YINLUN(002126) 上海证券·2025-01-02 01:38Investment Rating - The report gives a "Buy" rating for the company, marking its first coverage [9]. Core Views - The company is a leader in thermal management and is accelerating its international expansion, entering a new phase of growth after over 40 years in the industry. It has established a localized manufacturing and global operation system with 23 factories or subsidiaries around major clients globally [9][54]. - The company is expanding into new application areas, including the second curve in passenger vehicle new energy sectors and the third curve in digital energy, while also exploring the fourth curve in artificial intelligence [5][9]. - The company has shown strong revenue growth, with a projected revenue of 129.05 billion yuan in 2024, representing a year-on-year increase of 17.13% [6][11]. Summary by Sections 1. Thermal Management Leadership and International Expansion - The company has maintained its position as the leading domestic producer of heat exchangers for over a decade and is now focusing on internationalization and technological leadership [42]. - Revenue from heat exchangers has grown at a CAGR of 23.28% from 2020 to 2023, with significant contributions from the new energy passenger vehicle sector [49]. - The company has implemented a stock incentive plan to motivate employees, with performance targets set for the years 2022 to 2025 [51][53]. 2. New Energy Sector Growth - The new energy vehicle market is rapidly expanding, with a projected CAGR of 28.40% for the thermal management market from 2022 to 2025, expected to exceed 100 billion yuan by 2025 [9][61]. - The company has secured numerous orders in the new energy sector, including projects with major clients like BYD and CATL [9][34]. - The integration of modular technology has enhanced the company's competitive edge, leading to significant revenue growth in the new energy segment [73]. 3. Digital Energy and AI Business Development - The company is developing its digital energy business, which includes data center thermal management and energy storage solutions, with a projected market size of 15.5 billion yuan in 2023 [34]. - The establishment of an AI product department aims to explore opportunities in chip cooling and humanoid robotics, contributing to long-term growth [34][35]. - The company is also focusing on enhancing its supply chain globally, ensuring the availability of key materials for production [54]. 4. Financial Performance and Projections - The company reported a revenue of 110.18 billion yuan in 2023, a year-on-year increase of 29.93%, with a net profit of 6.12 billion yuan, up 59.71% [9][11]. - Projections for 2024 to 2026 indicate continued growth, with revenues expected to reach 189.82 billion yuan by 2026, and net profits projected at 14.28 billion yuan [6][11]. - The company's PE ratios for 2024, 2025, and 2026 are estimated at 18.91, 14.02, and 11.12, respectively, indicating a favorable valuation trend [11].