证券研究报告 | 2024年10月31日 银轮股份（002126.SZ） 优于大市 三季度净利率提升，海外经营体盈利有望持续改善 新能源乘用车业务持续放量，商用车表现相对疲软。银轮股份 2024Q3 实现 营收 30.5 亿元，同比增长 11.9%，环比下降 4.0%，归母净利润 2.0 亿 元，同比增长 27.3%，环比下降 4.8%。乘用车业务方面，受益于新能源 的发展，公司 2021-2023 年新能源业务每年实现翻倍增长，且新能源业 务占营业收入比重在 2023 年提升至 33%。商用车方面，天然气价格的上 涨导致三季度天然气重卡的经济性优势缩小，三季度重卡终端需求也相 对疲软，2024Q3 商用车销售 82 万辆，同比下降 14.9%，环比下降 20.5%， 三季度公司商用车业务也在一定程度上受到影响。 降本增效成效显著，海外经营体盈利改善，2024Q3 净利率同环比持续提升。 盈利能力提升得益于公司持续推进承包经营，提高各经营体积极性，海 外经营体盈利持续改善。公司的盈利能力从 2022 年开始持续提升， 2024Q3 年公司毛利率 17.7%，同环比下降主要是会计准则调整的影响， 2024Q3 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.48 CNY [5][3] Core Insights - The company's performance meets expectations with a revenue of 9.205 billion CNY for the first three quarters, a year-on-year increase of 15.2%, and a net profit attributable to the parent company of 604 million CNY, up 36.2% year-on-year [2] - The third quarter saw a revenue of 3.054 billion CNY, a year-on-year increase of 11.8%, but a quarter-on-quarter decrease of 4.0% [2] - The company is experiencing a significant improvement in cash flow, with a net cash flow from operating activities of 884 million CNY, a year-on-year increase of 93.2% [2] - The digital energy business is expected to enter a growth phase, with major clients including North American companies and leading Chinese manufacturers [2] - The company is accelerating its overseas order acquisition, with expectations for improved profitability in its overseas operations [2] Financial Summary - Revenue projections for 2024-2026 are adjusted to 13.240 billion CNY, 15.843 billion CNY, and 19.092 billion CNY respectively, with corresponding EPS estimates of 1.02 CNY, 1.39 CNY, and 1.77 CNY [3][4] - The gross margin for the first three quarters is reported at 20.1%, with a third-quarter gross margin of 17.7% [2] - The net profit margin is projected to improve from 5.6% in 2023 to 7.7% in 2026 [4] - The company’s return on equity (ROE) is expected to rise from 12.1% in 2023 to 18.1% in 2026 [4]

证券时报网讯，10月30日有40家公司被机构调研，按调研机构类型看，基金参与22家公司的调研活动， 其中，5家以上基金扎堆调研公司共6家。 银轮股份最受关注，参与调研的基金达20家；凯莱英、盈趣科技等分别获6家、6家基金调研。 校对：杨立林 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][9] Core Insights - The company's Q3 2024 net profit attributable to shareholders increased by 27.3% year-on-year, with a net profit margin of 7.82%, showing continuous improvement in profitability [3][4] - The company has a broad growth potential in the heat exchange business, with capabilities to provide a full range of thermal management products across various applications, including commercial vehicles, passenger cars, and emerging fields like smart driving and data centers [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.205 billion yuan, a year-on-year increase of 15.2%, and a net profit of 604 million yuan, up 36.2% year-on-year [3] - In Q3 2024, the company reported revenue of 3.054 billion yuan, an 11.8% increase year-on-year, and a net profit of 201 million yuan, reflecting a 27.3% year-on-year growth [3][4] - The company is expected to achieve total revenue of 13 billion, 15.7 billion, and 18.2 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 846 million, 1.101 billion, and 1.403 billion yuan [4][7] Market Performance - The company's stock performance over the past month, three months, and twelve months has been 6.3%, 25.7%, and 3.5%, respectively, compared to the CSI 300 index [4] - The current stock price is 19.08 yuan, with a 52-week price range of 13.78 to 21.40 yuan [4][9] Earnings Forecast - The company is projected to have an EPS of 1.02, 1.32, and 1.69 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19, 14, and 11 [4][7]

