Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][12]. Core Insights - The company achieved a record high revenue of 11.018 billion yuan in 2023, representing a year-on-year growth of 29.93%. The net profit attributable to shareholders reached 612 million yuan, up 59.71% year-on-year [1]. - The passenger vehicle segment generated 5.428 billion yuan in revenue, surpassing the commercial vehicle segment for the first time, with a growth rate of 51% [1]. - The digital energy business also showed strong performance with a revenue of 696 million yuan, reflecting a 37% year-on-year increase [1]. - The company has successfully expanded its international customer base, securing 223 projects with an estimated annual sales revenue of over 6.106 billion yuan [9]. - The company is positioned to become a Tier 1 player in the global new energy thermal management industry, with a focus on digital and energy thermal management as a third growth curve [4]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 13.269 billion, 15.566 billion, and 17.761 billion yuan, respectively, with corresponding net profits of 806 million, 1.003 billion, and 1.248 billion yuan [4][14]. - The earnings per share (EPS) are expected to increase from 0.98 in 2024 to 1.52 in 2026, with price-to-earnings (P/E) ratios decreasing from 18 to 12 over the same period [4][14]. - The gross margin for 2023 was reported at 21.57%, with a net margin of 6.36%, showing improvements from the previous year [10].

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：17.92 元 分析师：何俊艺 分析师：刘欣畅 [Table_Finance1] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,480 11,018 13,139 16,539 19,492 增长率 yoy% 8% 30% 19% 26% 18% 净利润（百万元） 383 612 845 1,164 1,376 增长率 yoy% 74% 60% 38% 38% 18% 每股收益（元） 0.47 0.74 1.03 1.42 1.67 每股现金流量 0.68 1.12 1.53 1.63 2.24 净资产收益率 7% 10% 13% 15% 15% P/E 38.5 24.1 17.0 12.4 10.7 P/B 3.1 2.7 2.5 2.1 1.8 备注：数据统计日期截至 2024 年 4 月 19 日收盘价 执业证书编号：S0740523020004 执业证书编号：S0740522120003 [Table_Profit] 基本状况 总股本(百万股) ...

盈利预测与投资建议 银轮股份 002126.SZ 公司研究 | 年报点评 盈利能力持续提升，第三增长曲线业务及 海外订单持续突破 ⚫ 业绩符合预期。2023 年公司营业收入 110.18 亿元，同比增长 29.9%；归母净利润 6.12 亿元，同比增长 59.7%；扣非归母净利润 5.81 亿元，同比增长 90.4%。4 季度 营业收入 30.26 亿元，同比增长 22.0%，环比增长 10.8%；归母净利润 1.69 亿元， 同比增长 11.1%，环比增长 6.6%；扣非归母净利润 1.67 亿元，同比增长 38.5%， 环比增长 7.9%。公司拟向全体股东每 10 股派发现金红利 1 元。2024 年公司经营目 标为：（1）营业收入目标 130 亿元，争取完成 135 亿元，以 130 亿元测算营收同 比增速约 18%；（2）海外经营体实现整体盈利，实现归母销售净利率 6%以上。 ⚫ 4 季度毛利率同环比向上，费用率略有改善。2023 全年毛利率 21.6%，同比提升 1.7 个百分点；4 季度毛利率 22.9%，同比提升 3.6 个百分点，环比提升 1.0 个百分 点。2023 全年期间费用率 13.3 ...

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|-----------------------------------------------------------------|------------------------------|------------------|---------------------|-------------|------------------------------------------------------------------------|--------------------|----------------------------------------------|--------------|-------------------| | [Table_MainInfo] | [Table_Title] 银轮股份 (002126) | | | | | [Table_industryInfo] | 评级： | ...

