1. Company Overview and Business Positioning
1.1 Basic Company Information
Lingyun Industrial Co., Ltd. (stock code: 600480) was established in April 1995 and was listed on the Shanghai Stock Exchange main board on August 15, 2003. It is a large state-owned listed company controlled by China North Industries Group Corporation. The company is registered in Songlin Town, Zhuozhou City, Hebei Province, with a registered capital of 1.411 billion yuan. As of October 17, 2025, the company’s total market value is approximately 15.072 billion yuan. Lingyun Co. has more than 70 subsidiaries located in Germany, Mexico, North America, Japan, Indonesia, and over 30 provinces and cities in China, including 20 joint ventures with Switzerland, the United States, and South Korea. The actual controller of the company is China North Industries Group Corporation, which holds a total of 43.53% of the shares through North Lingyun Industrial Group Co., Ltd. and China North Investment Management Co., Ltd.
1.2 Main Business Structure and Emerging Business Layout
Lingyun Co.’s main business includes the production and sales of automotive parts and plastic pipeline systems. In the first half of 2025, the automotive parts business achieved revenue of 8.449 billion yuan, accounting for 91.23% of total revenue, with a gross profit margin of 16.94%; the plastic pipeline system business achieved revenue of 488 million yuan, accounting for 5.27% of total revenue, with a gross profit margin of 13.42%. In recent years, the company has actively laid out strategic emerging industries, focusing on the development of liquid cooling technology and robot sensor business. In the field of liquid cooling, the company has successfully developed and received orders for liquid cooling products required in scenarios such as energy storage, charging stations, and data centers, relying on its technical accumulation in automotive pipeline systems. In the field of robot sensors, the company led a joint effort with the Hefei Institute of Physical Science of the Chinese Academy of Sciences and the China North Intelligent Innovation Research Institute in 2023 to tackle the “humanoid robot” force sensor innovation task set by the Ministry of Industry and Information Technology.
1.3 Strategic Position of Liquid Cooling and Robot Sensor Business
The liquid cooling and robot sensor business is a core component of the company’s “dual new” strategy, bearing the important mission of the company’s transformation and upgrading. From a strategic positioning perspective, these two businesses are not simple extensions of traditional businesses but strategic expansions into high value-added fields based on the company’s core technological capabilities. In terms of technical synergy, the liquid cooling business fully utilizes the company’s deep accumulation in automotive thermal management systems and fluid control technology. The newly developed laser-welded liquid cooling plates and direct cooling plates for battery cooling products have achieved integrated development and supply of battery pack shells and liquid cooling plates. The robot sensor business relies on the company’s precision manufacturing capabilities and military technology background, forming unique advantages in material science, sensor calibration, and algorithm decoupling.
From the perspective of business development stages, the liquid cooling business has entered a rapid growth phase, with energy storage business revenue expected to break through from zero to several hundred million yuan in 2024; the robot sensor business is still in the early stages of industrialization, with small batch orders for pull and torque sensors and the six-dimensional force sensor design completed. Both businesses are expected to experience a performance explosion from 2025 to 2027, becoming new profit growth points for the company.
2. Technical Advantage Analysis
2.1 Liquid Cooling Technology Strength and Innovation Capability
Lingyun Co. possesses significant technical advantages in the field of liquid cooling technology. The company has mastered the core technology of laser-welded liquid cooling plates, using a structure where the upper and lower plates of the liquid cooling plate are connected through laser welding, forming multiple sets of longitudinal straight flow channels through the cooperation of convex and concave grooves, greatly enhancing the heat exchange effect. This design has obvious advantages over traditional stamped brazed liquid cooling plates in terms of equipment investment, process costs, and environmental requirements. In terms of product innovation, the laser-welded and aluminum-plastic hybrid liquid cooling plates and direct cooling plates developed by the company have achieved integrated development and supply of battery pack shells and liquid cooling plates. The wholly-owned subsidiary Koudan Lingyun has developed injection-molded digital energy liquid cooling pipes with technical innovations such as wide temperature range, high durability, high pressure resistance, long temperature-pressure cycling, high temperature and humidity resistance, and high flame retardancy, meeting the requirements for long life and maintenance-free digital energy.
The company holds multiple core patents in the field of liquid cooling technology. According to the latest announcement, the company has obtained utility model patent authorizations for “a liquid cooling plate for electric vehicle battery packs” and “a laser welding fixture for liquid cooling plates of new energy vehicle batteries.” At the same time, the company has made new breakthroughs in the research and development of core components of automotive thermal management systems and automotive fluid control technology, mastering the design and simulation technology of automotive steering system assemblies.
2.2 Robot Sensor Technology Route and Patent Layout
Lingyun Co. adopts a “full-dimensional coverage” technology route in the field of robot sensors, with products covering a full range of one-dimensional, three-dimensional, and six-dimensional force sensors. The technology of the six-dimensional force sensor originates from the Hefei Institute of Physical Science of the Chinese Academy of Sciences, which has nearly 40 years of technical accumulation in the field of force sensors. Its independently developed double E-type membrane structure achieves international advanced levels in precision (up to 0.5% FS), anti-interference capability, and adaptability to complex environments (such as deep sea and nuclear radiation scenarios). In terms of technical parameters, the six-dimensional force sensor developed by Lingyun Co. achieves a resolution of 0.01N under a range of 200N by controlling the thickness of the elastic body between 0.5mm-2mm through topological optimization. The product’s core indicators, such as dynamic response time (≤0.5ms) and anti-interference capability (error ±0.1N), are already close to the level of international competitors like ATI. Relying on military technology transfer, the sensor’s shock resistance level reaches 100G (three times that of civilian products), with a yield rate exceeding 92% (industry average 85%).
In terms of patent layout, the company has formed an effective patent portfolio of 1581 items since 2020, including 167 invention patents. In 2023, the company completed 238 patent applications, including 46 invention patents. The patents in the sensor field cover key technical aspects such as elastic body structure design, strain gauge arrangement, signal decoupling algorithms, and calibration methods, establishing a complete intellectual property protection system.
2.3 R&D Investment and Technical Team Building
Lingyun Co. places great importance on technological innovation and continues to increase R&D investment. In 2024, the company’s R&D investment reached 802 million yuan, with an R&D investment intensity of 4.26%, achieving five consecutive years of growth in R&D investment. In the first half of 2025, R&D expenses amounted to 395 million yuan, a year-on-year increase of 11.67%. The company’s R&D investment intensity is at a leading level in the automotive parts industry, providing ample financial support for technological innovation.
