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].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-080 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 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、回购股份方案基本情况 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《关于实施权益分派调整股 份回购价格上限的公告》 ...

1. 可转换公司债券的发行情况 | 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-081 | | --- | --- | | 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2024年第三季度可转换公司债券转股情况的公告 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。 特别提示： 股票代码：002126 股票简称：银轮股份 可转债代码：127037 可转债简称：银轮转债 转股价格：人民币 10.51 元/股 转股期限：2021 年 12 月 13 日至 2027 年 6 月 6 日（因 2027 年 6 月 6 日为非交易 日，实际转股截止日期为 2027 年 6 月 4 日） 一、可转换公司债券发行上市情况 经中国证券监督管理委员会"证监许可〔2021〕672 号"文核准，浙江银轮机械股份 有限公司（以下简称"公司"）于 2021 年 6 月 7 日公开发行了 700 万张可转换公司债券， 每张面值人民币 100 元，发行总额人民币 7 亿元。发行方式采用向公司原股东优先配售， 原股东优先配售后余额部分 ...

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 | 10,000 | | 4 | 浙江银轮智能装备有限公司 | 6,200 | | 5 | 天台银申铝业有限公司 | 14,000 | | 6 | 天台振华表面处理有限公司 | 2,553 | | 小计 | | 217,753 | | | 二、为资产负债率低于 70%子公司担保额度 | | | 1 | 上海银轮热交换系统有限公司 | 123,000 | | ...

2024 年 09 月 10 日 评级 买入 | --- | --- | |------------------------------------|-------------------| | 评级变动 交易数据 \n当前价格（元） | 维持 \n16 . 33 | | 52 周价格区间（元） | 14 . 58 - 20 . 00 | | 总市值（百万） | 13515 . 93 | | 流通市值（百万） | 12708 . 79 | | 总股本（万股） | 82767 . 50 | | 流通股（万股） | 77824 . 80 | | | | 涨跌幅比较 | --- | --- | --- | --- | |------------------------|----------|------------|---------| | | | | | | 18% 8% | 银轮股份 | 汽车零部件 | | | -2% -12% | | | | | -22% 2023-09 2023-12 | 2024-03 | 2024-06 | 2024-09 | | % | 1M | 3M | 12M | | 银轮股份 ...

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"）近日接到公司股东宁波正晟企业 管理合伙企业（有限合伙）（以下简称"宁波正晟"）通知，其持有的部分股份解除质 押，现将具体情况公告如下： 一、 股东股份解除质押基本情况 | | 是否为控股 | 本次解除 | 占其所 | 占公司 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东 | 股东或第一 | 质押股份 | 持股份 | 总股本 | 起始 | 解除 | 质权人 | | 名称 | 大股东及其 | 数量 | 比例 | 比例 | 日期 | 日期 | | | | 一致行动人 | （万股） | （%） | （%） | | | | | 宁波 | 是 | 196.00 | 6.12 | 0.23 | 2023- | 2024- | 广发证券资产管理 | | 正晟 | | | | | 9-26 | 9-12 | （广东）有限公司 | | 宁波 | | | | | 2023- | 2024- | 广发证券资产管理 ...