为更好地服务广大中小投资者，确保有投票意愿的中小投资者能够及时参会、 便利投票，公司拟使用上证所信息网络有限公司（以下简称"上证信息"）提供 的股东大会提醒服务，委托上证信息通过智能短信等形式，根据股权登记日的股 东名册主动提醒股东参会投票，向每一位投资者主动推送股东大会参会邀请、议 案情况等信息。投资者在收到智能短信后，可根据《上市公司股东会网络投票一 键通服务用户使用手册》（链接：https://vote.sseinfo.com/i/yjt_help.pdf）的提示 步骤直接投票，如遇拥堵等情况，仍可通过原有的交易系统投票平台和互联网投 票平台进行投票。 若广大投资者对本次服务有任何意见或建议，可通过邮件、投资者热线等方 式向公司反馈，感谢广大投资者对公司的关注与支持！ 特此公告。 凌云工业股份有限公司 关于股东大会开设网络投票提示服务的公告 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个别及连带责任。 凌云工业股份有限公司（以下简称"公司"）拟于 2025 年 5 月 20 日 10:00 召开公司 2024 年年度股东大会，本 ...

证券代码：600480 证券简称：凌云股份 公告编号：2025-036 凌云工业股份有限公司 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。 凌云工业股份有限公司（以下简称"公司"）于 2025 年 5 月 14 日 15:00-17:00 在"上证路演中心"（https://roadshow.sseinfo.com/）以网络互动交流方式召开了 证券交易所网站（https://www.sse.com.cn）披露了《关于召开 2024 年度暨 2025 年第一季度业绩说明会的公告》（公告编号：2025-035）。现将本次活动召开情 况公告如下： 一、活动召开情况 会计师李超，独立董事王子冬参加了本次业绩说明会，与投资者进行了互动交流 和沟通，在信息披露允许的范围内就投资者普遍关注的问题进行了回复。 二、投资者提出的问题及公司回复情况 本次活动中投资者提出的问题及回复整理如下： 总金额预计多少？ 回复：尊敬的投资者您好！公司始终以市场趋势和客户需求为导向，持续 加大市场开发力度，在新能源车市场订单以及客户开发方面取得成效显著。公司 ...

Investment Rating - The report rates the industry as "Outperform" [4][5]. Core Insights - The six-dimensional force sensor is a core component for humanoid robots, crucial for perception and interaction with the environment, accounting for approximately 16% of the robot's value [1][14]. - The domestic suppliers are making significant progress in the high-end market of six-dimensional force sensors, narrowing the performance gap with foreign brands [4]. - The market for six-dimensional force sensors in humanoid robots is projected to reach 13.8 billion yuan by 2030, driven by increasing demand and production [4]. Summary by Sections Section: Six-Dimensional Force Sensors - Six-dimensional force sensors can measure three directional forces and three directional moments, providing comprehensive force perception [2][34]. - Key performance indicators include crosstalk, accuracy, sensitivity, and overload capacity [34][41]. - The technology route includes strain gauge, capacitive, piezoelectric, and photoelectric types, with strain gauge technology being the most mature and widely used [2][52]. Section: Design and Manufacturing Barriers - High barriers exist in design, decoupling, calibration, and manufacturing processes, making it a complex system engineering task [3][4]. - The design involves selecting and optimizing elastic bodies and strain gauges, which significantly influence the manufacturing process [3]. - Calibration and detection require complex multi-dimensional loading processes, necessitating self-developed equipment [3][4]. Section: Market Dynamics - The humanoid robot market is creating incremental demand for six-dimensional force sensors, with domestic players rapidly entering the market [4]. - The current price of six-dimensional force sensors is around 10,000 to 20,000 yuan, with expectations for prices to decrease to around 1,000 yuan as production scales up [4]. - Companies like Lingyun Co. and Zhongding Co. are recommended for investment due to their ongoing developments in the six-dimensional force sensor field [4][5].

国信证券发布研报称，关注人形机器人进展带来的投资机遇。看好在技术升级迭代下人形机器人发展， 看好机器人量产后带来的潜在供应链零部件的需求和投资机会，推荐在六维力传感器等领域有持续布局 的公司凌云股份（600480）、中鼎股份（000887）等。 国信证券主要观点如下： 六维力传感器系人形机器人感知核心部件，重要性高、价值量大 传感器是人形机器人与外界交互的重要桥梁，人形机器人需搭载多种传感器(视觉、力觉、惯性、温度 等)，其中力传感器重要性高(感知并度量力)、价值量大(头豹研究院测算其在机器人中价值量占比16%); 力传感器按测量维度可分为一至六维，其中六维力可给出最全面力觉信息，在人形机器人上主要安装于 手腕、脚踝等部位，助力机器人实现精准感知和柔顺控制。 六维力传感器在结构设计、解耦能力、标定检测、工艺等方面具较高Know how，本质上是一项"系统工 程"：1)设计：涉及多个关键点，如弹性体选择与优化、应变片设计与选择等，弹性体需平衡刚度与灵 敏度，应变片种类较多且影响工艺路线选择;2)解耦：六维力需解决的核心问题，①结构解耦加工难度 高、成本较高;②算法解耦需对解耦模型改进，Know how较深;3) ...