浙江银轮机械股份有限公司 专项报告 2023 年度 关于浙江银轮机械股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 我们审计了浙江银轮机械股份有限公司(以下简称"银轮股 份")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2024 年 4 月 14 日出具了报告号为信会师报字(2024)第 ZF10303 号的 无保留意见审计报告。 银轮股份管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公 告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 1 号——业务办理》的相关规定编制了后附的 2023 年度非经营性资金 占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制汇总表并确保其真实、准确、完整是银轮股份管理层的责任。 我们将汇总表所载信息与我们审计银轮股份 2023 年度财务报表时所 审核的会计资料及已审计财务报表中披露的相关内容进行了核对，没 ...

浙江银轮机械股份有限公司全体股东： 我们接受委托，对后附的浙江银轮机械股份有限公司（以下简称 "银轮股份"）2023年度募集资金存放与使用情况专项报告（以下简称 "募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 浙江银轮机械股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 关于浙江银轮机械股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2024]第ZF10306号 银轮股份董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《深圳证券交易所 上市公司自律监管指引第1号——主板上市公司规范运作》以及《深 圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定编制募集资金专项报告。这种责任包括设计、执行和维护与募集资 金专项报告编制相关的内部控制，确保募集资金专项报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 三、工作 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-021 | | --- | --- | --- | | 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 2023 年度利润分配预案 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。 浙江银轮机械股份有限公司（以下简称"公司"）于2024年4月14日召开了第九届董 事会第七次会议审议通过了《2023年度利润分配预案》。本议案尚需提交公司2023年度 股东大会审议。现将相关事项公告如下： 一、本次利润分配预案的基本情况 1.2023 年度可分配利润情况 经立信会计师事务所（特殊普通合伙）对公司 2023 年度财务报表审计结果，2023 年 度实现归属于上市公司股东的净利润 612,142,646.24 元，2023 年度母公司净利润 297,932,655.60 元 ， 提 取 法 定 盈 余 公 积 29,793,265.56 元 ， 加 年 初 未 分 配 利 润 2,014,441,801.84 元，减上年度已分配股利 64,114,529.92 元， ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-023 | | --- | --- | --- | | 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 2024 年日常关联交易预计的公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）于2024年4月14日召开了第九届董 事会第七次会议，审议通过了《关于2024年日常关联交易预计的议案》。根据《深圳证 券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第7号——交易与关 联交易》等相关规定，本议案在董事会审批权限内，无需提交公司股东大会审议。现将 相关事项公告如下： 一、日常关联交易基本情况 （一）关联交易概述 本着互惠互利的原则，2024年公司及控股子公司与关联公司天台银轮工贸发展有限 公司及其子公司(浙江万和汽车配件有限公司）、佛吉亚银轮（潍坊）排气控制技术有 限公司等将发生的日常关联交易金额预计约为1,644.00万元，2023年公司与各关联方日 常关联交易实际发生额为1,660.22 ...

浙江银轮机械股份有限公司 审计报告及财务报表 二○二三年度 浙江银轮机械股份有限公司 审计报告及财务报表 （2023 年 01 月 01 日至 2023 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | | 财务报表附注 | 1-155 | 审 计 报 告 信会师报字[2024]第 ZF10303 号 浙江银轮机械股份有限公司全体股东： 一、 审计意见 我们审计了浙江银轮机械股份有限公司（以下简称银轮股份）财 务报表，包括 2023 年 12 月 31 日的合并及母公司资产负债表，2023 年度的合并及母公司利润表、合并及母公司现金流量表、合并及母公 司所有者权益变动表以及相关财务报表附注。 我们认为，后附的财务报表在所有重大方面按照企业会计准则的 规定编 ...

