LINGYUN CORPORATION(SH:600480) Huachuang Securities·2025-07-14 11:14Investment Rating - The report gives a "Strong Buy" rating for Lingyun Co., Ltd. with a target price of 14.9 CNY [1]. Core Views - The company is expected to benefit from the dual drivers of hot stamping and battery box businesses, with a significant increase in revenue and profit projected due to the rising penetration of new energy vehicles [1][6]. - Lingyun has established a strong market position through strategic partnerships and acquisitions, enhancing its capabilities in key automotive components [6][38]. Financial Summary - Projected total revenue for 2024A is 18,837 million CNY, with a growth rate of 0.7% [1]. - Expected net profit attributable to shareholders for 2024A is 655 million CNY, reflecting a year-on-year growth of 3.8% [1]. - Earnings per share are projected to be 0.54 CNY for 2024A, with a price-to-earnings ratio of 22 times [1]. Business Overview - Lingyun Co., Ltd. has over 30 years of experience in the automotive parts industry, with a global presence and a focus on high-strength, lightweight automotive safety systems and various pipeline systems [6][13]. - The company has diversified into new energy battery management systems, fluid control systems, and sensor technology, creating new growth avenues [6][13]. Hot Stamping and Battery Box Business - The hot stamping business is expected to grow due to the increasing demand for lightweight and high-strength components in the automotive industry [23][24]. - The battery box segment is projected to expand significantly as the penetration of new energy vehicles increases, with the market for aluminum battery boxes expected to reach approximately 350 billion CNY by 2027 [38][49]. Sensor Technology Development - Lingyun is actively developing sensor technology, particularly in the field of force sensors for robotics, which is anticipated to open new growth opportunities [6][38]. - The company plans to collaborate with research institutions to accelerate the development of sensor projects, enhancing its long-term growth potential [6][38]. Market Position and Competitive Advantage - Lingyun has established partnerships with major automotive manufacturers, including Tesla, BMW, and Audi, which strengthens its market position [6][38]. - The company has a diversified product portfolio and a broad customer base, which contributes to its competitive advantage in the automotive parts market [6][38].