YINLUN(002126) 浙商证券·2024-11-08 04:10Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company has shown continuous improvement in profitability, with a focus on operational efficiency and cost management. The introduction of OPACC as a key performance indicator has enhanced employee motivation and operational effectiveness [4][6] - The company is expected to benefit from new business segments, particularly in data center thermal management and AI-related products, which are anticipated to drive future growth [6][7] Financial Summary - For 2024, the company is projected to achieve revenues of ¥134.63 billion, representing a year-over-year growth of 22.2%. The net profit is expected to reach ¥8.92 billion, with a growth rate of 45.6% [7] - The earnings per share (EPS) is forecasted to be ¥1.07 for 2024, with a corresponding price-to-earnings (P/E) ratio of 18.62 [7] - The company's gross margin for Q3 2024 is reported at 17.7%, reflecting a year-over-year decline of 4.2% due to changes in accounting policies [5] Revenue and Profitability Forecast - The company’s revenue projections for 2024, 2025, and 2026 are ¥134.63 billion, ¥163.70 billion, and ¥194.88 billion, respectively, with expected growth rates of 22.2%, 21.6%, and 19.0% [7] - The forecasted net profits for the same years are ¥8.92 billion, ¥11.55 billion, and ¥14.32 billion, with growth rates of 45.6%, 29.6%, and 24.0% [7] - The return on equity (ROE) is expected to improve from 10.8% in 2023 to 15.3% by 2026 [14]