Company Overview - The company is listed on the Shenzhen Stock Exchange under the stock code 002126[24]. - The registered address of the company is No. 8, Shifeng East Road, Fuxi Street, Tiantai County, Zhejiang Province, with a postal code of 317200[24]. - The company operates under the name Zhejiang Yinlun Machinery Co., Ltd. in both Chinese and English[24]. - The company has not changed its main business since its listing[26]. - The accounting firm responsible for the audit is Lixin Certified Public Accountants (Special General Partnership)[27]. - The company has not experienced any changes in its controlling shareholders since its establishment[26]. Financial Performance - The company's operating revenue for 2023 reached ¥11,018,009,120.46, representing a year-on-year increase of 29.93% compared to ¥8,479,637,894.79 in 2022[32]. - The net profit attributable to shareholders for 2023 was ¥612,142,646.24, a 59.71% increase from ¥383,282,533.47 in 2022[32]. - The net profit excluding non-recurring gains and losses for 2023 was ¥580,924,278.56, up 90.36% from ¥305,166,271.15 in 2022[32]. - The basic earnings per share for 2023 was ¥0.77, a 60.42% increase from ¥0.48 in 2022[32]. - The total assets at the end of 2023 amounted to ¥16,156,211,007.71, reflecting a 19.47% increase from ¥13,523,532,332.01 at the end of 2022[32]. - The company reported a cash flow from operating activities of ¥921,382,051.02, which is a 65.42% increase compared to ¥556,996,016.36 in 2022[32]. - The company achieved a revenue of CNY 1,101,800.91 million in 2023, representing a year-on-year growth of 29.93%[108]. - The net profit attributable to shareholders reached CNY 61,214.26 million, marking a significant increase of 59.71% compared to the previous year[108]. Market Overview - The commercial vehicle market in 2023 saw production and sales of 4.037 million and 4.031 million units, respectively, marking year-on-year growth of 26.8% and 22.1%[45]. - The passenger vehicle market in 2023 achieved production and sales of 26.124 million and 26.063 million units, with year-on-year growth of 9.6% and 10.6%[45]. - In 2023, the overall automotive market in China achieved production and sales of 30.16 million and 30.09 million vehicles, respectively, representing a year-on-year growth of 11.6% and 12%[46]. - The production and sales of new energy vehicles reached 9.587 million and 9.495 million units, with year-on-year growth of 35.8% and 37.9%, resulting in a market share of 31.6%, an increase of 5.9 percentage points from the previous year[47]. Research and Development - The company has established R&D centers in Shanghai, Europe, and North America, enhancing its research capabilities and innovation[68]. - The company has applied for a total of 140 new patents during the reporting period, including 57 domestic invention patents and 12 international patents[84]. - Research and development expenses for 2023 amounted to ¥490,305,784.86, marking a 26.98% increase from ¥386,124,184.17 in 2022[120]. - The number of R&D personnel increased to 1,478, a growth of 15.56% from 1,279 in 2022[145]. - The company is focusing on enhancing its R&D capabilities in new energy products, achieving breakthroughs in battery thermal management systems and integrated modules[135]. Strategic Initiatives - The company aims to accelerate international development, achieve technological leadership, and enhance overall competitiveness as part of its three strategic directions[72]. - The company has established a pull-based production model driven by orders, with a typical cycle of 15-25 days from order receipt to product delivery[70]. - The company has implemented a new organizational structure aimed at enhancing operational efficiency and international development, referred to as the "33322" structure[108]. - The company has signed strategic cooperation agreements with core customers, enhancing its competitive advantage in the automotive thermal management industry[72]. Investment and Financial Management - The company has ongoing significant non-equity investments, although specific details were not disclosed[159]. - The company has made significant equity investments during the reporting period, but specific amounts were not detailed[159]. - The company raised a total of 142,081.5 million CNY through non-public stock issuance and public convertible bonds, with a net amount of 139,543.47 million CNY[185]. - As of the reporting period, the total amount of raised funds used is 90,080.57 million CNY, accounting for 63.00% of the total raised[185]. - The company has a remaining unused raised fund amount of 53,494.6 million CNY, which is 11.90% of the total raised funds[185]. Future Outlook - The company aims for a revenue target of 13 billion CNY in 2024, striving to achieve 13.5 billion CNY[197]. - The company plans to maintain a net profit margin of over 6% for the parent company in 2024[197]. - The new energy vehicle market is expected to continue its rapid growth, driven by government policies and market demand, with significant opportunities in data centers, energy storage, and heat pump industries[51].