Lingyun Co., Ltd. (600480): Opportunity for huge performance in the early expansion of the industry under pressure and superimposed battery shells

Highlights of the report Event description Lingyun shares today released its 2019 Interim Report and achieved operating income of 55.

27 billion, 12 from the previous decade.

64%, net profit attributable to mother may be zero.

59 trillion, an average of 133 in ten years.


In the second quarter, the single-quarter operating income was 27.

60 ppm, with a ten-year average of 14.

28%, net profit attributable to parent company decreased by 1.

07 billion.

Event Comment The overall downturn in the industry in the first half of the year led to a decline in the company’s operating income.

In the first half of the year, due to the weak macroeconomic situation and the switchover of the automobile country, the country’s five countries and six countries, the industry’s automobile output declined.

7%, of which passenger vehicle output decreased by 15.


The company’s automotive metal processing parts business covers a wide range of customers, and the overall output growth trend is consistent with the industry’s. The revenue in the first half of the year declined.


Affected by the annual decline and the intervention of Wadashav, the company’s gross profit margin decreased significantly, eventually leading to a single quarter growth rate.

The company’s gross profit margin for the first half of the year was 16.

77% twice a year.

41 averages, of which the gross profit margin decreased by 5 in the second quarter.

28 total, dragged down.

The main factors for the decrease in gross profit margin are the following three aspects: 1) Under the pressure of the industry, the annual derating of downstream customers has increased; 2) Wadashav has been introduced and continuously expanded; 3) Revenue has led to weakening of scale effects, depreciation and amortizationThe proportion of such rigid costs has increased.

Period expenses14.

56%, an increase of 1 each year.

75 units.

The proportion of management expenses and R & D expenses increased by 1.

1 and 0.

5 units.

In addition to the regular expenses, the management expenses increase the external consulting fee for the reform of the subsidiary by 17 million yuan.

The company’s R & D in new energy battery housings, high-intensity automobile lightweighting and thermoforming continues to increase, leading to 上海夜网论坛 an increase in R & D expense ratios.

The sales expense ratio remained basically stable.

The number of new projects is still more plentiful, and subsequent attempts to stabilize as the industry picks up and new projects release profits.

There are 87 new and progressive projects in the automotive metal sector, covering customers including Mercedes-Benz, Great Wall, BMW, and Guangfeng. The automotive pipeline system has received 45 new projects. The Volkswagen MEB platform cooling management system is an important order for the company.18 customers with income over 10,000.

The company continues to obtain new projects, and mainly focuses on high-end brands, and its profitability will improve.

We are optimistic that the company’s battery shell projects will gradually increase in volume and profits will gradually 深圳丝袜会所 stabilize.

As a global battery shell leader, Wadashav, a subsidiary of the company, has successively won orders from Porsche, BMW, Mercedes-Benz, Great Wall and so on.

At present, Wadashav is still in the early supplementary period, and the gradual release of subsequent projects is expected to turn a profit.

Taking into account that the industry’s business climate is less than expected, and that Wadashav added more supplements than originally planned, the company’s net profit attributable to the mother for 2019-2021 is reduced and the company’s net profit for 2019-2021 is reduced to zero.
62 billion, 2.
50 billion and 3.

5.4 billion, corresponding to an estimated 71.

0X, 17.

5X and 12.

4 times.

Risk Warning: 1.

Industry production and sales recovery was less than expected; 2.

The profitability of the battery case was less than expected.