LINGYUN CORPORATION(600480) 长江证券·2025-04-05 01:12Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company has completed the registration procedures for the change of business scope, officially expanding its operations to include components related to robotics [2][10]. - The long-term strategy focuses on transitioning to new energy and enhancing lightweight product reserves, which is expected to improve the company's global supply capabilities and market position in the new energy lightweight sector [2][10]. - The company has seen a significant increase in new business orders, achieving 200% of its annual target of 26 billion yuan in 2023, with a total of 137 and 243 designated projects in the automotive metal and pipeline sectors, respectively [10]. Summary by Sections Business Expansion - The company has expanded its business scope to include the research and sales of key components such as sensors, intelligent joints, and robotic arms, currently in the product development and customer engagement phase [10]. Financial Performance - The company plans to distribute a cash dividend of 0.10 yuan per share (before tax) for the first half of 2024, which represents 23.56% of the net profit attributable to shareholders for that period [10]. - Expected net profits for 2024, 2025, and 2026 are projected to be 630 million, 800 million, and 900 million yuan, respectively, with corresponding price-to-earnings ratios of 25.0X, 19.8X, and 17.5X [10]. Market Position - The company is actively improving its overseas operations and optimizing its global layout, enhancing management capabilities in its foreign subsidiaries [10]. - The company is positioned to enter a profit release cycle, with a focus on battery boxes and hot-formed products, which are expected to have significant growth potential in the medium to long term [10].