YINLUN(002126) 财通证券·2024-11-07 08:23Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.054 billion yuan for Q3 2024, representing a year-on-year growth of 11.85%. The net profit attributable to shareholders was 201 million yuan, up 27.31% year-on-year, while the net profit after deducting non-recurring items was 185 million yuan, reflecting a growth of 19.44% year-on-year [2] - The gross margin for Q3 2024 was 17.74%, a decrease of 4.25 percentage points year-on-year. The company managed to reduce its financial expense ratio to 0.33%, down 0.47 percentage points year-on-year, mainly due to increased interest income from financial products [2] - The company has been focusing on cost reduction and efficiency improvement, leading to a significant increase in orders and customer trust. The overseas business has also shown remarkable profitability improvements [2] - The company received a notification from a European automotive manufacturer for a new energy vehicle thermal management product, expected to start mass production in 2026, with an anticipated annual sales increase of approximately 56 million yuan [2] Financial Forecast - The company is expected to achieve net profits of 833 million yuan, 1.164 billion yuan, and 1.491 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.92, 14.26, and 11.13 times [3] - Revenue projections for the years 2024 to 2026 are 13.331 billion yuan, 16.726 billion yuan, and 19.701 billion yuan, with growth rates of 20.99%, 25.47%, and 17.79% respectively [3]