YINLUN(002126) 山西证券·2025-04-23 12:36Investment Rating - The report assigns an "Accumulate-A" investment rating to the company [1]. 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% year-on-year [4]. - The passenger vehicle segment continues to grow, with revenue reaching 7.09 billion yuan, a 30.63% increase year-on-year, while the digital and energy segment saw revenue of 1.027 billion yuan, growing by 47.44% [5]. - The company is expanding its global operations, with significant revenue growth in North America (50.47%) and Europe (31.29%) [6]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.497 billion yuan, a 15.57% increase year-on-year, and a net profit of 179 million yuan, up 6.4% [4]. - The gross margin for 2024 was 20.12%, slightly down by 1.45 percentage points due to price competition in the automotive industry [5]. - The net profit margin improved to 7.04%, an increase of 0.68 percentage points, indicating strong manufacturing capabilities [5]. Market Expansion - The company has established a global thermal management supply system, with revenues from China, North America, and Europe reaching 9.415 billion, 2.035 billion, and 741 million yuan respectively, showing growth rates of 10.16%, 60.23%, and 17.16% [6]. - The company plans to invest more resources into overseas production capacity and enhance local supply chain capabilities [6]. Project Pipeline and R&D - The company has over 300 new projects in the pipeline, expected to contribute annual sales of 9.073 billion yuan, with the new energy sector projected to contribute 6.843 billion yuan [7]. - Ongoing R&D efforts focus on core thermal management technologies, with successful projects leading to key customer engagements and mass production [7]. Future Projections - Revenue forecasts for 2025 to 2027 are 15.051 billion, 17.550 billion, and 20.137 billion yuan, with year-on-year growth rates of 18.5%, 16.6%, and 14.7% respectively [8]. - Net profit projections for the same period are 1.013 billion, 1.269 billion, and 1.563 billion yuan, with corresponding growth rates of 29.3%, 25.3%, and 23.2% [8].