YINLUN(002126) 华龙证券·2025-04-22 06:05Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved a revenue of 12.702 billion yuan in 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28.00% year-on-year [4] - The digital energy business is growing rapidly, with significant breakthroughs in various fields, achieving a revenue of 1.027 billion yuan, a year-on-year increase of 47.44% [6] - The company has a strong focus on humanoid robots, having established an AI digital products department in August 2024 and obtained 10 patents in the robotics field by the end of 2024 [6] Financial Performance Summary - In 2024, the passenger vehicle segment generated a revenue of 7.090 billion yuan, up 30.63% year-on-year, driven by a 37.97% increase in new energy passenger vehicle sales [6] - The commercial vehicle and non-road business segment saw a revenue of 4.176 billion yuan, down 7.52% year-on-year, mainly due to a decline in sales of commercial vehicles and engineering machinery [6] - The company reported a gross margin of 20.12% in 2024, with a net profit margin increase of 0.68 percentage points [6] - The operating cash flow for 2024 was 1.205 billion yuan, reflecting a year-on-year increase of 30.84% [6] Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 1.074 billion yuan, 1.352 billion yuan, and 1.618 billion yuan respectively, with corresponding P/E ratios of 19.4, 15.4, and 12.9 [8][6]