YINLUN(002126) 招商证券·2025-04-23 09:05Investment Rating - The report maintains a "Strong Buy" investment rating for the company [8] Core Views - The company achieved a total revenue of 12.7 billion yuan in 2024, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 780 million yuan, up 28.0% [1][5] - The growth in revenue is primarily driven by the increase in income from the passenger vehicle sector, which generated 7.09 billion yuan (up 30.6%), and the digital and energy sectors, which saw revenue of 1.03 billion yuan (up 47.4%) [5] - The company continues to focus on cost reduction and efficiency improvement, with a total expense ratio of 11.7%, down 1.6 percentage points year-on-year [5] - The company is enhancing its technological innovation capabilities, particularly in the field of thermal management for new energy vehicles, achieving significant breakthroughs in sales [5][6] - The company has successfully captured market opportunities, with over 300 new projects secured in 2024, expected to generate additional annual revenue of approximately 9.073 billion yuan [5][6] Financial Performance - The company reported a gross margin of 20.1% in 2024, a decrease of 1.4 percentage points year-on-year, while the net margin improved to 7.0%, an increase of 0.7 percentage points [5] - The projected revenue for 2025 is estimated at 15.306 billion yuan, with a year-on-year growth of 21% [7][25] - The company’s return on equity (ROE) for 2024 was 12.6%, with expectations for continued improvement in the coming years [2][25] Market Position and Strategy - The company is strategically positioned to leverage growth in the new energy vehicle market and has optimized its international organizational structure to enhance global operations [6][8] - The company has made significant progress in overseas markets, with North America achieving a revenue of approximately 19.646 million USD, a year-on-year increase of 50.47% [6]