Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [6][8]. Core Insights - The company reported a revenue of approximately 9.205 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.2%. The net profit attributable to shareholders was 604 million yuan, up 36.2% year-on-year [6][7]. - The company is focusing on global expansion and has made significant organizational adjustments to enhance its international and digital development capabilities [6][8]. - The report highlights the strong growth in the passenger vehicle segment, particularly in the new energy sector, which saw a revenue increase of 48% year-on-year [6][7]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 30.54 billion yuan, with a quarter-on-quarter increase of 11.8% [6][7]. - The gross profit margin for Q3 2024 was reported at 21.6%, with a net profit margin of 6.6% [6][7]. - The company expects to achieve net profits of 832 million yuan, 1.068 billion yuan, and 1.345 billion yuan for the years 2024, 2025, and 2026, respectively [6][7][8]. Business Segments - The commercial vehicle and non-road segment reported a revenue of 33.16 billion yuan for the first three quarters, down 6.4% year-on-year, primarily due to industry-wide challenges [6][7]. - The digital energy segment achieved a revenue of 6.9 billion yuan, reflecting a 63% year-on-year growth [6][7]. - The company has secured over 130 new projects in the first half of 2024, which are expected to generate an additional annual revenue of approximately 4.143 billion yuan, with 46% of these being international orders [6][7]. Organizational Changes - The company has restructured its organizational framework to better address compliance and risk management in international operations, including the establishment of a global procurement headquarters and a dedicated AI digital product department [6][8]. - The adjustments aim to enhance the company's capabilities in international markets and digital transformation, supporting its long-term growth strategies [6][8]. Profitability Forecast - The report maintains previous profit forecasts, projecting net profits of 8.32 billion yuan, 10.68 billion yuan, and 13.45 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 19x, 14x, and 11x [6][7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 24.24 CNY, compared to the current price of 18.55 CNY [1][2]. Core Insights - The company's Q3 performance is stable, with a revenue of 3.05 billion CNY, reflecting a year-on-year increase of 12% but a quarter-on-quarter decrease of 4%. The adjusted gross margin is 17.7%, down 4.2 percentage points year-on-year and 3.2 percentage points quarter-on-quarter. The net profit attributable to shareholders is 200 million CNY, up 27% year-on-year but down 5% quarter-on-quarter [1][2]. - The report highlights that the company's heat management business is diversified and internationalized, with a focus on both commercial and passenger vehicles. The performance of the new energy vehicle segment is particularly strong, with a year-on-year increase in wholesale sales of 34% [2][3]. - The report notes that accounting policy changes have caused fluctuations in ratios, but the net profit margin remains strong at 6.6%, up 0.8 percentage points year-on-year [2][3]. Financial Summary - For 2024-2026, the revenue projections are 13.0 billion CNY, 16.0 billion CNY, and 18.4 billion CNY, representing year-on-year growth rates of 18%, 23%, and 15% respectively. The net profit projections are 820 million CNY, 1.1 billion CNY, and 1.3 billion CNY, with growth rates of 34%, 34%, and 19% respectively [2][3]. - The earnings per share (EPS) are projected to be 0.99 CNY, 1.32 CNY, and 1.57 CNY for the years 2024, 2025, and 2026, respectively [3][7]. - The company’s total revenue for 2023 is reported at 11.02 billion CNY, with a year-on-year growth of 29.9% [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue for the first three quarters reaching 9.205 billion yuan, a year-on-year increase of 15.18%, and a net profit attributable to shareholders of 604 million yuan, up 36.20% year-on-year [2][3] - In Q3 2024, the company achieved a single-quarter revenue of 3.054 billion yuan, a year-on-year increase of 11.85%, but a quarter-on-quarter decrease of 4.04% [2][3] - The company's gross margin for Q3 2024 was 17.74%, down 3.18 percentage points quarter-on-quarter, primarily due to changes in accounting policies [3] - The company is focusing on global development, particularly in the new energy thermal management sector, with a comprehensive product layout and a strong client base including well-known electric vehicle companies [4] Financial Performance Summary - The company's total revenue forecast for 2024 is 13.009 billion yuan, with a year-on-year growth rate of 18.07% [1][4] - The net profit attributable to shareholders is projected to be 845.96 million yuan in 2024, reflecting a year-on-year growth of 38.20% [1][4] - The earnings per share (EPS) for 2024 is estimated at 1.02 yuan, with a price-to-earnings (P/E) ratio of 18.87 [1][4] - The company’s operating cash flow for 2024 is expected to be 1.699 billion yuan, indicating a strong cash generation capability [12]

