| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-084 | | --- | --- | | 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 第九届董事会第十五次会议决议公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，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第九届董事会第十五次会议通知于 2024 年 10 月 13 日 以邮件和专人送达等方式发出，会议于 2024 年 10 月 18 日以通讯表决方式召开，本次 会议应参加会议董事 9 名，出席会议董事 9 名。符合《公司法》《公司章程》的规定， 会议合法有效。 本次会议由董事长徐小敏先生主持，经与会董事认真讨论研究，会议审议并通过了 如下决议： 《关于注销 2022 年股票期权激励计划部分股票期权的公告》于同日刊登在《证券 时报》《上海证券报》和巨潮资讯网（www.cninfo.com.cn）。 公司董事会薪酬与考核委员会已审议通过了该议案。 三、审议通过了《关于募集资金投资项目延期的议案》 一、审议通过了《关于 2022 年股票期权激励计划预留授予部分第二个行权期行 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-088 | | --- | --- | | 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 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10月18日召开第九届董事 会第十五次会议，审议通过了《关于募集资金投资项目延期的议案》，同意公司延长新 能源汽车电池和芯片热管理项目的投资期限。 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 1号——主板上市公司规范运作》等相关规定，该事项在公司董事会审批权限内，无需 提交公司股东大会审议。现将有关事项公告如下： 一、募集资金基本情况 经中国证券监督管理委员会审核批准，2017 年 6 月公司通过非公开发行方式向特定 投资者发行了人民币普通股（A 股）80,001,664 股,每股发行价格 9.01 元，实际募集资金 总额为人民币 720,814,992.64 元，扣除保荐和承销费人民币 12,974,669.87 元（含税）后， 余额人 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-083 | | --- | --- | | 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 关于股份回购实施结果暨股份变动的公告 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2023年11月21日召开第九届董事 会第五次会议及第九届监事会第五次会议，审议通过了《关于回购公司股份的议案》。 公司计划使用自有资金以集中竞价交易方式回购公司股份，本次回购股份用于实施股权 激励或员工持股计划。拟用于回购的资金总额不低于人民币5,000万元（含），且不超过 人民币10,000万元（含），回购价格不超过25元/股（含），回购期限为自董事会审议通 过之日起不超过12个月。具体内容详见公司于2023年11月23日披露的《回购报告书》（公 告编号：2023-095）。 因实施2023年度权益分派，公司回购股份价格上限自2024年5月20日起从25元/股调 整为24.90元/股。具体内容详见公司于2024年5月14日披露的《关于实 ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-610 million yuan for the first three quarters of 2024, representing a year-on-year growth of 34.1%-37.5% [2] - The third quarter of 2024 is projected to see a net profit of 190-210 million yuan, with a year-on-year increase of 21.5%-31.0% [2] - The growth in performance is attributed to the company's focus on improving operational efficiency through OPACC (Operating Profit After Capital Costs) and enhancing organizational structure and lean management [2] - The company has made significant progress in its third curve business, receiving a notice of designation from a European automotive manufacturer for its new energy vehicle thermal management products, expected to generate an annual sales increase of approximately 56 million yuan starting in 2026 [2] - The company forecasts net profits of 832 million, 1.167 billion, and 1.501 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17.95, 12.80, and 9.95 [2] Financial Performance Summary - The company anticipates revenue growth rates of 20.99%, 25.47%, and 17.79% for the years 2024, 2025, and 2026 respectively [3] - The projected net profit growth rates are 35.96%, 40.21%, and 28.65% for the same years [3] - The earnings per share (EPS) is expected to be 1.00, 1.40, and 1.80 yuan for 2024, 2025, and 2026 respectively [3] - The return on equity (ROE) is projected to increase to 13.17%, 15.96%, and 17.49% over the next three years [3] - The company’s total assets are expected to grow from 186.19 billion yuan in 2024 to 248.28 billion yuan in 2026 [6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][4][7] Core Insights - The company is expected to achieve a significant year-on-year increase in net profit for Q3 2024, with forecasts indicating a range of CNY 5.95 to 6.1 billion, representing a year-on-year growth of approximately 34.13% to 37.51% [2][3] - The management innovation and optimization strategies have laid a solid foundation for acquiring orders, with the company implementing a performance management model that enhances operational efficiency and customer responsiveness [2][3] - The company anticipates continued growth in its various business segments, driven by increased market share and value, alongside improved profitability from overseas operations [3][4] Summary by Sections Financial Performance - For Q3 2024, the company expects to achieve a net profit of CNY 1.92 to 2.1 billion, which translates to a year-on-year increase of 21.42% to 32.81% [2][3] - The average net profit forecast for the first three quarters of 2024 is CNY 6.03 billion, reflecting a year-on-year growth of 35.8% [3] Revenue Projections - The company projects total revenue of CNY 13.576 billion for 2024, with a growth rate of 23% [5][7] - The expected net profit for 2024 is CNY 846 million, with a growth rate of 38% [5][7] Management Strategy - The company has adopted a management model that focuses on strategic deployment, operational excellence, and talent development, which is expected to enhance its competitive edge and customer acquisition [2][3]

证券研究报告·公司点评报告·汽车零部件 银轮股份（002126） 2024 年三季度业绩预告点评：2024Q3 业绩 符合预期，公司经营整体稳健 2024 年 10 月 16 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|--------|----------|----------| | 盈利预测与估值 [Table_EPS] | 2022A | 2023A | 2024E | 2025E | 2026E | | 营业总收入（百万元） | 8480 | 11018 | 13512 | 16282 | 18759 | | 同比（ % ） | 8.48 | 29.93 | 22.63 | 20.50 | 15.22 | | 归母净利润（百万元） | 383.28 | 612.14 | 849.37 | 1,112.79 | 1,371.21 | | 同比（ % ） | 73.92 | 59.71 | 38.75 | 31.01 | 23.22 | | EPS- 最新摊 ...