证券代码：002126 证券简称：银轮股份 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 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | --- | |-------------------------|---------------------------|------------------------|------------------| | | ▇特定对象调研 □分析师会议 | | | | 投资者关系 | □媒体采访 ▇业绩说明会 | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | ▇线上会议调研 | | | | | | | | | | 参会人员共 169 | 人，具体参与单位如下： | | | | IGWT 投资 | NTF 资管 | 安信基金 | | | 安信证券 | 百川财富 | 北京昊泽致远 | | | 北京鑫翰资管 | 财信证券 | 大湾区产融投资 | | | 德邦基金 | 东北证券 | 东方财富证券 | | | 东方证券 | 东海证券 | 东兴证券 | | | 方物私募基 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 31 billion yuan, a year-on-year increase of 12%, and a net profit of 2 billion yuan, up 27% year-on-year [1] - The company is expanding into new business areas and enhancing its global presence, which is expected to drive future growth [3] - The company aims for a revenue target of 13 billion yuan in 2024, with a net profit margin exceeding 6% [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 92 billion yuan, a 15% increase year-on-year, and a net profit of 6 billion yuan, up 36% year-on-year [1] - The sales gross margin for Q1-Q3 2024 was 20%, down 1 percentage point year-on-year, while the net profit margin improved to 7.4%, up 1 percentage point year-on-year [2] - The company expects net profits of 8.4 billion yuan, 11.1 billion yuan, and 13.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 14, and 11 [3] Business Development and Strategy - The company has secured over 130 new projects in H1 2024, which are projected to add approximately 41 billion yuan in annual revenue once operational, with 46% of these being international orders [3] - Cost reduction and efficiency improvements are being implemented, contributing to a rise in net profit margins [2] - New business initiatives include energy storage thermal management projects and solutions for data centers [3]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 9.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 600 million yuan, up 36.2% year-on-year [1]. - The third quarter of 2024 saw a revenue of 3.05 billion yuan, reflecting an 11.8% year-on-year growth, although it decreased by 4.0% compared to the previous quarter [1]. - The company's gross margin for Q3 2024 was 17.7%, down 4.2 percentage points year-on-year, while the net margin increased by 1.0 percentage points year-on-year to 7.8% [1]. - The growth in revenue is attributed to the expansion in the new energy vehicle thermal management business and the release of orders in digital and energy sectors [1]. - The company has made significant progress in its globalization strategy, with its Mexican factory achieving breakeven in Q4 2023 and expected profitability in North America starting in 2024 [1]. - The new energy thermal management business is rapidly growing, with a continuous expansion of clients including major players in the North American market and domestic manufacturers [1]. - The company anticipates significant performance growth from its third growth curve, focusing on digital and energy thermal management, with several key projects expected to ramp up production in 2024 [1]. - Revenue projections for 2024-2026 are estimated at 13.31 billion, 16.01 billion, and 18.94 billion yuan, with net profits of 840 million, 1.09 billion, and 1.35 billion yuan respectively [1][4]. Financial Summary - For 2024, the company is projected to have a PE ratio of 19, decreasing to 15 and 12 in 2025 and 2026 respectively [2][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.01 yuan, 1.31 yuan, and 1.63 yuan respectively [2][5]. - The company's total assets are projected to grow from 16.16 billion yuan in 2023 to 25.06 billion yuan by 2026 [5].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-096 | | --- | --- | | 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 关于召开2024年第一次临时股东大会的通知 （2）网络投票时间： 通过深圳证券交易所交易系统进行网络投票的时间：2024年11月15日上午 9:15-9:25，9:30－11:30，下午13:00－15:00。 通过深圳证券交易所互联网投票系统投票的时间：2024年11月15日9:15-15:00。 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、召开会议的基本情况 1．股东大会届次：2024年第一次临时股东大会 2．股东大会的召集人：公司第九届董事会 3．会议召开的合法、合规性：公司于2024年10月29日召开第九届董事会第十六次 会议审议通过了《关于召开2024年第一次临时股东大会的议案》，本次会议的召开符合 有关法律、行政法规、部门规章、规范性文件和公司章程的规定。 4．会议召开的日期、时间： （1）现场会议召开时间：2024年11月15日下午14:00 5． ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-092 | | --- | --- | | 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 第九届董事会第十六次会议决议公告 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。 《关于独立董事辞职及补选独立董事的公告》于同日刊登在《证券时报》《上海证 券报》及巨潮资讯网（www. cninfo.com.cn）。 公司董事会提名委员会对独立董事候选人任职资格进行了审查。 本议案尚需提交公司 2024 年第一次临时股东大会审议。 三、审议通过了《关于召开 2024 年第一次临时股东大会的议案》 浙江银轮机械股份有限公司第九届董事会第十六次会议通知于 2024 年 10 月 24 日 以邮件和专人送达等方式发出，会议于 2024 年 10 月 29 日以通讯表决方式召开，本次 会议应参加会议董事 9 名，实际出席会议董事 9 名。本次董事会召开符合《公司法》和 《公司章程》的规定，会议合法有效。 本次会议由公司董事长徐小敏先生主持，经与会董事认真讨论研究，会议审议并 通 ...

证券代码: 002126 证券简称: 银轮股份 浙江银轮机械股份有限公司 独立董事提名人声明与承诺 提名人浙江银轮机械股份有限公司董事会现就提名李大永为浙江银轮机械股份有限公司第 9 届董事会独立董事 候选人发表公开声明。被提名人已书面同意作为浙江银轮机械股份有限公司第 9 届董事会独立董事候选人（参见该独 立董事候选人声明）。本次提名是在充分了解被提名人职业、学历、职称、详细的工作经历、全部兼职、有无重大失 信等不良记录等情况后作出的，本提名人认为被提名人符合相关法律、行政法规、部门规章、规范性文件和深圳证券 交易所业务规则对独立董事候选人任职资格及独立性的要求，具体声明并承诺如下事项： 一、被提名人已经通过浙江银轮机械股份有限公司第 9 届董事会提名委员会或者独立董事专门会议资格审查，提名人 与被提名人不存在利害关系或者其他可能影响独立履职情形的密切关系。 六、被提名人担任独立董事不会违反《中华人民共和国公务员法》的相关规定。 √是 □否 √是 □否 二、被提名人不存在《中华人民共和国公司法》第一百四十六条等规定不得担任公司董事的情形。 √是 □否 三、被提名人符合中国证监会《上市公司独立董事管理办法》和 ...