YINLUN(002126) 东吴证券·2024-11-01 04:30Investment 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]