Summary of Conference Call Company and Industry Overview - The conference call discusses the operational performance of a company in the automotive and energy sectors for Q3 and the first nine months of the year, with a focus on commercial vehicles and digital energy segments [1][2][3]. Key Financial Metrics - The company reported a total revenue of approximately 9.2 billion (92亿) for the first nine months, with a breakdown of revenue from commercial vehicles at around 3.3 billion (33亿), which represents a year-over-year decline of about 6% [1][2]. - The revenue from the commercial vehicle segment was further detailed: brake systems generated approximately 2.42 billion (24.2亿), down from 2.44 billion (24.4亿), and the vehicle segment generated 890 million (8.9亿), down from 1.09 billion (10.9亿) [2]. - The company experienced a significant increase in revenue from new energy commercial vehicles, which reached 1.3 billion (13亿), marking a 140% year-over-year growth [3]. Segment Performance - The passenger vehicle segment generated 9.1 billion (91亿) in revenue, up 33.5% year-over-year, with new energy vehicles contributing 3.39 billion (33.9亿), an increase of over 8% [3]. - The digital energy segment reported revenue of 690 million (6.9亿), a 60% increase compared to the previous year [3]. Profitability and Margins - The gross margin for the company improved to 21.34%, up 0.3 percentage points year-over-year, despite a slight decline in Q3 due to one-time expenses [4][5]. - The operating cash flow for the first nine months was 840 million (8.4亿), a significant increase from 457 million (4.57亿) in the same period last year, indicating strong cash flow health [9]. International Operations - The North American operations generated approximately 150 million (1.5亿) in revenue, with a profit of around 4 million (400万) [6]. - The Mexican facility reported revenue of about 66 million (6600万) for the first nine months, with a steady increase in Q3 [6][33]. - The European operations faced challenges, with a reported loss of approximately 13 million (1300万) [7]. Future Outlook - The company aims to achieve a revenue target of 13 billion (130亿) for the full year, with expectations of a recovery in demand for commercial vehicles [12]. - For the next year, the company anticipates a growth rate of over 30% in the passenger vehicle segment, with significant contributions from new clients and projects in North America and Europe [14][15]. - The digital energy segment is projected to grow significantly, with targets set for 10 to 11 billion (10到11亿) this year and aiming for a doubling next year [20]. Additional Insights - The company is focusing on enhancing its R&D investments to support new product development and maintain competitiveness in the market [17][18]. - There are ongoing discussions about potential public listings for certain assets to support financing and growth strategies [11]. - The company is optimistic about the future growth of its digital energy business, particularly in areas like data centers and energy storage solutions [22][23]. Conclusion - The company is navigating a challenging market environment but is positioned for growth through strategic investments in new energy vehicles and digital energy solutions, with a strong focus on international expansion and operational efficiency.

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-098 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于为子公司担保事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外担保情况概述 浙江银轮机械股份有限公司（以下简称：公司或本公司）分别于2024年4月14日召 开第九届董事会第七次会议、2024年5月6日召开2023年度股东大会，审议通过了《关于 为子公司提供担保额度的议案》，同意公司为浙江银轮新能源热管理系统有限公司等16 家控股子公司或孙公司银行融资提供担保总额度423,406万元，具体担保额度明细如下表： | 序号 | 被担保方 | 担保额度（万元） | | --- | --- | --- | | | 一、为资产负债率高于 70%的子公司担保额度 | | | 1 | 浙江银轮新能源热管理系统有限公司 | 160,000 | | 2 | 山东银轮热交换系统有限公司 | 25,000 | | 3 | 四川银轮新能源热管理系统有限公司 | 10,0 ...

