据证券之星公开数据整理，近期凌云股份（600480）发布2025年中报。截至本报告期末，公司营业总收 入92.61亿元，同比上升3.61%，归母净利润4.33亿元，同比上升8.46%。按单季度数据看，第二季度营 业总收入49.22亿元，同比上升6.11%，第二季度归母净利润2.18亿元，同比上升22.66%。本报告期凌云 股份公司应收账款体量较大，当期应收账款占最新年报归母净利润比达819.46%。 财务报表中对有大幅变动的财务项目的原因说明如下： 合同资产变动幅度为-37.28%,原因:公司质量保证金降低。 投资性房地产变动幅度为-68.47%,原因:部分投资性房地产出租转自用。 短期借款变动幅度为96.64%,原因:公司补充流动资金增加短期借款。 一年内到期的非流动负债变动幅度为-80.29%,原因:应付债券、长期借款到期兑付。 营业收入变动幅度为3.61%,原因:公司积极开拓市场、抢抓订单，销售规模持续增长。 本次财报公布的各项数据指标表现尚佳。其中，毛利率16.59%，同比减5.77%，净利率6.1%，同比增 3.58%，销售费用、管理费用、财务费用总计5.48亿元，三费占营收比5.92%，同比减21 ...

Group 1 - The company has successfully completed A+ round strategic financing, with Furan De joining as a partner, and has established a joint venture named Shanghai Depu Zhiqing Robot with a registered capital of 10 million yuan [1] - The company specializes in metal sheet processing and distribution services for mid-to-high-end automotive and home appliance manufacturers, achieving a sales volume of 2.09 million tons in 2024, a year-on-year increase of 22%, with automotive sales accounting for 1.38 million tons [2] - The company has maintained a high dividend payout ratio, with cash dividends as a percentage of net profit attributable to the parent company for the years 2021 to 2024 being 46.31%, 48.48%, 50.78%, and 54.36% respectively [2] Group 2 - The company is expanding its product offerings, with new aluminum extrusion and hot forming businesses expected to start production in the first half and trial production in the second half of 2025, respectively [2] - The company has entered the robotics sector by establishing a joint venture with Kepler Robotics, which will implement ongoing automotive industry robotics projects, leveraging its advantages in automotive lightweighting [2] - Revenue projections for the company from 2025 to 2027 are 11.97 billion, 12.67 billion, and 13.40 billion yuan, with year-on-year growth rates of 6.1%, 5.9%, and 5.7% respectively, and net profits expected to be 340 million, 390 million, and 450 million yuan [3]

Core Viewpoint - The automotive parts industry will continue to focus on electrification and intelligence in 2025, with integrated die-casting products expected to expand and become more prevalent, reshaping the body structure parts market [1] Company Performance - In 2024, the company reported revenue of 3.592 billion yuan, a year-on-year decrease of 8.19%, and a net profit of 425 million yuan, down 14.43% year-on-year due to factors such as fluctuations in downstream product sales and increased asset depreciation [1] - The company is actively extending its industrial chain by advancing integrated die-casting, hot forming, electrophoretic painting, and composite materials businesses, optimizing its product structure [1] Capacity Layout - The company has established production facilities in multiple locations, achieving an 80% utilization rate in its stamping and welding business [2] - Four integrated die-casting production lines have been set up in Jiangsu Yancheng and Anhui Liu'an, with an additional line under construction in Jiangsu Changzhou [2] - A new project in Jinhua City with a total investment of 1 billion yuan aims to produce 200,000 sets of integrated automotive body structure parts annually [2] Future Business Outlook - The integrated die-casting and hot forming businesses have secured multiple customer orders, with large-scale production expected to begin in the second half of 2025, leading to a significant increase in capacity utilization by 2026 [2] Market Position - Major clients include Tesla, Li Auto, NIO, Leap Motor, BYD, SAIC Group, and others, with ongoing efforts to enhance the customer structure [3] - The impact of the U.S. "reciprocal tariff" policy on the company's business is minimal, with only 4.01% of total revenue coming from export business, and approximately 3.6% from exports to the U.S. [3]