In terms of R&D team building, the company has 1,778 R&D personnel, accounting for 17% of the total number of employees. In terms of educational background, there are 5 doctoral researchers, 165 master’s researchers, and 1,245 bachelor’s degree holders; in terms of age structure, there are 773 people under 30 years old and 735 people aged 30-40, forming a reasonable talent echelon that combines young, middle-aged, and senior personnel. The company has established a complete R&D system, with the Lingyun Central Research Institute including one national recognized enterprise technology center, nine nationally recognized laboratories and testing centers, nine provincial technology centers, four provincial engineering technology centers, as well as a hot forming engineering center, automotive fluid management system R&D center, municipal pipeline system R&D center, and the first specialized low-speed collision testing laboratory for bumper crash beams in China. At the same time, R&D offices have been established in Germany, Japan, and the United States, forming a global R&D network.
2.4 Core Technology Barriers and Competitive Advantages
Lingyun Co. has built multiple technology barriers in the fields of liquid cooling and robot sensors. In the liquid cooling field, the company’s core advantages are reflected in: first, the laser welding process barrier, as the company has built the first fully automated laser welding production line for hot forming in China, breaking the foreign technology monopoly; second, system integration capability, as the company can provide integrated solutions from liquid cooling plates, pipeline assemblies to complete thermal management systems; third, cost control advantages, as the company’s liquid cooling products are more than 30% lower in cost than imported products through process innovation and large-scale production. In the robot sensor field, the company’s technology barriers are even more prominent: first, material science barriers, as the company has mastered the formula and processing technology of high-elastic alloy materials; second, precision manufacturing barriers, as the processing accuracy of sensor elastic bodies reaches the micron level, requiring advanced processing equipment and process control capabilities; third, algorithm barriers, as the decoupling algorithm of the six-dimensional force sensor is a core technical difficulty, and the company has accumulated deep technical expertise in this area; fourth, calibration technology barriers, as the company has the capability to independently develop and manufacture six-dimensional force calibration equipment. Additionally, the company’s military background provides a unique advantage for technological innovation. As a subsidiary of China North Industries Group, the company inherits military technology genes in material science, precision processing, and reliability design, and these technological advantages are effectively transformed in the development of civilian products. At the same time, the company attracts and retains core technical talents through equity incentives, with the 2022 restricted stock incentive plan covering 273 individuals, with a focus on research personnel.
3. Business Layout and Market Expansion
3.1 Liquid Cooling Business Capacity Construction and Customer Structure
Lingyun Co. adopts a “based on existing capacity, moderate expansion” strategy for the capacity construction of its liquid cooling business. The company fully utilizes the existing capacity and manufacturing foundation of automotive pipeline systems to quickly form the mass production capacity of liquid cooling products through technological transformation and process upgrades. Currently, the company has established multiple specialized production lines for liquid cooling products, including laser-welded liquid cooling plate production lines and injection-molded liquid cooling pipe production lines, with an annual production capacity of millions of liquid cooling products.
In terms of customer structure, the company’s liquid cooling business shows a diversified characteristic. In the energy storage field, the company has entered the supply chain of leading customers such as Huawei, Tesla, BYD, and CATL; in the data center field, the company provides hose components for Huawei’s liquid cooling servers and has entered the NVIDIA GB300 supply chain through AVC CoolerMaster; in the new energy vehicle field, the company supplies high-end customers such as Porsche, BMW, and FAW Hongqi. In the first half of 2025, the company successfully developed and obtained orders for liquid cooling products required in scenarios such as energy storage, charging stations, and data centers, while stabilizing its automotive cooling pipeline product business with 365 designated projects.
From the perspective of business development trends, the company’s liquid cooling business is in a rapid growth phase. The revenue from the energy storage business is expected to break through from zero to several hundred million yuan in 2024, and it is anticipated that the proportion of the energy storage business will reach 10% by 2026. The company has also made significant breakthroughs in the data center liquid cooling field. At the 10th China (Shanghai) International Data Center Industry Exhibition, Lingyun Yada Group, as a high-end supplier of data center liquid cooling system solutions, showcased core advantage products including primary and secondary pipeline system solutions and high polymer manifolds, as well as server liquid cooling pipeline assemblies.
3.2 Progress and Order Status of Robot Sensor Business
Lingyun Co. is steadily advancing its robot sensor business according to a “three-step” strategy. The first step is the technology research and development and product verification phase (2023-2024), focusing on completing the design and sample trial production of the six-dimensional force sensor; the second step is the small batch production and customer sample delivery phase (2025), forming an annual production capacity of 3,000 six-dimensional force sensors; the third step is the large-scale production and market expansion phase (2026 and beyond), increasing production capacity to over 50,000 units per year.
In terms of order acquisition, the company has made substantial progress. The pull and torque sensor products have been delivered in multiple small batch orders, and the six-dimensional force sensor design has been completed and is in the customer sample delivery stage. Notably, the company has signed an order for 3,000 six-dimensional sensors with Schaeffler, with a unit price of approximately 1,000 yuan each, with the first batch of products scheduled for delivery in May 2025, intended for use in Tesla’s humanoid robot.
In terms of customer expansion, the company adopts a “domestic and international dual-track” strategy. In the domestic market, the company is providing customized sensors to companies such as Xiaomi, Zhiyuan, and Xiaopeng, with the one-dimensional force sensor for Xiaomi already entering the small batch verification stage; in the overseas market, the company is in contact with Tesla through its Mexican subsidiary, with the six-dimensional force sensor samples delivered and about to undergo machine testing. The company has also reached strategic cooperation with domestic robot companies such as Qinglong Robot to conduct in-depth cooperation in humanoid and industrial robots.
In terms of capacity planning, the current annual production capacity of the company’s sensors is 10,000 units (producing one-dimensional and six-dimensional sensors on the same line), with plans to upgrade the production line at the Zhuozhou base to increase total capacity to 50,000 units/year by October-November 2025. The force sensor workshop has established specialized production lines and completed the industrial platform construction plan, with rapid progress in the robot business.
3.3 Domestic and International Market Layout and Channel Construction
Lingyun Co. has built a global market layout and sales network. In the domestic market, the company’s customers include mainstream automakers such as SAIC, Great Wall, Changan, Geely, BYD, and Hongqi; in the international market, customers include well-known automotive brands such as General Motors, Ford, Audi, Mercedes-Benz, and BMW. The company has production bases in over 30 provinces (regions, cities) in China, forming a service system that is close to customers and responds quickly.
In terms of overseas market expansion, the company continuously improves its global layout through a combination of acquisitions and new constructions. The German base successfully entered the supply chain of Mercedes-Benz and Audi through the acquisition of Wadasaf Company, with European revenue expected to account for 20% in 2024. The Mexican base strengthens local service capabilities in the North American market, with plans for capital increase and expansion completed in 2024, focusing on serving customers such as Tesla and Stellantis. The Indonesian base radiates to the Southeast Asian market, and the construction project of the Moroccan base is progressing steadily, which will serve as a production base for the European and North African markets.
