The new energy vehicle parts business is growing rapidly, and the future of robot sensors is promising. Ling Yun Co., Ltd. is a listed company under the China Ordnance Industry Group. It was founded in 1995 and listed on the Shanghai Stock Exchange in 2003. The main traditional business of Lingyun Co., Ltd. is lightweight safety structural parts, thermoformed products, automobile pipelines, etc. The company acquired the German WAG (Wadashaff) in 2015, further improving its technical capabilities in the fields of aluminum alloys and weight reduction, and entering the field of high-end new energy battery cases.
In 2023, as the lead unit, the company will jointly unveil the “humanoid robot” directional force sensor innovation mission, which is expected to open up new growth space.
The company's NEV thermoforming and battery case business entered the performance release period. In 2023, the company achieved revenue of 18.7 billion yuan, +12.1% year-on-year, of which Q4 achieved revenue of 5.3 billion yuan, +13.9% year-on-year, and +11.5% month-on-month; realized net profit of 6.3 billion yuan, +85.4% year-on-year, of which Q4 achieved net profit of 189 million yuan, +55.0% year-on-year, and +58.4% month-on-month. In 2023, the company's automotive metal parts business achieved revenue of 16.6 billion yuan, +13.8% year-on-year, mainly due to the smooth expansion of new businesses such as thermoforming and battery cases; plastic piping systems achieved revenue of 1.3 billion yuan, -7.4% year-on-year. Benefiting from the continued release of on-hand orders, the company achieved revenue of 4.3 billion yuan in 2024Q1, +8.5% year over year, and realized net profit to mother of 220 million yuan, +163.4% year over year. 2024Q1 performance exceeded expectations.
Taking the lead in breaking through robotic six-dimensional force sensors, the future prospects can be expected in 2023. Ling Yun Co., Ltd. and the Hefei Institute of Physical Sciences of the Chinese Academy of Sciences and the Zhongbing Intelligence Innovation Research Institute will jointly unveil the “Research on Key Technologies and Manufacturing Methods for Low-Cost High-Precision Intelligent Humanoid Robots” project to jointly unveil the “Humanoid Robot” directional force sensor innovation task. The six-dimensional force sensor is one of the products with high technical barriers to humanoid robots, and its value is also high. We believe that the six-dimensional force sensor has brought a new growth point for the company.
Investment advice
Lingyun Co., Ltd. has thermoforming new energy vehicles and dual engine drives for battery cases, and is expected to enter the field of robotics. In 2023, as the lead unit, the company will jointly unveil the “humanoid robot” directional force sensor innovation mission, which is expected to open up new growth space. We expect net profit to be 7.63/8.96/10.45 billion yuan on 24/25/26, respectively, corresponding to PE/14/12/10 times, respectively, covered for the first time, giving the company a “buy” rating.
Risk warning
Downstream customer sales fell short of expectations; new business expansion fell short of expectations; overseas business profits fell short of expectations.