YINLUN(002126) 华龙证券·2025-04-22 08:25Investment Rating - The investment rating for the company is "Accumulate" with a first-time coverage [4][7]. 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, primarily 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]. - Operating cash flow for 2024 was 1.205 billion yuan, reflecting a year-on-year increase of 30.84% [6]. Earnings Forecast - The company is expected to achieve net profits of 1.074 billion yuan, 1.352 billion yuan, and 1.618 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.4, 15.4, and 12.9 [8][6].