In terms of new business channel construction, the company adopts a differentiated strategy. The liquid cooling business fully utilizes existing automotive customer resources to quickly penetrate new markets through technological upgrades and product extensions; the robot sensor business expands new customers through participation in industry exhibitions and technical exchanges, while actively exploring military and special application markets relying on the resource advantages of China North Industries Group.
3.4 Industry Chain Coordination and Ecological Cooperation
Lingyun Co. emphasizes building an open cooperative industrial ecosystem. In the liquid cooling field, the company deepens cooperation with Huagong Technology in laser processing equipment and intelligent manufacturing, jointly developing new products such as laser-welded liquid cooling plates. The company has signed strategic cooperation agreements with Tsinghua University Suzhou Automotive Research Institute and Chery Automobile to carry out joint research and development in the field of thermal management systems for new energy vehicles.
In the field of robot sensors, the company’s cooperation ecosystem is even richer. As the leading unit of the Ministry of Industry and Information Technology’s “humanoid robot” force sensor innovation task, the company collaborates with the Hefei Institute of Physical Science of the Chinese Academy of Sciences and the China North Intelligent Innovation Research Institute to integrate technical advantages from all parties to jointly tackle key technologies for low-cost, high-precision intelligent humanoid robot force perception. At the same time, the company collaborates with internal units of the China North Industries Group, such as China North Investment and the China North Intelligent Innovation Research Institute, to form synergy in technology research and development, market expansion, and capital operations.
Additionally, the company actively participates in industry alliances and standard-setting. In the liquid cooling field, the company has participated in the formulation of multiple industry standards, promoting the standardization and industrialization of liquid cooling technology; in the robot sensor field, as a member of the China Robot Industry Alliance, the company participates in industry standard formulation and technical route planning, enhancing its voice and influence in the industry chain.
4. In-Depth Analysis of Cooperative Relationships
4.1 Liquid Cooling Technology Cooperation with NVIDIA
Lingyun Co.’s cooperation with NVIDIA is mainly achieved indirectly. The company serves as a core supplier for AVC CoolerMaster, providing liquid cooling hose components, while AVC CoolerMaster is one of the main suppliers of NVIDIA’s liquid cooling systems, allowing Lingyun Co.’s products to indirectly enter NVIDIA’s GB300 supply chain. Although this cooperation model is not a direct supply relationship, it fully reflects the company’s competitiveness in the field of liquid cooling technology. The GB300, as NVIDIA’s latest generation AI chip, adopts a revolutionary liquid cooling design. This chip uses a modular slot design, integrating CPU, GPU, and HBM3 memory into detachable modules, with the cooling plate embedded in the slot base, achieving efficient heat conduction through liquid metal filling the tiny gaps between the chip and the cooling plate. This design places high demands on the performance of the liquid cooling system, and Lingyun Co.’s ability to pass supplier certification and enter the supply chain proves that its product quality and technical level meet international advanced standards.
From the perspective of cooperation prospects, with the explosive growth in AI computing power demand, NVIDIA’s demand for liquid cooling products will continue to expand. According to Goldman Sachs’ forecast, the global server cooling market is expected to reach $7.2 billion by 2025, a year-on-year increase of 98%, and will exceed $12 billion by 2026, with the penetration rate of liquid cooling in AI training servers skyrocketing from 15% in 2024 to 74% in 2026. Lingyun Co. is expected to further expand its share in NVIDIA’s supply chain by deepening cooperation with core suppliers like AVC.
4.2 Diversified Cooperation with Tesla
Lingyun Co.’s cooperation with Tesla is characterized by multi-layered and comprehensive features. In the traditional automotive parts field, Lingyun Co.’s subsidiary Hebei Yada Automotive Plastic Products Co., Ltd. is a first-tier supplier for Tesla, providing automotive pipeline system products. Tesla accounts for over 10% of Lingyun Co.’s revenue, making it one of the company’s core customers. In the new energy battery shell field, the company provides battery shell products for Tesla through its German subsidiary WAG. WAG, as a Porsche A-level supplier, possesses industry-leading aluminum alloy battery shell manufacturing technology, and its product quality and delivery capabilities have been recognized by Tesla. The company’s global market share of new energy battery shells reaches 18%, with the revenue from new energy business expected to exceed 35% in 2024.
In the robot sensor field, the cooperation prospects are even broader. The company’s six-dimensional force sensor has been sent to Tesla’s Optimus Gen-2 for sample testing, with an expected value of 40,000 yuan per vehicle (including 28 one-dimensional sensors) entering the machine testing phase in the third quarter of 2025. Additionally, the company has signed an order for 3,000 six-dimensional sensors with Schaeffler, with the end application being Tesla’s humanoid robot. Through communication with Tesla via its U.S. and Mexican subsidiaries, the company is currently in the small batch sample verification stage.
4.3 Strategic Cooperation with Domestic Enterprises
Lingyun Co.’s cooperation with domestic enterprises is flourishing. In the new energy vehicle field, the company has established deep ties with leading companies such as BYD, Li Auto, Xiaopeng, and NIO. Notably, the cooperation with BYD covers multiple product lines, including battery shells, thermal management systems, and pipeline systems, establishing a long-term strategic partnership in the new energy vehicle field. In the consumer electronics and energy storage fields, the company’s cooperation with Huawei is particularly close. In the energy storage field, the company serves leading customers such as Huawei, Tesla, BYD, and CATL; in the charging pile field, the company collaborates with Huawei in charging piles, energy storage, and automotive fields; in the data center field, the company provides key components for Huawei’s liquid cooling servers, and both parties are exploring further cooperation in computing power, data centers, and servers.
In the robot field, the company has made significant progress in cooperation with Xiaomi. As a core supplier for Xiaomi’s SU7 hot stamping, with a per vehicle value of 4,000-6,000 yuan, the company is also collaborating with Xiaomi in the field of humanoid robot sensors, with Xiaomi’s one-dimensional force sensor already entering the small batch verification stage. Additionally, the company has established cooperative relationships with Zhiyuan, Xiaopeng, and Qinglong Robot, engaging in technical exchanges and product development in the field of humanoid and industrial robot sensors.
