凌云股份（600480）：之汇兑贡献公司业绩表现优秀

Investment Rating - The investment rating for the company is "Buy" and is maintained [4]. Core Views - In Q2 2025, the company achieved operating revenue of 4.92 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of 220 million yuan, up 22.7% year-on-year. The company is strategically transforming towards new energy and has a complete reserve of lightweight products, enhancing its global supply capabilities and market position in the global new energy lightweight sector [2][4][7]. Summary by Sections Financial Performance - In Q2 2025, the company reported a revenue of 4.92 billion yuan, reflecting a year-on-year growth of 6.1% and a quarter-on-quarter increase of 13.4%. The net profit attributable to shareholders was 220 million yuan, which is a 22.7% increase year-on-year and a 1.3% increase quarter-on-quarter. The net profit margin was 4.4%, up 0.6 percentage points year-on-year [2][4][7]. Business Strategy - The company is deepening its layout in the new energy component industry, with 526 new projects approved in the first half of 2025, including 161 projects in the automotive metal sector and 365 in the automotive pipeline system. The company is also actively developing the automotive steer-by-wire system and has completed the design for an autonomous logistics vehicle steering system [7]. Market Position - The company is enhancing its operational quality and risk management capabilities in Germany and Mexico, with plans to complete the establishment of a base in Morocco and improve management levels in Indonesia by 2025. The company is also making progress in its new business ventures, including sensor projects for robotics, with several products already delivered [7]. Future Outlook - The company expects steady growth in performance due to active exploration of new businesses and clients, with a revenue target of 19.1 billion yuan for 2025, representing a year-on-year increase of 1.4%. The strategic transformation towards new energy and the introduction of new components like battery boxes and hot forming are anticipated to open new growth curves [7].