2024 年年度股东大会议程 一、现场会议时间：2025年5月20日上午10:00 二、网络投票时间：采用上海证券交易所网络投票系统，通 过交易系统投票平台的投票时间为股东大会召开当日的交易时 间段，即 9:15-9:25,9:30-11:30，13:00-15:00；通过互联网投票平 台的投票时间为股东大会召开当日的 9:15-15:00。 三、现场会议地点：凌云工业股份有限公司会议室 凌 云 工 业 股 份 有 限 公 司 600480 2024 年年度股东大会 会议资料 二零二五年五月 凌云工业股份有限公司 2024年年度股东大会 四、会议主持：董事长罗开全 五、参会人员：股东及股东代表、董事、监事、高级管理人 员、公司聘请的律师 六、会议议程： （一）主持人宣布会议开始 （二）介绍参加会议的股东及股东代表、董事、监事、高管 人员、律师 （三）审议会议议题 1．2024 年度董事会工作报告； 2．2024 年度独立董事述职报告； 3．2024 年度监事会工作报告； 4．2024 年度财务决算报告； 5．2024 年度利润分配及资本公积金转增股本的预案； 6．2024 年度报告全文及摘要； 7．2025 ...

Investment Rating - The report rates the defense and military industry as "Overweight" indicating a positive outlook for the sector [3][29]. Core Insights - The defense and military industry is expected to enter a new cycle driven by geopolitical conflicts, enhancing China's military trade focus and opening international markets for Chinese military products [5][3]. - The ongoing tariff conflicts highlight the comparative advantages of the military industry, with increased emphasis on self-sufficiency and potential growth in military investments [5][3]. - The fundamental changes in the military sector are solidifying the basis for industry growth, with a focus on quality and quantity improvements as the military approaches its centenary goals [5][3]. - There is a recommendation to increase attention on military stocks, particularly those related to precision-guided weapons, underwater capabilities, AI/robotics, and traditional aircraft supply chains [5][3]. Market Review - Last week, the Shenwan Defense and Military Index rose by 6.33%, outperforming major indices such as the Shanghai Composite Index, which increased by 1.92% [6][3]. - The top five performing stocks in the defense sector included Chengxi Aviation (59.26%), Hwa Wo (48.85%), and Lijun (36.49%) [6][14]. - Conversely, the bottom five performers were Platinum (−4.26%), Lingyun (−4.00%), and Guangdong Hongda (−2.52%) [6][15]. Valuation Changes - The current PE-TTM for the Shenwan military sector is 75.10, indicating it is in the upper range historically, with a valuation percentile of 65.46% since January 2014 [15][19]. - The aerospace and aviation equipment sectors are noted to be at relatively high valuation levels since 2020 [15][19]. Key Valuation Targets - The report lists key valuation targets, including companies like Feili Hua, Tianqin Equipment, and Aerospace Electronics, with projected earnings growth and PE ratios indicating potential investment opportunities [21][24].