4.4 Industry Chain Upstream and Downstream Synergy Effects
Lingyun Co. achieves full-chain value creation from raw materials to end products by building a complete industry chain synergy system. In the liquid cooling business, the company extends upstream to material research and development, establishing joint laboratories with material companies such as Baosteel and Jingmei to carry out technical cooperation in vehicle lightweight technology, advanced automotive steel new material development, and aluminum alloy mechanical property control. Downstream, the company extends to system integration, providing integrated solutions from liquid cooling plates, pipeline assemblies to complete thermal management systems. In the robot sensor business, the industry chain synergy effect is even more pronounced. The company’s cooperation with the Hefei Institute of Physical Science of the Chinese Academy of Sciences has led to core technologies such as the double E-type membrane structure; cooperation with the China North Intelligent Innovation Research Institute has achieved breakthroughs in algorithm decoupling and calibration technology; cooperation with the 214 Institute has completed automotive-grade certification and road testing of fluid sensors; and cooperation with the 201 Institute and Beiben has developed thermal management systems. This deep integration of production, learning, and research accelerates technological innovation and industrialization processes.
From the perspective of supply chain security, the company emphasizes self-control in key links. In the liquid cooling field, the company has mastered core processes such as laser welding and independently developed key equipment; in the sensor field, the company possesses full-process capabilities in elastic material formulation, precision processing, and calibration equipment, effectively reducing supply chain risks. At the same time, the company has established a global layout, with production bases in Germany, Mexico, and Indonesia, achieving regional diversification of the supply chain and enhancing its ability to respond to external risks.
5. Financial Performance and Profitability Assessment
5.1 Financial Contribution Analysis of Liquid Cooling Business
Although Lingyun Co.’s liquid cooling business has not been disclosed separately in financial reports, related business data indicates a rapid growth trend. The company’s automotive pipeline system business achieved revenue of approximately 2 billion yuan in the first half of 2025, with the proportion of liquid cooling products rapidly increasing. According to the company’s disclosure, the revenue from the energy storage business is expected to break through from zero to several hundred million yuan in 2024, and it is anticipated that the revenue from the energy storage business will reach 1-1.5 billion yuan in 2025, accounting for 10% of the company’s total revenue by 2026.
In terms of profitability, the liquid cooling business has a relatively high gross profit margin. Based on the gross profit margin of the company’s automotive thermal management system products, the gross profit margin of liquid cooling products is expected to be between 25%-35%, higher than the overall gross profit margin of 16.59% for the company. This is mainly due to the high technical content, strong customer stickiness, and relatively favorable competitive landscape of liquid cooling products. In terms of cost structure, the main costs of the liquid cooling business include raw material costs (aluminum, copper, plastic, etc.), manufacturing expenses (equipment depreciation, labor costs, etc.), and R&D expenses. The company continuously optimizes its cost structure through economies of scale and process innovation. For example, the laser welding process has obvious advantages over traditional stamped brazing processes in terms of equipment investment and process costs. At the same time, the company achieves self-production in key components through vertical integration, effectively controlling costs.
5.2 Profit Outlook for Robot Sensor Business
The robot sensor business is currently in the investment phase, with limited short-term profit contribution to the company, but the long-term profit outlook is broad. According to the company’s plan, by the end of 2025, it will form an annual production capacity of 3,000 six-dimensional force sensors, with an expected sales revenue of 3 million yuan based on a unit price of 1,000 yuan each. Although the scale is still small, considering the high technical content and market scarcity of the products, the gross profit margin is expected to reach 40%-50%. In terms of cost composition, the main costs of the sensor business include: first, R&D costs, as the company continues to invest in algorithm development and calibration technology; second, manufacturing costs, including depreciation of high-precision processing equipment and special material costs; third, testing costs, as sensors need to undergo strict performance testing and reliability verification. As production capacity expands and processes mature, unit costs will decline rapidly.
In terms of profit forecasts, according to industry analysis, the value of a six-dimensional force sensor plus 28 one-dimensional force sensors is approximately 40,000 yuan per unit. Assuming the company sells 10,000 sensors in 2026 at an average unit price of 5,000 yuan, it could achieve sales revenue of 50 million yuan; by 2027, with sales scale reaching 50,000 units, it could achieve sales revenue of 250 million yuan. With the explosion of the humanoid robot market, it is expected that the company’s sensor business revenue will exceed 1 billion yuan by 2030.
5.3 Overall Financial Condition and Cash Flow Analysis
Lingyun Co.’s overall financial condition is stable, demonstrating good profitability and cash flow management capabilities. In 2024, the company achieved operating revenue of 18.837 billion yuan, a year-on-year increase of 0.72%; net profit attributable to shareholders was 655 million yuan, a year-on-year increase of 3.77%; and net profit excluding non-recurring items was 545 million yuan. In the first half of 2025, the company achieved revenue of 9.261 billion yuan, a year-on-year increase of 3.61%; net profit attributable to shareholders was 433 million yuan, a year-on-year increase of 8.46%. In terms of profitability indicators, the company’s gross profit margin in 2024 was 17.60%, an increase of 1.26 percentage points year-on-year; the net profit margin was 5.04%, an increase of 0.40 percentage points year-on-year. The improvement in gross profit margin is mainly due to the optimization of product structure, with a higher proportion of high value-added new energy vehicle parts and liquid cooling products. The gross profit margin in the first half of 2025 was 16.59%, and the net profit margin was 6.10%, maintaining stable profitability.
In terms of cash flow, the performance is excellent. In 2024, the net cash flow from operating activities was 2.241 billion yuan, a year-on-year increase of 65.12%; the net cash flow from investing activities was -568 million yuan; and the net cash flow from financing activities was -1.581 billion yuan. The average cash content of net profit was 209.57%, and the average free cash flow accounted for 6.29% of revenue, indicating good cash generation capability. The asset-liability structure is reasonable. As of the end of 2024, the company’s total assets were 19.379 billion yuan, and the net assets attributable to shareholders of the listed company were 7.469 billion yuan, with a debt-to-asset ratio of 50.14% and a current ratio of 135%. The company’s financial leverage is moderate, and its debt repayment ability is strong, providing ample financial flexibility for the development of new businesses.
