LINGYUN CORPORATION(SH:600480) HUAXI Securities·2025-04-29 04:15Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a steady revenue growth with a focus on becoming a leading automotive parts manufacturer [2][5] - The company is experiencing short-term profit pressure but is improving cost control efficiency [4] - The company is actively pursuing innovation and transformation to enhance its market position [5][6] - The company is expanding its international operations, particularly in the European market through its Morocco base [7] Revenue and Profit Summary - In 2024, the company's revenue reached 18.837 billion yuan, a year-on-year increase of 0.72%, with a net profit attributable to shareholders of 655 million yuan, up 3.77% year-on-year [2][3] - For Q1 2025, the revenue was 4.339 billion yuan, a year-on-year increase of 0.92%, while the net profit attributable to shareholders was 215 million yuan, down 2.91% year-on-year [2] Business Performance - The revenue from automotive metal and plastic parts was 17.112 billion yuan and 1.111 billion yuan, respectively, with year-on-year changes of +2.78% and -15.13% [3] - The gross margin for 2024 was 17.60%, an increase of 1.26 percentage points year-on-year [4] - The company has secured new orders totaling 51 billion yuan, with a lifecycle value of over 35 billion yuan for automotive metal projects [5] Financial Forecast - The company maintains its revenue forecast for 2025 at 21.495 billion yuan and projects a net profit of 948 million yuan [8] - The expected earnings per share (EPS) for 2025 is 1.01 yuan, with a price-to-earnings (PE) ratio of 16.00 [8][10]