| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-100 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 为拓展东盟市场，满足客户的全球属地化供货需求，公司拟使用自有资金向上海银 轮投资增资 12,000 万元人民币，主要用于在境外设立全资子公司。 二、交易对方基本情况 1.交易对方基本情况 公司名称：上海银轮投资有限公司 公司类型: 有限责任公司(非自然人投资或控股的法人独资) 关于向上海银轮投资有限公司增资 暨设立境外子公司的公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江银轮机械股份有限公司（以下简称"公司"）于 2024 年 11 月 14 日召开第九届董 事会第十七次会议，审议通过了《关于向上海银轮投资有限公司增资暨设立境外子公司 的议案》，同意公司使用自有资金向上海银轮投资有限公司（以下简称"上海银轮投资"） 增资 12,000 万元人民币。 根据《深圳证券交易所股票上市规则》《深圳证券交易所上市公司自律监管指引第 7号——交易与关 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [9] Core Views - The company has shown continuous improvement in profitability, with a focus on operational efficiency and cost management. The introduction of OPACC as a key performance indicator has enhanced employee motivation and operational effectiveness [4][6] - The company is expected to benefit from new business segments, particularly in data center thermal management and AI-related products, which are anticipated to drive future growth [6][7] Financial Summary - For 2024, the company is projected to achieve revenues of ¥134.63 billion, representing a year-over-year growth of 22.2%. The net profit is expected to reach ¥8.92 billion, with a growth rate of 45.6% [7] - The earnings per share (EPS) is forecasted to be ¥1.07 for 2024, with a corresponding price-to-earnings (P/E) ratio of 18.62 [7] - The company's gross margin for Q3 2024 is reported at 17.7%, reflecting a year-over-year decline of 4.2% due to changes in accounting policies [5] Revenue and Profitability Forecast - The company’s revenue projections for 2024, 2025, and 2026 are ¥134.63 billion, ¥163.70 billion, and ¥194.88 billion, respectively, with expected growth rates of 22.2%, 21.6%, and 19.0% [7] - The forecasted net profits for the same years are ¥8.92 billion, ¥11.55 billion, and ¥14.32 billion, with growth rates of 45.6%, 29.6%, and 24.0% [7] - The return on equity (ROE) is expected to improve from 10.8% in 2023 to 15.3% by 2026 [14]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company reported a revenue of 3.054 billion yuan for Q3 2024, representing a year-on-year growth of 11.85%. The net profit attributable to shareholders was 201 million yuan, up 27.31% year-on-year, while the net profit after deducting non-recurring items was 185 million yuan, reflecting a growth of 19.44% year-on-year [2] - The gross margin for Q3 2024 was 17.74%, a decrease of 4.25 percentage points year-on-year. The company managed to reduce its financial expense ratio to 0.33%, down 0.47 percentage points year-on-year, mainly due to increased interest income from financial products [2] - The company has been focusing on cost reduction and efficiency improvement, leading to a significant increase in orders and customer trust. The overseas business has also shown remarkable profitability improvements [2] - The company received a notification from a European automotive manufacturer for a new energy vehicle thermal management product, expected to start mass production in 2026, with an anticipated annual sales increase of approximately 56 million yuan [2] Financial Forecast - The company is expected to achieve net profits of 833 million yuan, 1.164 billion yuan, and 1.491 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 19.92, 14.26, and 11.13 times [3] - Revenue projections for the years 2024 to 2026 are 13.331 billion yuan, 16.726 billion yuan, and 19.701 billion yuan, with growth rates of 20.99%, 25.47%, and 17.79% respectively [3]

Investment Rating - The investment rating for the company is "Buy" [1][10] Core Views - The company reported a revenue of 9.205 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.18%, and a net profit attributable to shareholders of 604 million yuan, up 36.20% year-on-year [5] - The company is expected to achieve revenues of 13.404 billion yuan, 15.918 billion yuan, and 19.203 billion yuan for the years 2024, 2025, and 2026 respectively, with corresponding net profits of 808 million yuan, 1.108 billion yuan, and 1.478 billion yuan [10] - The company maintains a strong order intake, with new customer orders projected to contribute an additional annual sales revenue of approximately 6.6 billion yuan [6] Financial Performance - The company achieved a gross margin of 20.07% and a net margin of 7.41% in the first three quarters of 2024, with a year-on-year increase in net margin of 1.03 percentage points [7] - The company's operating cash flow for the first three quarters of 2024 was 884 million yuan, reflecting a significant year-on-year increase of 93.20% [5] - The company’s revenue from overseas sales reached 2.39 billion yuan, accounting for 26.03% of total revenue, with a year-on-year growth of 27.81% [8] Business Segments - The passenger vehicle segment generated 4.911 billion yuan in revenue, up 33.50% year-on-year, while the commercial vehicle segment saw a decline of 6.40% to 3.316 billion yuan [6] - The digital energy segment experienced substantial growth, with revenue increasing by 62.87% to 690 million yuan [6] - The company has successfully established strategic partnerships in various sectors, including energy management and data centers, which are expected to drive future growth [9]