5.4 Impact of New Businesses on Company Valuation
The development of new businesses such as liquid cooling and robot sensors significantly enhances the company’s valuation level and investment value. In terms of valuation multiples, the company’s current price-to-earnings ratio (TTM) is approximately 24.26 times, which shows a clear premium compared to the valuation level of 15-18 times for traditional automotive parts companies, reflecting the market’s recognition of the company’s new business development prospects. From the perspective of valuation reconstruction logic, the company is transitioning from a traditional automotive parts manufacturer to a technology company focused on “automotive + new energy + robotics.” Referring to the average price-to-earnings ratios of liquid cooling concept stocks in the A-share market at 35-40 times and robotics concept stocks at 45-50 times, the company’s current valuation still has significant room for improvement. Especially as the proportion of new business revenue increases, the company’s valuation system is expected to undergo reconstruction. In terms of market capitalization space, assuming the company’s liquid cooling business revenue reaches 3 billion yuan in 2027 and sensor business revenue reaches 250 million yuan, based on a price-to-earnings ratio of 30 times for the liquid cooling business, 40 times for the sensor business, and 15 times for traditional business, the company’s reasonable market capitalization should be between 25-30 billion yuan, representing a potential increase of 60%-100% compared to the current market capitalization of 15 billion yuan. From the perspective of investment returns, the company adheres to a stable cash dividend policy. For the 2024 fiscal year, it plans to distribute a cash dividend of 3 yuan per 10 shares (including tax), with an expected cash dividend distribution of 282 million yuan, while also planning to convert 3 shares for every 10 shares from capital reserves. The company has cumulatively distributed cash dividends of 715 million yuan over the past three years, with a cash dividend ratio of 131.73%, providing good returns for investors.
6. Industry Development Prospects and Market Opportunities
6.1 Liquid Cooling Market Size and Growth Drivers
The global liquid cooling market is experiencing explosive growth. According to multiple institutions’ forecasts, the global liquid cooling system market size is expected to be approximately $6.5 billion in 2024, and is projected to reach $13 billion by 2034, with a compound annual growth rate of approximately 7.3% from 2025 to 2034. More optimistic forecasts indicate that by 2029, the global liquid cooling market size could reach approximately $14.73 billion, with an average annual growth rate exceeding 20% from 2025 to 2029. The growth of the Chinese market is even more rapid. The Chinese liquid cooling server market size is expected to reach 29.4 billion yuan in 2025 (a year-on-year increase of 46.3%), exceeding 40 billion yuan by 2027, and the liquid cooling market for intelligent computing centers is expected to exceed 130 billion yuan by 2029. According to IDC’s forecast, the Chinese liquid cooling server market size is expected to reach $3.39 billion by 2025, with a compound annual growth rate of approximately 48% from 2025 to 2029, and the market size is expected to reach approximately $16.2 billion by 2028.
The rapid growth of the liquid cooling market is driven by several factors: first, the explosive demand for AI computing power, as new generation chips like NVIDIA’s GB300 have significantly increased power consumption, necessitating the use of liquid cooling technology; second, the rising energy efficiency requirements for data centers, as liquid cooling can reduce PUE to below 1.1 compared to air cooling; third, the increasing thermal management requirements for new energy vehicles and energy storage systems, making liquid cooling technology a mainstream choice; fourth, policy promotion, as national strategies such as “East Data West Computing” accelerate the construction of data centers. In terms of segmented markets, the penetration rate of liquid cooling in AI servers is expected to skyrocket from 15% in 2024 to 74% in 2026; the liquid cooling market for energy storage is expected to reach 16.5 billion yuan in 2025, with a penetration rate of 45%; the application of liquid cooling technology in thermal management systems for new energy vehicles is also rapidly popularizing. All of these provide Lingyun Co. with broad market space for its liquid cooling business.
6.2 Development Trends in the Robot Sensor Market
The humanoid robot sensor market is on the verge of explosion. According to neutral estimates, the global market size for humanoid robot force sensors is expected to reach 1.59 billion yuan in 2025, 27.1 billion yuan by 2030, and 50.58 billion yuan by 2035, with a compound annual growth rate of approximately 41.3% from 2025 to 2035. The overall market size for humanoid robot sensors is expected to reach approximately 84.8 billion yuan by 2035, with a compound annual growth rate of approximately 46.6% from 2025 to 2035. As the sensor product with the highest technical barrier, the six-dimensional force sensor has particularly broad market prospects. The global market size for six-dimensional force sensors for humanoid robots is expected to be approximately 1.73 billion yuan in 2024, with explosive growth expected at a compound annual growth rate of 41.1%, reaching nearly 19.04 billion yuan by 2031. The growth of the Chinese market is even more rapid, with the market size for humanoid robot sensors expected to approach 2 billion yuan in 2024 and exceed 50 billion yuan by 2030.
From a technological development perspective, the demand for sensors in humanoid robots presents the following characteristics: first, high precision, requiring sensor accuracy to reach above 0.1% FS; second, high response, with dynamic response times needing to be within 1ms; third, multi-dimensional, requiring simultaneous detection of force and torque information; fourth, high reliability, capable of stable operation in complex environments; fifth, low cost, as the large-scale production of humanoid robots raises higher requirements for sensor costs. In terms of application scenarios, humanoid robots need to be equipped with more than 30 force sensors throughout their bodies to perceive various force information such as joint torque and limb touch, accounting for approximately 30% of the total machine cost. Among these, the demand for six-dimensional force sensors is most urgent in the wrist and ankle areas, which are expected to achieve large-scale applications first. With technological advancements and cost reductions, more complex application scenarios such as multi-finger dexterous hands will gradually open up.
6.3 Policy Environment and Industry Support
The policy environment is extremely favorable for the development of the liquid cooling and robot industries. In the liquid cooling field, the national “East Data West Computing” project clearly requires that the PUE value of newly built large data centers not exceed 1.3, and in the western region, it should not exceed 1.25, providing policy support for the application of liquid cooling technology. At the same time, the “Guiding Opinions on the Development of New Energy Storage” require that by 2025, energy storage installations reach 30GW, with more than 20% of long-duration energy storage exceeding 4 hours, promoting the rapid development of the energy storage liquid cooling market. In the robot industry, policy support is even stronger. The “14th Five-Year Plan for Robot Industry Development” clearly states that by 2025, China will become a global source of innovation in robot technology, a gathering place for high-end manufacturing, and a new high ground for integrated applications. The Ministry of Industry and Information Technology’s “Humanoid Robot” project focuses on supporting key technology breakthroughs and industrial applications. The project led by Lingyun Co. on “Key Technologies and Manufacturing Methods for Low-Cost, High-Precision Intelligent Humanoid Robot Force Perception” is a direct beneficiary of this policy support. Local governments have also introduced a series of supportive policies. For example, cities like Beijing, Shanghai, and Shenzhen have introduced special policies for the humanoid robot industry, providing support in R&D subsidies, application demonstrations, and talent training. Hebei Province, where Lingyun Co. is located, has listed intelligent equipment as a strategic emerging industry, providing comprehensive support in terms of funding, land, and talent.
From an industrial ecosystem perspective, policies not only support technological R&D but also emphasize the construction of industrial ecosystems. By establishing industrial parks, innovation centers, and public service platforms, a favorable environment for enterprise development is created. The “Hebei Province Intelligent Unmanned Equipment Technology Innovation Center” led by Lingyun Co. was established in this context, aiming to create a high-tech innovation hub that integrates military-civilian integration, production-learning-research incubation, and application.
