银轮股份（002126）：多线业务齐头并进，提议回购彰显信心

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved expected performance in its 2024 annual report, with revenue of 12.702 billion yuan, 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 [1]. - The company is progressing well in multiple business lines, particularly in emerging sectors such as digital energy thermal management and embodied intelligence (robotics), with significant advancements and patent acquisitions [2]. - A recent share buyback proposal by the chairman reflects confidence in the company's future development and aims to stabilize stock prices while enhancing investor trust [3]. Financial Performance Summary - In 2024, the company reported a revenue of 12.702 billion yuan, with a year-on-year growth of 15.28%, and a net profit of 784 million yuan, representing a 28.00% increase [1]. - The fourth quarter of 2024 saw revenue of 3.497 billion yuan, a year-on-year increase of 15.57%, while the net profit was 179 million yuan, up 6.40% year-on-year [1]. - The company forecasts revenues of 15.377 billion yuan, 18.286 billion yuan, and 21.599 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.089 billion yuan, 1.352 billion yuan, and 1.671 billion yuan for the same years [4][6].