LINGYUN CORPORATION(SH:600480) Changjiang Securities·2025-11-11 23:30Investment Rating - The investment rating for the company is "Buy" and is maintained [4][5]. Core Views - The company achieved a revenue of 4.81 billion yuan in Q3 2025, representing a year-on-year increase of 9.0%, and a net profit attributable to shareholders of 160 million yuan, up 52.9% year-on-year [2][4]. - The company is strategically transforming towards new energy, with a complete reserve of lightweight products, accelerating global supply capabilities, and continuously enhancing its position in the global new energy lightweight market, which is expected to open a second growth curve for the company [2][4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 48.1 billion yuan, a 9.0% increase year-on-year, and a net profit of 1.6 billion yuan, reflecting a 52.9% year-on-year growth [2][4]. - The gross margin for Q3 2025 was 16.0%, down 1.1 percentage points year-on-year but improved by 0.3 percentage points quarter-on-quarter [9]. - The company plans to distribute a cash dividend of 0.10 yuan per share (before tax) in the first half of 2025, amounting to 120 million yuan, with a payout ratio of 28.2% [4]. Business Strategy - The company is actively expanding into new fields such as steer-by-wire and robotics, with a focus on new business development and customer acquisition, which is expected to lead to stable revenue growth [4]. - The company has deepened its layout in the new energy component industry, with 526 new projects approved in the first half of 2025, including 161 in the automotive metal sector and 365 in the automotive pipeline system [9]. - The company is enhancing operational quality and risk management in its overseas operations, particularly in Germany and Mexico, and plans to complete the establishment of a base in Morocco by 2025 [9].