公司报告 | 公司点评 业绩预计持续同比高增，全力加速第三曲线发展 24Q3 盈利预计同比+21.4%-32.8%，持续高增 公司发布三季度业绩预告，公司预计 2024 年前三季度实现归母净利润 5.95-6.1 亿元，同比增长 34.13-37.51%；实现扣非归母净利润 5.45-5.6 亿元， 同比增长 31.77%-35.4%。单季度来看，预计公司 24 年 Q3 实现归母净利润 为 1.9 至 2.1 亿元，同比增长 21.4%至 32.8%，环比-9.0%至-0.5%（中值 2.0 亿元，同比+27.1%，环比-4.7%）；实现扣非归母净利润为 1.83-1.98 亿元， 同比增长 18.05%至 27.73%，环比-1.1%至+7.0%（中值 1.9 亿元，同比+22.9%， 环比+3.0%）。 业绩持续高增，主要系：1）以 OPACC（扣除资本费用后的利润率）指标推 动经营效率持续提升；2）高效配置资源，迅速响应市场，各业务板块配套 份额和配套价值持续提升；3）积极拓展国际市场，持续推进海外经营体的 卓越运营，海外经营体的盈利能力显著提升，24H1 北美银轮扭亏为盈。 属地化制造、全球化运营下 ...

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 6.0-6.1 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 34.1% to 37.5% [1]. - The expected net profit for Q3 2024 is projected to be between 1.9 and 2.1 billion yuan, showing a year-on-year growth of 21.4% to 32.8% [1]. - The company has made significant progress in its overseas operations, particularly in North America, where its Mexican factory has reached breakeven and is expected to contribute positively to profits starting in 2024 [1]. - The growth in the new energy thermal management business is notable, with the company expanding its customer base to include major players like BYD, Li Auto, and others [1]. - The company is also seeing a breakthrough in its third growth curve, focusing on data center liquid cooling and energy storage systems, which is expected to significantly boost performance starting in 2024 [1]. Financial Forecasts - Revenue projections for 2024-2026 are 136.1 billion, 163.1 billion, and 193.0 billion yuan respectively, with net profits of 8.52 billion, 10.45 billion, and 12.61 billion yuan [1][2]. - Earnings per share (EPS) are forecasted to be 1.02, 1.26, and 1.52 yuan for the years 2024, 2025, and 2026 respectively [2][4]. - The price-to-earnings (PE) ratios are expected to be 19, 15, and 13 for the same years [2][4].

Investment Rating - The report maintains a "Recommended" rating for the company, with a target price based on a closing price of 19.07 CNY per share on October 14, 2024, corresponding to a PE ratio of 19/15/13 for the years 2024-2026 [1][3]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 6.0-6.1 billion CNY for the first three quarters of 2024, representing a year-on-year increase of 34.1% to 37.5% [1]. - The growth in Q3 2024 is attributed to cost reduction measures and improved operational efficiency, alongside significant contributions from overseas operations, particularly from the North American market [1]. - The company is experiencing rapid growth in its new energy thermal management business, expanding its customer base to include major players in the automotive industry [1]. - The third growth curve, focusing on digital and energy thermal management, is expected to contribute significantly to the company's performance starting in 2024 [1]. Financial Forecasts - Revenue projections for 2024-2026 are 136.1 billion CNY, 163.1 billion CNY, and 193.0 billion CNY respectively, with net profits of 8.52 billion CNY, 10.45 billion CNY, and 12.61 billion CNY [1][2]. - The report forecasts earnings per share (EPS) of 1.02 CNY, 1.26 CNY, and 1.52 CNY for the years 2024-2026 [2][4]. - The company’s financial metrics indicate a strong growth trajectory, with a net profit growth rate of 59.7% in 2023, expected to moderate to 20.7% by 2026 [4]. Business Performance - The company has successfully localized manufacturing and globalized operations, achieving breakeven in its Mexican plant and contributing to overall profitability in North America [1]. - The report highlights the company's strategic focus on enhancing profit margins through various operational improvements, including procurement cost reduction and quality enhancements [1]. - The company has secured multiple orders from new energy vehicle manufacturers, indicating a robust expansion in its product offerings and market share [1].

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is projected to be between 595 million and 610 million CNY, representing a year-on-year growth of 34.13% to 37.51% compared to 443.6 million CNY in the same period of 2023[2]. - The estimated net profit after deducting non-recurring gains and losses is expected to be between 545 million and 560 million CNY, indicating a year-on-year increase of 31.77% to 35.40% from 413.6 million CNY in the previous year[2]. - The estimated basic earnings per share for the first three quarters of 2024 is projected to be between 0.73 CNY and 0.75 CNY, compared to 0.56 CNY in the same period of 2023[2]. - For the third quarter of 2024, the estimated net profit attributable to shareholders is expected to be between 192 million and 210 million CNY, which is an increase of 21.42% to 32.81% from 158.1 million CNY in the third quarter of 2023[3]. - The estimated net profit after deducting non-recurring gains and losses for the third quarter is projected to be between 183 million and 198 million CNY, reflecting a year-on-year growth of 18.05% to 27.73% from 155.0 million CNY in the same quarter of 2023[4]. Strategic Focus - The company emphasizes a strategy focused on "solidifying the foundation, reducing costs and increasing efficiency, improving quality, and achieving excellence in operations" to enhance operational efficiency and respond to market challenges[6]. - The company is actively expanding its international market presence, leading to a significant improvement in the profitability of its overseas operations[6]. Cautionary Notes - The performance forecast has not been audited by an accounting firm, and investors are advised to exercise caution[5][7].