凌云股份（600480）：控股股东增持，机器人前景可期

Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company is expected to benefit from the increase in shareholding by the controlling shareholder, with a planned investment of no less than 80 million and no more than 100 million, representing up to 2% of the total share capital [2] - The main business of the company is stable, driven by both the thermoforming and battery shell businesses, while also strategically expanding into new areas such as energy storage and robotics, which opens up new growth opportunities [5] - The company has a leading position in the pipeline system sector, focusing on automotive fluid pipelines and municipal network systems, and has made breakthroughs in new industries through partnerships, such as the establishment of a joint venture for intelligent manufacturing [4] Financial Summary - The company’s revenue for 2024-2026 is projected to be 19.34 billion, 21.50 billion, and 23.60 billion respectively, with net profit attributable to the parent company expected to be 819 million, 948 million, and 1.05 billion respectively [5][7] - The earnings per share (EPS) is forecasted to be 0.87, 1.01, and 1.12 for the years 2024-2026 [9] - The company’s financial performance shows a steady increase in revenue and net profit, with year-on-year growth rates of 3.4%, 11.1%, and 9.8% for revenue, and 29.7%, 15.7%, and 10.7% for net profit from 2024 to 2026 [10]