凌云股份：力传感器写入章程，机器人业务正式启航

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company has officially launched its force sensor business, which is expected to meet the growing demand in the robotics industry. The market for humanoid robot force sensors is projected to reach approximately 32.8 billion yuan by 2030, indicating significant growth potential for the company [2][11]. - The company plans to increase its investment in its subsidiary WAG by 55 million euros to enhance operational efficiency and profitability. Additionally, the company is making progress in various emerging businesses, including steer-by-wire systems and flying cars, which are expected to contribute to revenue growth [11]. Summary by Sections Company Overview - The company operates in the automotive and auto parts industry, with a current stock price of 9.74 yuan and a market capitalization of approximately 8.93 billion yuan [7]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 19.168 billion yuan, 20.739 billion yuan, and 22.351 billion yuan, respectively, with year-on-year growth rates of 2.5%, 8.2%, and 7.8% [11]. - The expected net profit attributable to the parent company for the same years is 678 million yuan, 843 million yuan, and 989 million yuan, reflecting growth rates of 7.3%, 24.3%, and 17.3% [11]. - Earnings per share (EPS) are projected to be 0.72 yuan, 0.90 yuan, and 1.05 yuan for 2024, 2025, and 2026, respectively, with a compound annual growth rate (CAGR) of 16.1% [11]. Business Developments - The company has initiated the process to include sensor-related business activities in its articles of association, which is pending approval at the upcoming shareholders' meeting [11]. - The company is actively involved in the development of new technologies, including aluminum components for flying cars and heat-formed products for various automotive models, which have already generated revenue of 43 million yuan from January to September [11].