| 童細菌 | | | --- | --- | | 刘力宇 | | | 孟璐 | | | 郭雨蒙 | | | 孙仁昊 | | | 赖思旭 | יים סוגים | | 童明祺 | Distro | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2025年半年度报告。2025年上半年公司实现营业收入71.68亿元，同比增长16.52%； 实现归母净利润4.41亿元，同比增长9.53%。其中，2025Q2单季度公司实现营业收入37.51亿 元，同比增长17.89%，环比增长9.81%；实现归母净利润2.29亿元，同比增长8.30%，环比增长 7.79%。公司2025Q2业绩基本符合我们的预期。 2025Q2业绩符合预期，毛利率环比稍有下滑。 营收端，公司2025Q2单季度实现营业收入37.51亿元，环比增长9.81%。从主要下游2025Q2表 现来看：国内重卡销量26.84万辆，环比微增1.28%；狭义新能源乘用车批发359.89万辆，环比 增长25.01%；乘用车行业批发700.18万辆，环比增长10.99%。毛利率方面，公司2025Q2单季度 毛利率18.75%，环比下降1 ...

研发上，公司不断加大力度，集中优势资源打造全球化的研发体系，聚焦于新能源汽车热管理 方向。产品上，公司在新能源热管理领域拥有"1+4+N"的全面产品布局。布局上，公司秉承着 国际化的发展战略，在海外各市场持续推动生产及技术服务平台，更好地为全球客户进行属地 化的服务。客户上，公司新能源热管理业务覆盖了北美知名电动车企业、CATL、吉利、蔚 来、小鹏等优质客户，充分享受客户发展红利。此外，公司还持续布局数字能源和具身智能领 域，有望打造公司的第三及第四成长曲线。 | 童細菌 | | | --- | --- | | 刘力宇 | | | 孟璐 | | | 郭雨蒙 | | | 孙仁昊 | | | 赖思旭 | יים סוגים | | 童明祺 | Distro | 未经许可，不得转载或者引用。 | 投资要点 | | --- | 事件： 公司发布2025年半年度报告。2025年上半年公司实现营业收入71.68亿元，同比增长16.52%； 实现归母净利润4.41亿元，同比增长9.53%。其中，2025Q2单季度公司实现营业收入37.51亿 元，同比增长17.89%，环比增长9.81%；实现归母净利润2.29亿元，同比增长 ...

Group 1 - The pension funds have invested in 162 stocks, with 45 new entries and 43 increased holdings by the end of Q2, holding a total of 1.438 billion shares valued at 29.579 billion yuan [1][2] - The top holdings include Zhengtai Electric with 72.2298 million shares and Haiyou Development with 52.1022 million shares, with 76 stocks having a market value exceeding 100 million yuan [1][2] - The highest holding percentage is in Lanxiao Technology at 6.78%, followed by Top Cloud Agriculture and Spring Wind Power at 5.47% and 5.21% respectively [1][2] Group 2 - Pension funds are managed by the National Social Security Fund Council, with 77 stocks also having social security funds as major shareholders [2] - The longest-held stock by pension funds is Yinlun Co., which has appeared in the top ten shareholders for 31 consecutive reporting periods [2] - The majority of pension fund holdings are concentrated in the main board with 108 stocks, followed by 36 in the ChiNext and 18 in the Sci-Tech Innovation Board, primarily in the machinery and basic chemical industries [2] Group 3 - Among the stocks held by pension funds, 98 companies reported net profit growth in the semi-annual report, with Rongzhi Rixin showing the highest growth rate of 2063.42% [2] - Detailed holdings show that Zhengtai Electric has a holding of 72.2298 million shares, while Haiyou Development has 52.1022 million shares, with various other companies also listed with their respective holdings and industry classifications [2][3][4]

Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]

