YINLUN(002126) 东吴证券·2025-04-21 09:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady overall operations in Q4 2024, with continued global development [1] - The company has established four core advantages in technology, products, layout, and customers, which support the rapid growth of its new energy thermal management business [3] - The company has a comprehensive product layout in the new energy thermal management sector, focusing on both industrial and civilian markets, and is expanding its international presence [3] Financial Forecasts - The company's total revenue for 2023 is projected at 11,018 million yuan, with a year-on-year growth of 29.93%, and is expected to reach 12,702 million yuan in 2024, representing a 15.28% increase [1] - The net profit attributable to the parent company for 2023 is estimated at 612.14 million yuan, with a year-on-year growth of 59.71%, and is projected to be 783.53 million yuan in 2024, reflecting a 28.00% increase [1] - The earnings per share (EPS) for 2024 is expected to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 26.58 [1] Adjusted Profit Forecasts - The net profit forecasts for 2025 and 2026 have been adjusted to 1,070 million yuan and 1,309 million yuan respectively, with a new forecast for 2027 at 1,567 million yuan [4] - The corresponding EPS for 2025, 2026, and 2027 are projected to be 1.28 yuan, 1.57 yuan, and 1.88 yuan respectively, with P/E ratios of 19.47, 15.91, and 13.29 [4] Market Performance - The company's stock closed at 24.95 yuan, with a market capitalization of approximately 20,827.83 million yuan [7] - The company has a price-to-book (P/B) ratio of 3.39 and a debt-to-asset ratio of 61.49% [8]