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its performance in the market [6][8]. Core Insights - The company reported a revenue of approximately 9.205 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 15.2%. The net profit attributable to shareholders was 604 million yuan, up 36.2% year-on-year [6][7]. - The company is focusing on global expansion and has made significant organizational adjustments to enhance its international and digital development capabilities [6][8]. - The report highlights the strong growth in the passenger vehicle segment, particularly in the new energy sector, which saw a revenue increase of 48% year-on-year [6][7]. Financial Summary - For the first three quarters of 2024, the company achieved a revenue of 30.54 billion yuan, with a quarter-on-quarter increase of 11.8% [6][7]. - The gross profit margin for Q3 2024 was reported at 21.6%, with a net profit margin of 6.6% [6][7]. - The company expects to achieve net profits of 832 million yuan, 1.068 billion yuan, and 1.345 billion yuan for the years 2024, 2025, and 2026, respectively [6][7][8]. Business Segments - The commercial vehicle and non-road segment reported a revenue of 33.16 billion yuan for the first three quarters, down 6.4% year-on-year, primarily due to industry-wide challenges [6][7]. - The digital energy segment achieved a revenue of 6.9 billion yuan, reflecting a 63% year-on-year growth [6][7]. - The company has secured over 130 new projects in the first half of 2024, which are expected to generate an additional annual revenue of approximately 4.143 billion yuan, with 46% of these being international orders [6][7]. Organizational Changes - The company has restructured its organizational framework to better address compliance and risk management in international operations, including the establishment of a global procurement headquarters and a dedicated AI digital product department [6][8]. - The adjustments aim to enhance the company's capabilities in international markets and digital transformation, supporting its long-term growth strategies [6][8]. Profitability Forecast - The report maintains previous profit forecasts, projecting net profits of 8.32 billion yuan, 10.68 billion yuan, and 13.45 billion yuan for 2024, 2025, and 2026, respectively, with corresponding price-to-earnings ratios of 19x, 14x, and 11x [6][7][8].

Investment Rating - The report maintains a "Strong Buy" rating for the company with a target price of 24.24 CNY, compared to the current price of 18.55 CNY [1][2]. Core Insights - The company's Q3 performance is stable, with a revenue of 3.05 billion CNY, reflecting a year-on-year increase of 12% but a quarter-on-quarter decrease of 4%. The adjusted gross margin is 17.7%, down 4.2 percentage points year-on-year and 3.2 percentage points quarter-on-quarter. The net profit attributable to shareholders is 200 million CNY, up 27% year-on-year but down 5% quarter-on-quarter [1][2]. - The report highlights that the company's heat management business is diversified and internationalized, with a focus on both commercial and passenger vehicles. The performance of the new energy vehicle segment is particularly strong, with a year-on-year increase in wholesale sales of 34% [2][3]. - The report notes that accounting policy changes have caused fluctuations in ratios, but the net profit margin remains strong at 6.6%, up 0.8 percentage points year-on-year [2][3]. Financial Summary - For 2024-2026, the revenue projections are 13.0 billion CNY, 16.0 billion CNY, and 18.4 billion CNY, representing year-on-year growth rates of 18%, 23%, and 15% respectively. The net profit projections are 820 million CNY, 1.1 billion CNY, and 1.3 billion CNY, with growth rates of 34%, 34%, and 19% respectively [2][3]. - The earnings per share (EPS) are projected to be 0.99 CNY, 1.32 CNY, and 1.57 CNY for the years 2024, 2025, and 2026, respectively [3][7]. - The company’s total revenue for 2023 is reported at 11.02 billion CNY, with a year-on-year growth of 29.9% [3][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q3 2024 performance met expectations, with total revenue for the first three quarters reaching 9.205 billion yuan, a year-on-year increase of 15.18%, and a net profit attributable to shareholders of 604 million yuan, up 36.20% year-on-year [2][3] - In Q3 2024, the company achieved a single-quarter revenue of 3.054 billion yuan, a year-on-year increase of 11.85%, but a quarter-on-quarter decrease of 4.04% [2][3] - The company's gross margin for Q3 2024 was 17.74%, down 3.18 percentage points quarter-on-quarter, primarily due to changes in accounting policies [3] - The company is focusing on global development, particularly in the new energy thermal management sector, with a comprehensive product layout and a strong client base including well-known electric vehicle companies [4] Financial Performance Summary - The company's total revenue forecast for 2024 is 13.009 billion yuan, with a year-on-year growth rate of 18.07% [1][4] - The net profit attributable to shareholders is projected to be 845.96 million yuan in 2024, reflecting a year-on-year growth of 38.20% [1][4] - The earnings per share (EPS) for 2024 is estimated at 1.02 yuan, with a price-to-earnings (P/E) ratio of 18.87 [1][4] - The company’s operating cash flow for 2024 is expected to be 1.699 billion yuan, indicating a strong cash generation capability [12]