6.4 Competitive Landscape and Market Opportunities
The competitive landscape of the liquid cooling market is characterized by diversification. In the data center liquid cooling field, major players include Infinera, Haier, and Shunling Environment; in the energy storage liquid cooling field, companies like Tongfei and Songzhi hold leading positions; in the automotive thermal management field, major competitors include Sanhua Intelligent Control and Yinlun. Lingyun Co., with its technological advantages in laser welding and system integration, is expected to occupy a place in the segmented market. The competition in the robot sensor market is even more intense. Internationally, companies like ATI and Robotiq occupy the technological high ground; domestically, companies like Green Harmonic, Inovance Technology, and Leadshine Intelligent are also laying out sensor businesses. However, overall, the market is still in its early stages, and a monopoly has not yet formed, providing opportunities for new entrants. Lingyun Co.’s competitive advantages include: first, deep technological accumulation, with over 40 years of precision manufacturing experience; second, rich customer resources, having established long-term cooperative relationships with leading companies such as Tesla, BYD, and Huawei; third, industry chain synergy, capable of providing full-chain services from materials and components to system integration; fourth, strong cost control capabilities, effectively reducing costs through large-scale production and process innovation. In terms of market opportunities, the opportunities in the liquid cooling market mainly come from: the incremental market brought by the explosive demand for AI servers; the new demand created by the large-scale deployment of energy storage systems; and the replacement demand brought by the upgrade of thermal management systems for new energy vehicles. The opportunities in the robot sensor market mainly come from: the accelerated industrialization process of humanoid robots; the demand for intelligent upgrades of industrial robots; and the rapid development of the service robot market. All of these provide Lingyun Co. with significant growth space.
7. Comprehensive Assessment of Investment Value
7.1 Valuation Level and Investment Logic
Lingyun Co.’s current valuation presents significant investment attractiveness. As of October 17, 2025, the company’s stock price is 12.33 yuan, with a total market capitalization of 15.072 billion yuan and a price-to-earnings ratio (TTM) of approximately 24.26 times. Compared to the valuation level of 15-18 times for traditional automotive parts companies, the company indeed has a certain premium, but considering the company’s layout in the liquid cooling and robot sensor fields, this premium is reasonable. Analyzing from the perspective of valuation reconstruction, the company is undergoing a transformation from a traditional manufacturing enterprise to a technology enterprise focused on “automotive + new energy + robotics.” Referring to the valuation of comparable companies: liquid cooling concept stock Infinera has a price-to-earnings ratio of 45 times, Haier has a price-to-earnings ratio of 38 times; robot concept stock Green Harmonic has a price-to-earnings ratio of 65 times, and Inovance Technology has a price-to-earnings ratio of 35 times. If the company is valued by business segments, the traditional automotive parts business is valued at approximately 120 billion yuan at 15 times PE, the liquid cooling business at approximately 105 billion yuan at 35 times PE (assuming 30 billion yuan in revenue in 2026), and the robot sensor business at approximately 20 billion yuan at 40 times PE (assuming 5 billion yuan in revenue in 2026), the company’s reasonable market capitalization should be around 245 billion yuan, corresponding to a stock price of approximately 20 yuan, representing over 60% upside potential compared to the current price. The investment logic is mainly based on the following points: first, the company possesses core technological advantages in the liquid cooling and robot sensor fields, with laser-welded liquid cooling plate technology breaking foreign monopolies and six-dimensional force sensors reaching international advanced levels; second, the company has high-quality customer resources, deeply binding with leading companies such as Tesla, BYD, and Huawei, with smooth new business expansion; third, the industry outlook is broad, with the liquid cooling market expected to grow at a CAGR of over 20% from 2025 to 2029, and the robot sensor market expected to grow at a CAGR of over 40%; fourth, the financial condition is stable, with abundant cash flow supporting the development of new businesses; fifth, the valuation has a margin of safety, as the current stock price has not fully reflected the value of new businesses.
7.2 Core Competitive Advantages and Growth Certainty
Lingyun Co.’s core competitive advantages are reflected in multiple aspects. In terms of technological advantages, the company holds 486 patents (including 89 invention patents), leads the formulation of 44 national/industry standards, and has won the National Science and Technology Progress Award for its hot forming laser welding technology. In the liquid cooling field, the company has mastered core processes such as laser welding; in the sensor field, the company possesses full-process capabilities from materials to systems. The customer resource advantage is significant. The company’s customers include mainstream global automakers and technology giants, including BMW, Mercedes-Benz, Audi, Porsche, Tesla, BYD, and Huawei. Especially in new business areas, the company has entered the Tesla Optimus supply chain and is deeply cooperating with Huawei in the field of data center liquid cooling, providing a solid customer base for new business development. The industry chain integration capability is outstanding. The company can provide integrated solutions from raw materials, components to system integration, achieving integrated development of battery pack shells and liquid cooling plates in the liquid cooling field, and possessing full-process capabilities in elastic material, precision processing, and calibration testing in the sensor field. This vertical integration capability not only improves efficiency but also enhances profitability. The growth certainty is relatively high. From the perspective of industry development, both liquid cooling and robotics are high-growth tracks with huge market space; from the company’s layout, new businesses have already transitioned from the R&D stage to the commercialization stage, with orders gradually materializing; from financial performance, the company operates steadily with abundant cash flow, capable of supporting new business development; from the management perspective, the company has formulated clear strategic plans and has strong execution capabilities. Overall, it is highly certain that the company will maintain a compound growth rate of 15%-20% over the next 3-5 years.
7.3 Risk Factors and Countermeasures
Investing in Lingyun Co. requires attention to the following risk factors: In terms of technological risks, the rapid updates and iterations of liquid cooling and robot sensor technologies may lead to a loss of technological leadership if the company fails to continue innovating. Countermeasures: The company continues to increase R&D investment, with 802 million yuan in R&D investment in 2024 and R&D personnel accounting for 17%; deep cooperation with research institutions such as the Chinese Academy of Sciences ensures technological innovation capabilities; establishing a technology early warning mechanism to timely grasp industry technology trends. In terms of market risks, the market demand for new businesses may not meet expectations, especially the commercialization process of humanoid robots may fall short of expectations. Countermeasures: The company adopts a diversified strategy, simultaneously laying out multiple application scenarios in the liquid cooling field, including data centers, energy storage, and new energy vehicles; in the sensor field, it develops both humanoid and industrial robot markets; strengthens market expansion and establishes cooperative relationships with more customers. In terms of competitive risks, the liquid cooling and sensor markets have attracted many enterprises, and competition may intensify. Countermeasures: The company builds competitive barriers through technological innovation and cost control; strengthens intellectual property protection, having applied for multiple patents; improves competitive advantages through economies of scale and customer stickiness. In terms of financial risks, the large investment in new businesses may impact short-term profitability. Countermeasures: The company’s financial condition is stable, with a debt-to-asset ratio of 50.14%, providing ample financial flexibility; new businesses adopt a gradual investment strategy, adjusting investment pace based on market feedback; external financing is used to supplement funding needs. In terms of supply chain risks, key raw materials and equipment may face supply shortages or price increases. Countermeasures: The company establishes a diversified supply system, cooperating with multiple suppliers; achieves self-control in key links, such as independently developing laser welding equipment; establishes strategic inventory to cope with short-term supply fluctuations.
