LINGYUN CORPORATION(SH:600480) HUAXI Securities·2025-08-26 05:29Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company's main business remains stable, with new ventures in robotics and other sectors showing promising growth [5][8] - The company reported a revenue of 9.261 billion yuan in the first half of 2025, a year-on-year increase of 3.61%, and a net profit attributable to shareholders of 433 million yuan, up 8.46% year-on-year [2][4] Summary by Sections Revenue and Growth - The company achieved a revenue of 9.261 billion yuan in the first half of 2025, reflecting a steady growth trend with a year-on-year increase of 3.61%. The automotive parts business was the core growth driver, generating 8.449 billion yuan, also up 3.6% year-on-year. The municipal pipeline business contributed 488 million yuan [3] Profitability and R&D Investment - The net profit attributable to shareholders reached 433 million yuan, marking an 8.46% increase, which outpaced revenue growth. This improvement in profitability is attributed to effective cost control, with management expenses decreasing by 6.45% year-on-year, and a significant reduction in financial expenses by 197.11% due to favorable exchange rate movements. R&D expenses increased to 395 million yuan, up 11.67% year-on-year, focusing on new energy vehicle products and lightweight automotive components [4] New Business Developments - The company is actively expanding into new production capabilities, achieving progress in robotics sensors and steer-by-wire systems. The robot sensor products have been delivered in small batches, and the thermal management systems for vehicles are entering mass production phases. The steer-by-wire system design for autonomous logistics vehicles has also reached the prototype manufacturing stage [5] Global Expansion and Operational Improvement - The company is optimizing its global operations, with significant improvements noted in its German and Mexican facilities. The German WAG unit has shown positive operational results and has maintained its status as a Porsche A-level supplier for two consecutive years. The Mexican WAM unit has successfully established a management system to ensure smooth mass production [6][7] Investment Recommendations - The company’s core business remains robust, supported by dual drivers from thermal forming and battery casing businesses, alongside strategic expansions into energy storage and robotics. The revenue projections for 2025-2027 are estimated at 21.495 billion yuan, 23.600 billion yuan, and 25.606 billion yuan, with net profits of 948 million yuan, 1.050 billion yuan, and 1.137 billion yuan respectively. The earnings per share (EPS) are forecasted to be 0.78 yuan, 0.86 yuan, and 0.93 yuan for the same period. The closing price of 14.27 yuan corresponds to a price-to-earnings (PE) ratio of 18.41, 16.61, and 15.35 for the years 2025, 2026, and 2027 [8][10]