YINLUN(002126) 华创证券·2024-11-01 16:08Investment 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].