Core Viewpoint - The company reported a solid performance in the first half of 2025, with revenue and net profit showing significant year-on-year growth, driven by the expansion in the new energy vehicle thermal management and digital energy sectors [2][3][4]. Revenue Performance - In the first half of 2025, the company achieved revenue of 7.17 billion yuan, representing a year-on-year increase of 16.5%. The second quarter of 2025 saw revenue of 3.75 billion yuan, up 17.9% year-on-year and 9.8% quarter-on-quarter [2][3]. - The growth in revenue is primarily attributed to the release of orders in the new energy vehicle thermal management and digital energy businesses [3]. Profitability Analysis - The gross profit margin for Q2 2025 was 18.8%, a decrease of 2.1 percentage points year-on-year and 1.0 percentage point quarter-on-quarter. The net profit for Q2 2025 was 2.3 billion yuan, reflecting a year-on-year growth of 8.3% and a quarter-on-quarter increase of 7.8% [3]. - The increase in net profit is linked to the steady growth in revenue from the new energy vehicle thermal management and digital energy sectors, alongside enhanced economies of scale [3]. Cost Structure - The company’s expense ratios for sales, management, R&D, and financial costs in Q2 2025 were 1.8%, 4.9%, 3.7%, and 0.0%, respectively, showing a year-on-year decrease across all categories due to cost reduction and efficiency improvements [3]. Global Strategy and Performance - The company has implemented a global business model, enhancing its supply chain in North America, Europe, and Southeast Asia, which has improved its ability to manage uncertainties. In H1 2025, North America generated revenue of 790 million yuan, achieving a net profit of 30 million yuan with a net profit margin of 4.4% [4]. - The European segment, particularly a new factory in Poland, has also turned profitable [4]. Digital Energy Business Growth - The digital energy division, established in 2021, focuses on various sectors including data centers and energy storage. In 2024, the division secured new annual orders worth 950 million yuan, with H1 2025 adding 640 million yuan in new orders, indicating a strong upward trend [5]. Intelligent Business Development - The company is advancing its embodied intelligence business, developing a comprehensive product system that includes various modules. Significant progress has been made in product development, with collaborations established with several universities to enhance its competitive edge [6]. Future Outlook - The company is expected to continue expanding in the new energy vehicle thermal management sector and enhance its global footprint. Revenue projections for 2025-2027 are 15.61 billion, 18.47 billion, and 21.76 billion yuan, with net profits of 1.04 billion, 1.32 billion, and 1.63 billion yuan, respectively [7].

Group 1: Company Overview - The company is Zhejiang Yinlun Machinery Co., Ltd., with stock code 002126 and bond code 127037 [1] - The investor relations activity was recorded on August 28, 2025, via a telephone conference [3][6] Group 2: Investor Participation - A total of 112 participants from various investment firms attended the meeting, including Fidelity, BoShi Fund, and Huatai Securities [2][3] - The meeting included representatives from both domestic and international investment firms, showcasing a diverse investor interest [2] Group 3: Business Growth and Strategy - The company anticipates a high growth rate in its digital energy business, focusing on data centers, energy storage, and low-altitude aircraft over the next 2-3 years [3][4] - The data center liquid cooling strategy involves a comprehensive approach with a focus on system integration and component manufacturing [4] Group 4: Competitive Advantages - The company leverages its existing automotive thermal management expertise to enhance its data center thermal management capabilities [4] - Key advantages include strategic, technical, and customer-related strengths, such as in-house component manufacturing and reduced leakage risks through advanced technology [4] Group 5: Future Strategic Goals - The long-term goal for the data center thermal management segment is to exceed 50% of the overall scale of the digital and energy division [4] - The company aims to establish a global presence by targeting leading global enterprises and developing a comprehensive product range from components to systems [4] Group 6: Robotics and Supply Chain - The company is actively developing robotic solutions and has established partnerships to enhance its product offerings [4] - A global procurement and supply chain management framework has been established to mitigate geopolitical risks, covering North America, