LINGYUN CORPORATION(600480) 信达证券·2025-02-18 08:23Investment Rating - The investment rating for Lingyun Co., Ltd. (600480.SH) is not explicitly stated in the provided content, 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 projected net profit of 710 million yuan, 830 million yuan, and 1 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 20, 17, and 14 [4]. Summary by Relevant Sections Joint Venture and Market Expansion - The joint venture in Morocco is designed to serve as a low-cost manufacturing base for major automotive markets, targeting international clients such as STLA, BMW, and Ford [3]. - The production base will enhance the company's ability to meet local supply demands and expand its market share in Europe [3]. Financial Projections - Total revenue is projected to grow from 167 billion yuan in 2022 to 220 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 9.6% [5]. - The net profit is expected to increase significantly, with a growth rate of 85.4% in 2023 and continuing growth in subsequent years [5]. Profitability Metrics - The gross margin is forecasted to stabilize around 16.2% from 2024 to 2026, indicating a consistent profitability outlook [5]. - The return on equity (ROE) is expected to improve from 9.0% in 2023 to 10.8% by 2026, reflecting enhanced operational efficiency [5].