7.4 Investment Recommendations and Target Price
Based on the above analysis, we give Lingyun Co. a “buy” rating, with a target price of 18-20 yuan, corresponding to a price-to-earnings ratio of 25-28 times for 2025. The main reasons are as follows: First, the company is at a critical period of transformation and upgrading, with liquid cooling and robot sensor businesses expected to become new growth engines. It is expected that from 2025 to 2027, the proportion of new business revenue will increase from less than 5% to over 20%, driving an overall increase in valuation level. Second, the industry development prospects are broad, with the liquid cooling market benefiting from the explosive demand for AI computing power and the development of the new energy industry, and the robot sensor market benefiting from the industrialization process of humanoid robots. As a leading enterprise in segmented fields, the company is expected to fully benefit from industry growth. Third, the company has core competitive advantages, strong technical strength, high-quality customer resources, and outstanding industry chain integration capabilities. Especially in high-end product areas such as six-dimensional force sensors, the company is expected to break foreign monopolies and achieve import substitution. Fourth, the valuation is attractive, as the current stock price has not fully reflected the value of new businesses. As new businesses gradually ramp up, the company’s valuation is expected to undergo reconstruction, with significant valuation repair space. Investment strategy recommendation: Investors are advised to adopt a phased buying strategy, gradually buying in the 12-14 yuan range, with a target price of 18-20 yuan and a holding period of 2-3 years. For investors with a higher risk tolerance, an appropriate increase in position ratio can be considered; for conservative investors, it is recommended to allocate Lingyun Co. as part of a technology growth stock portfolio, with a proportion not exceeding 10% of the portfolio. It is particularly important to note that investing carries risks, and market entry should be cautious. Investors should make decisions based on their own risk tolerance and investment goals. It is recommended to closely monitor the company’s new business progress, industry development trends, and changes in the competitive landscape, and adjust investment strategies in a timely manner.
8. Investment Cycle and Expected Return Analysis
8.1 Short-Term Investment Opportunities (Within 1 Year)
In the short term (October 2025 – October 2026), Lingyun Co.’s stock price is expected to welcome multiple catalytic factors. First, the company’s Q3 2025 report is about to be released, and new business revenue is expected to continue to grow rapidly, especially with energy storage liquid cooling product orders likely to exceed expectations. According to the company’s 2025 semi-annual performance briefing, in the first half of the year, liquid cooling products received a large number of orders in energy storage, charging stations, and data centers, with revenue expected to be confirmed in the second half of the year. Second, the acceleration of the industrialization process of humanoid robots will bring thematic investment opportunities. Tesla’s Optimus is expected to achieve mass production by the end of 2025 or early 2026, and Lingyun Co., as its six-dimensional force sensor supplier, will directly benefit. At the same time, domestic companies such as Xiaomi and Xiaopeng will also release humanoid robot products, and the company, as a supplier for Xiaomi’s SU7 and sensor partner, is expected to receive more orders. Third, the explosive demand for AI servers will drive rapid growth in the liquid cooling business. With the mass production of NVIDIA’s GB300 and the growing demand for domestic large model training, the data center liquid cooling market will enter a period of explosion. The company indirectly supplies NVIDIA through AVC CoolerMaster while directly providing liquid cooling products for customers such as Huawei, and is expected to fully benefit. From a technical perspective, the company’s stock price has been consolidating in the 12-14 yuan range for several months, showing clear bottom characteristics. With the progress of new businesses and performance improvement, the stock price is expected to break through the 14 yuan resistance level and advance towards the 16-18 yuan range. It is expected that the stock price may increase by 20%-30% in the next six months, corresponding to a target price of 14.8-15.6 yuan.
8.2 Medium-Term Growth Potential (1-3 Years)
In the medium term (2026-2028), Lingyun Co. will enter a harvest period for new businesses. In terms of the liquid cooling business, it is expected that the revenue from the energy storage business will reach 1-1.5 billion yuan in 2026, accounting for 10% of the company’s total revenue; by 2027, it is expected to reach 2-2.5 billion yuan; and by 2028, it may exceed 3 billion yuan. The data center liquid cooling business will also grow rapidly, with related revenue expected to exceed 1 billion yuan by 2028. The robot sensor business will enter a volume production period. According to the company’s plan, by 2026, the production capacity of sensors will increase to 50,000 units/year, with expected sales revenue of 50 million yuan; by 2027, with the launch of the humanoid robot market, sales revenue is expected to reach 200-300 million yuan; and by 2028, it may exceed 500 million yuan. Especially for the six-dimensional force sensor, with technological maturity and cost reduction, it will experience explosive growth. In terms of performance growth expectations, it is anticipated that the company’s revenue will reach 21 billion yuan in 2026, a year-on-year increase of 11.5%, with new business contributions of 1.5 billion yuan; 23 billion yuan in 2027, a year-on-year increase of 9.5%, with new business contributions of 2.5 billion yuan; and 25 billion yuan in 2028, a year-on-year increase of 8.7%, with new business contributions of 4 billion yuan. In terms of net profit attributable to shareholders, it is expected to reach 850 million yuan in 2026, 1.05 billion yuan in 2027, and 1.25 billion yuan in 2028, with a three-year compound growth rate of approximately 25%. In terms of valuation, as the proportion of new businesses increases, the company’s valuation system will change. It is expected that in 2026, a price-to-earnings ratio of 25 times will be applied, corresponding to a market capitalization of 21.25 billion yuan; in 2027, a price-to-earnings ratio of 28 times will be applied, corresponding to a market capitalization of 29.4 billion yuan; and in 2028, a price-to-earnings ratio of 30 times will be applied, corresponding to a market capitalization of 37.5 billion yuan. Corresponding stock prices will be 17.5 yuan, 24.3 yuan, and 30.9 yuan, respectively.