Investment Rating - The industry investment rating is maintained as "Positive" [2] Core Insights - The report emphasizes two main investment lines: leading companies in niche segments and those well-positioned in the robotics sector [2] - The automotive industry is experiencing a shift towards new energy vehicles (NEVs), with significant growth in sales and technological advancements [8][10] - The report highlights the importance of strategic partnerships and technological innovation in enhancing market competitiveness [22][24] Summary by Relevant Sections Overview of the Automotive Industry - In Q1 2025, the Chinese automotive market is characterized by a dominance of new energy vehicles, with NEV sales reaching 3.07 million units [8] - The penetration rate of new energy vehicles is projected to reach 53% in H1 2024 [10] Leading Companies in Niche Segments - **BAIC Blue Valley**: Achieved 130.6 billion yuan in NEV revenue in 2024, with a 26.4% year-on-year growth [13] - **Jianghuai Automobile**: NEV sales increased by 25.08% in 2024, with a total of 51,809 units sold [16] - **Changan Automobile**: Sold 735,000 NEVs in 2024, marking a 52.8% increase [18] - **Geely Automobile**: NEV sales reached 888,000 units in 2024, a 92% increase, with NEV revenue accounting for 41% of total revenue [20] - **BYD**: NEV sales grew over 40% in 2024, maintaining its position as the top seller in China and globally [22] Key Component Manufacturers - **Top Group**: Reported a revenue of 26.6 billion yuan in 2024, with a 35% year-on-year increase [24] - **Fuyao Glass**: Achieved 39.25 billion yuan in revenue in 2024, a growth of 18.4% [26] - **Haoneng Co.**: Revenue reached 2.36 billion yuan in 2024, with a 21.3% increase [28] - **Longsheng Technology**: Revenue of 2.4 billion yuan in 2024, a 31.2% increase [30] - **Zhejiang Rongtai**: Reported a revenue of 1.135 billion yuan in 2024, with a 42% increase [32] Robotics Sector Developments - **Songyan Power**: Launched the humanoid robot N2, which won second place in a marathon event [6] - **Beijing Humanoid Robot Innovation Center**: Developed the "Tiangong Ultra" robot, which won a marathon [6] - **Kepler**: Introduced the K2 "Bumblebee" robot, showcasing its industrial application capabilities [6] - **Yushu**: Collaborated with Great Wall Motors to enhance robot technology and smart manufacturing [6]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - The company is expected to achieve a revenue of 18.84 billion yuan in 2024, representing a year-on-year increase of 0.7%, and a net profit attributable to shareholders of 660 million yuan, up 3.8% year-on-year [2][4] - In the first quarter of 2025, the company achieved a revenue of 4.34 billion yuan, a year-on-year increase of 0.9%, with a net profit of 220 million yuan, down 2.9% year-on-year [2][4] - The company is strategically transforming towards the new energy sector, with a complete reserve of lightweight products, and is accelerating its global supply capabilities, continuously enhancing its position in the global new energy lightweight market [2][4] Summary by Sections Financial Performance - In 2024, the company maintained steady growth with a revenue of 188.4 billion yuan, a year-on-year increase of 0.7%, and a net profit of 6.6 billion yuan, up 3.8% year-on-year [2][4] - The fourth quarter of 2024 saw a revenue of 54.9 billion yuan, a year-on-year increase of 3.6% and a quarter-on-quarter increase of 24.5% [2][4] - The gross profit margin for 2024 was 17.6%, an increase of 1.3 percentage points year-on-year [2][4] Business Strategy - The company has deepened its layout in the new energy component industry, with a total of 51 billion yuan in new orders accumulated in 2024 [2][4] - Plans for 2025 include improving the development and application of power battery packaging systems, automotive fluid control systems, thermal management systems, and integrated body structure technologies [2][4] - The company is also expanding its overseas operations, enhancing operational quality and risk control capabilities in Germany and Mexico [2][4] Future Outlook - The company aims for a revenue of 19.1 billion yuan in 2025, representing a year-on-year increase of 1.4% [2][4] - Long-term growth is expected from the strategic transformation towards new energy, with components like battery boxes and thermal forming entering a harvest period [2][4] - The company plans to distribute a cash dividend of 0.30 yuan per share for 2024, totaling 280 million yuan, with a payout ratio of 43.04%, the highest in recent years [2][4]

Investment Rating - The report initiates coverage with a "Buy" rating for the company [3][6]. Core Views - The company reported a revenue of 18.837 billion yuan in 2024, a year-on-year increase of 0.72%, and a net profit attributable to shareholders of 655 million yuan, up 3.77% year-on-year. For Q1 2025, revenue was 4.349 billion yuan, a 0.92% increase year-on-year, while net profit was 215 million yuan, down 2.91% year-on-year [1][2]. - The gross margin for 2024 was 17.61%, an increase of 1.27 percentage points year-on-year, while Q1 2025 saw a gross margin of 17.59%, a decrease of 0.37 percentage points year-on-year [2]. - The company secured new orders totaling 51 billion yuan in 2024, with significant project values in the automotive sector, including over 35 billion yuan in metal projects and over 15 billion yuan in pipeline projects [2]. - The company is making steady progress in sensor products, having completed batch delivery of pressure sensors and ongoing design tasks for six-dimensional force sensors [2][3]. - The company is enhancing overseas management, with adjustments in personnel and operations in Mexico and Morocco, aiming to improve international competitiveness [3]. Financial Summary - The company forecasts net profits of 870 million yuan, 1.008 billion yuan, and 1.207 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.93 yuan, 1.07 yuan, and 1.28 yuan. The projected PE ratios are 18.26, 15.77, and 13.17 for the same years [3][5]. - The revenue is expected to grow from 20.068 billion yuan in 2025 to 25.035 billion yuan in 2027, reflecting a compound annual growth rate of approximately 13.73% [5][15]. - The company’s net profit margin is projected to improve from 4.3% in 2025 to 4.8% in 2027, indicating a positive trend in profitability [15].