LINGYUN CORPORATION(SH:600480) Huachuang Securities·2025-11-04 04:15Investment Rating - The report maintains a "Strong Buy" rating for Lingyun Co., Ltd. (600480) with a target price range of 15.7 to 19.6 CNY [2][8]. Core Insights - The company's Q3 2025 performance met expectations, with revenue of 14.07 billion CNY, a year-on-year increase of 5.4%, and a net profit attributable to shareholders of 590 million CNY, up 17% year-on-year [2][8]. - New business segments, including liquid cooling, sensors, and steer-by-wire systems, are progressing steadily, contributing to the overall growth [8]. Financial Performance Summary - Revenue Forecasts: - 2024A: 18.837 billion CNY - 2025E: 20.122 billion CNY (growth of 6.8%) - 2026E: 21.499 billion CNY (growth of 6.8%) - 2027E: 23.124 billion CNY (growth of 7.6%) [4][9] - Net Profit Forecasts: - 2024A: 655 million CNY - 2025E: 841 million CNY (growth of 28.4%) - 2026E: 961 million CNY (growth of 14.2%) - 2027E: 1.056 billion CNY (growth of 10.0%) [4][9] - Earnings Per Share (EPS): - 2024A: 0.54 CNY - 2025E: 0.69 CNY - 2026E: 0.79 CNY - 2027E: 0.86 CNY [4][9] - Valuation Ratios: - Price-to-Earnings (P/E) ratio for 2025E: 19 times - Price-to-Book (P/B) ratio for 2025E: 1.9 times [4][9]. Business Development Summary - The company is actively developing liquid cooling products for energy storage, charging stations, and data centers, which are expected to become new growth points as the liquid cooling industry expands [8]. - The sensor projects, including torque and pressure sensors, have begun to deliver small batch orders, indicating progress in new technology applications [8].