8.3 Long-Term Investment Value (3 Years and Beyond)
In the long term (after 2028), Lingyun Co. is expected to become a comprehensive technology enterprise focused on “automotive + new energy + robotics.” As liquid cooling technology is applied in more fields, such as 5G base stations, charging piles, and industrial equipment, the market space will further open up. It is expected that by 2030, the global liquid cooling market size will exceed $20 billion, and as a leading technology enterprise, the company is expected to occupy 5%-10% of the market share. The robot sensor business will become the company’s most important growth driver. According to industry forecasts, the global humanoid robot market size is expected to reach $100 billion by 2030, corresponding to a sensor market size of approximately $20 billion. As a leading supplier of six-dimensional force sensors, the company is expected to occupy an important position in this market. It is anticipated that by 2030, the company’s sensor business revenue will reach 1-1.5 billion yuan, becoming the company’s third-largest business segment. From the company’s strategic positioning, it will form a business structure of “three-legged” balance: the proportion of traditional automotive parts business will drop below 50%, but it will still be a stable cash cow; the proportion of liquid cooling business will reach 30%, becoming the main growth driver; and the proportion of robot sensor business will reach 20%, becoming a new profit growth point. This business structure will enhance the company’s ability to resist risks and growth potential. In terms of long-term investment returns, assuming the company’s revenue reaches 35 billion yuan by 2030 and net profit attributable to shareholders reaches 1.8 billion yuan, applying a price-to-earnings ratio of 30 times will correspond to a market capitalization of 54 billion yuan, representing a 258% increase compared to the current market capitalization, with an annualized return rate of approximately 22%. If dividend returns are considered, the cumulative investment return rate will be even higher.
8.4 Profit Forecast Under Different Scenarios
Based on different market environments and company development situations, we conduct scenario analysis on Lingyun Co.’s investment returns over the next three years: Optimistic scenario (30% probability): The AI industry explodes beyond expectations, the commercialization process of humanoid robots accelerates, and the company’s new businesses rapidly ramp up. It is expected that by 2028, revenue will reach 28 billion yuan, with net profit attributable to shareholders reaching 1.5 billion yuan, applying a price-to-earnings ratio of 35 times, corresponding to a market capitalization of 52.5 billion yuan. The cumulative return over three years is 248%, with an annualized return rate of 40%. Neutral scenario (50% probability): Industry development meets expectations, and the company’s new businesses progress steadily. It is expected that by 2028, revenue will reach 25 billion yuan, with net profit attributable to shareholders reaching 1.25 billion yuan, applying a price-to-earnings ratio of 30 times, corresponding to a market capitalization of 37.5 billion yuan. The cumulative return over three years is 149%, with an annualized return rate of 25%. Pessimistic scenario (20% probability): Market demand falls short of expectations, and intensified competition leads to a decline in profitability. It is expected that by 2028, revenue will reach 22 billion yuan, with net profit attributable to shareholders reaching 1 billion yuan, applying a price-to-earnings ratio of 25 times, corresponding to a market capitalization of 25 billion yuan. The cumulative return over three years is 62%, with an annualized return rate of 17%. From the perspective of risk-return ratio, even in the pessimistic scenario, the annualized return rate is still 17%, higher than the market average; while in the optimistic scenario, the annualized return rate can reach 40%, indicating high investment value. It is particularly important to note that the above forecasts are based on the current market environment and company situation, and actual conditions may change due to various factors. Investors should closely monitor industry development trends, company operating conditions, and changes in the competitive landscape, and adjust investment strategies in a timely manner.
9. Conclusion and Risk Warning
Through a comprehensive analysis of Lingyun Co.’s liquid cooling and robot sensor fields, we believe the company possesses significant investment value. As a listed company under China North Industries Group, it has over 40 years of technical accumulation in precision manufacturing and has actively laid out strategic emerging industries such as liquid cooling and robot sensors in recent years, achieving substantial progress. In terms of technical advantages, the company has mastered core processes such as laser welding in the liquid cooling field and has built the first fully automated laser welding production line for hot forming in China; in the robot sensor field, the technology of six-dimensional force sensors has reached international advanced levels, breaking foreign monopolies. The company continues to increase R&D investment, with 802 million yuan in R&D investment in 2024, and has 1,778 R&D personnel, establishing a complete technological innovation system. In terms of business layout, the liquid cooling business has entered a rapid growth phase, with energy storage business revenue expected to break through from zero to several hundred million yuan in 2024; the robot sensor business is in the early stages of industrialization, with small batch orders for pull and torque sensors and the six-dimensional force sensor design completed and customer samples being delivered. The company has established deep cooperative relationships with leading companies such as Tesla, BYD, and Huawei, providing a solid customer base for new business development. In terms of financial performance, the company achieved revenue of 18.837 billion yuan in 2024, with a net profit of 655 million yuan and operating cash flow of 2.241 billion yuan, demonstrating a stable financial condition. Although new businesses have limited short-term profit contributions, the long-term profit outlook is broad. In terms of industry prospects, the liquid cooling market benefits from the explosive demand for AI computing power and the development of the new energy industry, with a projected CAGR of over 20% from 2025 to 2029; the robot sensor market benefits from the industrialization process of humanoid robots, with a projected CAGR of over 40% from 2025 to 2035. The policy environment is extremely favorable for industry development, providing good development opportunities for the company. Based on the above analysis, we give Lingyun Co. a “buy” rating, with a target price of 18-20 yuan, corresponding to a price-to-earnings ratio of 25-28 times for 2025. It is expected that the company’s revenue will grow at a compound annual growth rate of 15%-20% over the next three years, with a compound annual growth rate of approximately 25% for net profit attributable to shareholders, indicating significant long-term investment value. Risk warnings include: 1. Technology iteration risk: The rapid development of liquid cooling and robot sensor technologies requires the company to continue innovating to maintain its technological leadership. 2. Market demand risk: The market demand for new businesses may not meet expectations, especially the commercialization process of humanoid robots may fall short of expectations. 3. Competition intensification risk: The liquid cooling and sensor markets have attracted many enterprises, and competition may intensify, affecting the company’s market share and profitability. 4. Customer concentration risk: The company’s major customers are concentrated among a few large enterprises, posing customer concentration risks. 5. Supply chain risk: Key raw materials and equipment may face supply shortages or price increases. 6. Financial risk: Large investments in new businesses may impact short-term profitability and cash flow. 7. Policy change risk: Relevant industry policies may change, affecting industry development and company operations. 8. Exchange rate fluctuation risk: The company has overseas operations, and exchange rate fluctuations may impact performance. Investors should fully recognize investment risks and make cautious decisions based on their own circumstances. It is recommended to closely monitor the company’s operating conditions, industry development trends, and changes in the competitive landscape, and adjust investment strategies in a timely manner. This report is for reference only and does not constitute investment advice. The stock market has risks, and investment should be cautious.