Summary of Conference Call Company and Industry Overview - The conference call discusses the operational performance of a company in the automotive and energy sectors for Q3 and the first nine months of the year, with a focus on commercial vehicles and digital energy segments [1][2][3]. Key Financial Metrics - The company reported a total revenue of approximately 9.2 billion (92亿) for the first nine months, with a breakdown of revenue from commercial vehicles at around 3.3 billion (33亿), which represents a year-over-year decline of about 6% [1][2]. - The revenue from the commercial vehicle segment was further detailed: brake systems generated approximately 2.42 billion (24.2亿), down from 2.44 billion (24.4亿), and the vehicle segment generated 890 million (8.9亿), down from 1.09 billion (10.9亿) [2]. - The company experienced a significant increase in revenue from new energy commercial vehicles, which reached 1.3 billion (13亿), marking a 140% year-over-year growth [3]. Segment Performance - The passenger vehicle segment generated 9.1 billion (91亿) in revenue, up 33.5% year-over-year, with new energy vehicles contributing 3.39 billion (33.9亿), an increase of over 8% [3]. - The digital energy segment reported revenue of 690 million (6.9亿), a 60% increase compared to the previous year [3]. Profitability and Margins - The gross margin for the company improved to 21.34%, up 0.3 percentage points year-over-year, despite a slight decline in Q3 due to one-time expenses [4][5]. - The operating cash flow for the first nine months was 840 million (8.4亿), a significant increase from 457 million (4.57亿) in the same period last year, indicating strong cash flow health [9]. International Operations - The North American operations generated approximately 150 million (1.5亿) in revenue, with a profit of around 4 million (400万) [6]. - The Mexican facility reported revenue of about 66 million (6600万) for the first nine months, with a steady increase in Q3 [6][33]. - The European operations faced challenges, with a reported loss of approximately 13 million (1300万) [7]. Future Outlook - The company aims to achieve a revenue target of 13 billion (130亿) for the full year, with expectations of a recovery in demand for commercial vehicles [12]. - For the next year, the company anticipates a growth rate of over 30% in the passenger vehicle segment, with significant contributions from new clients and projects in North America and Europe [14][15]. - The digital energy segment is projected to grow significantly, with targets set for 10 to 11 billion (10到11亿) this year and aiming for a doubling next year [20]. Additional Insights - The company is focusing on enhancing its R&D investments to support new product development and maintain competitiveness in the market [17][18]. - There are ongoing discussions about potential public listings for certain assets to support financing and growth strategies [11]. - The company is optimistic about the future growth of its digital energy business, particularly in areas like data centers and energy storage solutions [22][23]. Conclusion - The company is navigating a challenging market environment but is positioned for growth through strategic investments in new energy vehicles and digital energy solutions, with a strong focus on international expansion and operational efficiency.

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-098 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 浙江银轮机械股份有限公司 关于为子公司担保事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外担保情况概述 浙江银轮机械股份有限公司（以下简称：公司或本公司）分别于2024年4月14日召 开第九届董事会第七次会议、2024年5月6日召开2023年度股东大会，审议通过了《关于 为子公司提供担保额度的议案》，同意公司为浙江银轮新能源热管理系统有限公司等16 家控股子公司或孙公司银行融资提供担保总额度423,406万元，具体担保额度明细如下表： | 序号 | 被担保方 | 担保额度（万元） | | --- | --- | --- | | | 一、为资产负债率高于 70%的子公司担保额度 | | | 1 | 浙江银轮新能源热管理系统有限公司 | 160,000 | | 2 | 山东银轮热交换系统有限公司 | 25,000 | | 3 | 四川银轮新能源热管理系统有限公司 | 10,0 ...

银轮股份（002126.SZ） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 30 日 业绩稳健增长延续，海外布局提速拓展 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...