凌云股份：汽车金属业务持续放量，WAG经营逐步改善

Investment Rating - The investment rating for the company is "Buy" (maintained) [4] Core Views - The company reported a revenue of 46.4 billion yuan in Q2 2024, a year-on-year decrease of 1.1% but a quarter-on-quarter increase of 7.9%. The net profit attributable to the parent company was 1.8 billion yuan, down 25.6% year-on-year and 19.9% quarter-on-quarter. The long-term growth potential of the company is noteworthy due to the continuous expansion of its automotive business, ongoing integration of WAG, and further development of its robotics sensor business [2][6]. Summary by Sections Financial Performance - In H1 2024, the company achieved a total revenue of 89.4 billion yuan, an increase of 3.3% year-on-year, with automotive metal and plastic parts revenue at 81.6 billion yuan, up 6.7% year-on-year. The revenue from plastic pipeline systems was 5.2 billion yuan, down 19.6% year-on-year. The company secured 137 designated projects for automotive metal parts and 243 for pipeline systems, with advantageous products like bumpers and battery shells accounting for 81.2% of the projects [6]. Profitability - The gross margin for H1 2024 was 17.6%, an increase of 1.7 percentage points year-on-year, while the net margin was 5.9%, up 0.9 percentage points year-on-year. The improvement in profitability is attributed to the scale-up of the automotive metal business, which achieved a gross margin of 18.1%, up 1.8 percentage points year-on-year. The Q2 gross margin was 17.3%, with a year-on-year increase of 0.8 percentage points [6]. WAG Integration - The subsidiary WAG reported a loss of approximately 68 million yuan in H1 2024, a reduction of about 45.5 million yuan compared to the same period in 2023. The company has been implementing measures to turn around WAG, with improvements in labor, procurement, and external service costs [6]. Robotics Business - The company is involved in the development of humanoid robot force sensors, with a projected market size of approximately 32.8 billion yuan by 2030. Successful expansion in this area could provide new growth opportunities for the company [6]. Future Projections - Revenue projections for 2024-2026 are 20.3 billion yuan, 21.9 billion yuan, and 23.7 billion yuan, with year-on-year growth rates of 8.5%, 8.2%, and 7.8% respectively. Net profit projections for the same period are 740 million yuan, 900 million yuan, and 1.06 billion yuan, with growth rates of 16.4%, 22.7%, and 17.2% respectively. The EPS is expected to be 0.78 yuan, 0.96 yuan, and 1.12 yuan per share [6].