银轮股份（002126.SZ） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 30 日 业绩稳健增长延续，海外布局提速拓展 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

证券研究报告 | 2024年10月31日 银轮股份（002126.SZ） 优于大市 三季度净利率提升，海外经营体盈利有望持续改善 新能源乘用车业务持续放量，商用车表现相对疲软。银轮股份 2024Q3 实现 营收 30.5 亿元，同比增长 11.9%，环比下降 4.0%，归母净利润 2.0 亿 元，同比增长 27.3%，环比下降 4.8%。乘用车业务方面，受益于新能源 的发展，公司 2021-2023 年新能源业务每年实现翻倍增长，且新能源业 务占营业收入比重在 2023 年提升至 33%。商用车方面，天然气价格的上 涨导致三季度天然气重卡的经济性优势缩小，三季度重卡终端需求也相 对疲软，2024Q3 商用车销售 82 万辆，同比下降 14.9%，环比下降 20.5%， 三季度公司商用车业务也在一定程度上受到影响。 降本增效成效显著，海外经营体盈利改善，2024Q3 净利率同环比持续提升。 盈利能力提升得益于公司持续推进承包经营，提高各经营体积极性，海 外经营体盈利持续改善。公司的盈利能力从 2022 年开始持续提升， 2024Q3 年公司毛利率 17.7%，同环比下降主要是会计准则调整的影响， 2024Q3 ...

有关分析师的申明，见本报告最后部分。其他重要信息披露见分析师申明之后部分，或请与您的投资代表联系。并请阅读本证券研究报告最后一页的免责申明。 3 季度扣非盈利环比向上，持续获取海外订 单 核心观点 ⚫ 业绩符合预期。公司前三季度营业收入 92.05 亿元，同比增长 15.2%；归母净利润 6.04 亿元，同比增长 36.2%；扣非归母净利润 5.49 亿元，同比增长 32.8%。3 季度 营业收入 30.54 亿元，同比增长 11.8%，环比下降 4.0%；归母净利润 2.01 亿元， 同比增长 27.3%，环比下降 4.8%；扣非归母净利润 1.85 亿元，同比增长 19.4%， 环比增长 0.1%，3 季度归母净利润环比略有下降预计主要系 2 季度公司处置无锡银 轮产生约 3025 万元的一次性收益所致。3 季度为汽车尤其是商用车销售传统淡季， 公司得益于新能源车及数字能源业务持续放量、海外业务扭亏减亏及享受先进制造 业加计等，3 季度扣非净利润实现同环比向上。 ⚫ 3 季度同口径下毛利率环比提升，现金流大幅改善。前三季度毛利率 20.1%，公司 调整会计准则，将计提的保证类质量保证费用计入营业成本，经调 ...

证券时报网讯，10月30日有40家公司被机构调研，按调研机构类型看，基金参与22家公司的调研活动， 其中，5家以上基金扎堆调研公司共6家。 银轮股份最受关注，参与调研的基金达20家；凯莱英、盈趣科技等分别获6家、6家基金调研。 校对：杨立林 ...

市场数据 2024/10/29 2024 年 10 月 30 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 证券分析师： 吴铭杰 S0350524090003 wumj@ghzq.com.cn [Table_Title] 2024 年 Q3 归母净利润同比提升，热交换业务 未来成长空间广阔 ——银轮股份（002126）2024 年 Q3 季报点评 最近一年走势 事件: 2024 年 10 月 29 日，银轮股份发布 2024 年 Q3 季报：2024 年 Q1-Q3 公司实现营收 92.05 亿元，同比+15.2%；归母净利润 6.04 亿元，同比 +36.2%；扣非后归母净利润 5.49 亿元，同比+32.8%，其中 2024Q3 实 现营收 30.54 亿元，同比+11.8%；归母净利润 2.01 亿元，同比+27.3%； 扣非后归母净利润 1.85 亿元，同比+19.4%。 投资要点: 相对沪深 300 表现 2024/10/29 2024 年 Q3 归母净利润同比提升，净利率环比持续改善。 2024 年 Q3 公司实现归 ...