LINGYUN CORPORATION(600480)2025-02-18 08:26Investment Rating - The investment rating for Lingyun Co., Ltd. (600480.SH) is not explicitly stated in the provided documents, but the report indicates a positive outlook on the company's international expansion and market share growth [1]. Core Viewpoints - The establishment of a joint venture in Morocco aims to create a production base that serves the European and North African markets, enhancing the company's international development strategy [3]. - The new production facility is expected to lower costs and improve supply chain stability by collaborating with Guangdong Haomei New Materials Co., Ltd. to produce aluminum profiles [3]. - The company is also expanding into the robotics sector, which may provide additional growth opportunities [3]. - Profit forecasts for the company indicate a steady increase in net profit from CNY 710 million in 2024 to CNY 1 billion in 2026, with corresponding price-to-earnings ratios decreasing from 20 times to 14 times [4]. Financial Summary - Total revenue is projected to grow from CNY 167 billion in 2022 to CNY 220 billion in 2026, with a compound annual growth rate of approximately 9.6% [5]. - The net profit attributable to the parent company is expected to rise from CNY 3 billion in 2022 to CNY 10 billion in 2026, reflecting a significant growth trajectory [5]. - The gross margin is forecasted to stabilize around 16.2% from 2024 onwards, indicating consistent profitability [5]. - The return on equity (ROE) is anticipated to improve from 5.3% in 2022 to 10.8% in 2026, suggesting enhanced efficiency in generating profits from shareholders' equity [5].