一章 总则 | | 3 | | --- | --- | --- | | 第二章 | 经营宗旨和范围 | 4 | | 第三章 股份 | | 5 | | 第四章 | 股东和股东会 8 | | | 第五章 | 董事会 22 | | | 第六章 | 高级管理人员 29 | | | 第七章 党委 | | 36 | | 第八章 | 财务会计制度、利润分配和审计 | 37 | | 第九章 | 通知和公告 | 41 | | 第十章 | 合并、分立、增资、减资、解散和清算 | 42 | | 第十一章 | 修改章程 | 46 | | 第十二章 附则 | | 46 | 第一章 总则 公司于 1995 年 4 月 10 日设立，在河北省保定市工商行政管理局登记注 册，依法取得中华人民共和国企业法人资格，公司类型为有限责任公司 （中外合资经营企业）。 2000 年 11 月 10 日公司类型变更为股份有限公司（中外合资）。 2003 年 6 月 19 日经中国证券监督管理委员会批准，公司首次向社会公 众发行人民币普通股 6,800 万股，公众股部分于 2003 年 8 月 ...