银轮股份：Q3净利率提升，海外布局持续推进

Investment Rating - The investment rating for the company is "Buy" [1][10] Core Views - The company reported a revenue of 9.205 billion yuan for the first three quarters of 2024, representing 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 [5] - The company is expected to achieve revenues of 13.404 billion yuan, 15.918 billion yuan, and 19.203 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 808 million yuan, 1.108 billion yuan, and 1.478 billion yuan [10] - The company maintains a strong order intake, with new customer orders projected to contribute an additional annual sales revenue of approximately 6.6 billion yuan [6] Financial Performance - The company achieved a gross margin of 20.07% and a net margin of 7.41% in the first three quarters of 2024, with a year-on-year increase in net margin of 1.03 percentage points [7] - The company's operating cash flow for the first three quarters of 2024 was 884 million yuan, reflecting a significant year-on-year increase of 93.20% [5] - The company’s revenue from overseas sales reached 2.39 billion yuan, accounting for 26.03% of total revenue, with a year-on-year growth of 27.81% [8] Business Segments - The passenger vehicle segment generated 4.911 billion yuan in revenue, up 33.50% year-on-year, while the commercial vehicle segment saw a decline of 6.40% to 3.316 billion yuan [6] - The digital energy segment experienced substantial growth, with revenue increasing by 62.87% to 690 million yuan [6] - The company has successfully established strategic partnerships in various sectors, including energy management and data centers, which are expected to drive future growth [9]