凌云股份（600480）：毛利率环比改善，机器人业务进展迅速

Investment Rating - Investment Rating: Buy (Maintain) [1] Core Views - The company's Q1-Q3 revenue reached 14.07 billion yuan, a year-on-year increase of 5.41%, with a net profit attributable to shareholders of 588 million yuan, up 17.47% year-on-year [4] - Q3 revenue was 4.81 billion yuan, a year-on-year increase of 9.05% but a quarter-on-quarter decrease of 2.29%, with a net profit of 155 million yuan, up 52.86% year-on-year but down 28.72% quarter-on-quarter [4] - The gross profit margin improved to 16.02% in Q3, with cost control measures contributing to this improvement [5] - The company has made significant progress in its robotics sensor business, with some clients already placing orders, and has established a deep layout in the liquid cooling business [6] Financial Performance - The company expects net profits of 799 million yuan, 929 million yuan, and 1.071 billion yuan for the years 2025, 2026, and 2027, respectively, corresponding to P/E ratios of 19, 17, and 15 times [7] - The gross profit margin is projected to improve gradually from 17.6% in 2024 to 18.2% in 2027 [10] - The company’s revenue is expected to grow from 18.84 billion yuan in 2024 to 22.25 billion yuan in 2027, with a compound annual growth rate of approximately 7.1% [10] Business Development - The company is focusing on the new energy vehicle sector and has dual engines of growth from hot forming and battery casing businesses [7] - The robotics sensor business is accelerating, and the liquid cooling business is expected to open new growth opportunities [7]