凌云股份(600480)：主业稳健增长 机器人传感器带来增长期权

Group 1 - The core business of the company includes automotive parts and municipal pipelines, with a focus on globalization and high-end development [1] - The company has applied for a robotics force sensor project in 2023, which is expected to benefit from the growth of the domestic robotics industry [1] Group 2 - The automotive parts segment is driven by "stamping parts + battery shells," with stamping business revenue around 6 billion yuan, ranking among the top third-party stamping manufacturers in China [2] - The company acquired German WAG in 2015 to enhance its core technology for high-strength, lightweight automotive parts, which is expected to support the long-term growth of its battery shell business [2] Group 3 - The company has started research and development of force sensors in 2023 and is part of a key project by the Ministry of Industry and Information Technology, with a complete product matrix for precise force measurement [3] - The company is actively expanding into key components for robotics, such as intelligent joints and robotic arms, which may benefit from the explosive growth of the domestic robotics industry [3] - Based on existing and new business developments, the company is given a target price of 22.5 yuan with a "buy" rating, using a 25X PE ratio for 2025 [3]