YINLUN(002126) 申万宏源·2024-11-04 03:16Investment 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].