Core Viewpoint - Lingyun Co., Ltd. (600480) experienced a significant decline in stock price, dropping to a new low of 11.9 CNY per share, reflecting strong selling pressure in the market [1] Company Performance - As of the morning close, Lingyun Co., Ltd. saw a decrease of 3.48% in stock price, with a turnover rate of 1.53% and a trading volume exceeding 2.2 billion CNY, surpassing the total from the previous Friday [1] - The company's market capitalization is reported at 14.58 billion CNY, with a current share price of 11.93 CNY [2] Industry Outlook - Since October, several institutions, including Huaxi Securities, have lowered their earnings forecasts for Lingyun Co., Ltd. due to intensified industry competition, which is expected to pressure the company's gross margin in the short term [3] - Huaxi Securities revised its revenue projections for 2025-2027 to 20.742 billion CNY, 22.566 billion CNY, and 24.258 billion CNY, down from previous estimates of 21.495 billion CNY, 23.6 billion CNY, and 25.606 billion CNY [3] - The expected net profit attributable to the parent company for the same period has also been adjusted to 799 million CNY, 899 million CNY, and 994 million CNY, compared to earlier forecasts of 948 million CNY, 1.05 billion CNY, and 1.137 billion CNY [3]

Core Viewpoint - The report by Huajin Securities on Lingyun Co., Ltd. highlights the company's stable performance in traditional businesses while emphasizing the growth potential from emerging sectors such as sensors, leading to a "buy" rating for the stock [1] Company Overview - Lingyun Co., Ltd. primarily engages in the production and sales of automotive parts and plastic pipeline systems, with key products including body safety structure products, new energy vehicle battery products, and automotive pipeline systems [2] - The company is projected to achieve a revenue of 18.837 billion yuan in 2024, reflecting a year-on-year growth of 0.72%, and a net profit attributable to shareholders of 655 million yuan, up 3.77% year-on-year [2] Client Base and Orders - The company has a robust client base, including major domestic and international automotive manufacturers and new energy vehicle battery producers such as BMW, Mercedes-Benz, Audi, and BYD [3] - In 2024, Lingyun secured new orders totaling 51 billion yuan, with lifecycle project values exceeding 35 billion yuan in automotive metal and over 15 billion yuan in automotive pipeline projects [3] New Business Developments - Lingyun is actively pursuing new business opportunities in smart and integrated technologies, with its sensor business entering a key project under the Ministry of Industry and Information Technology [4] - The company has made significant progress in developing various projects, including battery packaging systems and automotive thermal management systems, which are now in the sample and market promotion stages [4] Financial Projections - Revenue forecasts for Lingyun from 2025 to 2027 are 19.477 billion yuan, 20.433 billion yuan, and 21.416 billion yuan, with corresponding net profits of 814 million yuan, 924 million yuan, and 1.028 billion yuan, indicating growth rates of 24.2%, 13.5%, and 11.3% respectively [5] - The earnings per share (EPS) are projected to be 0.67 yuan, 0.76 yuan, and 0.84 yuan for the years 2025, 2026, and 2027 [5] Analyst Ratings - In the past 90 days, 10 institutions have rated the stock, with 9 giving a "buy" rating and 1 an "accumulate" rating, while the average target price among institutions is 16.26 yuan [7]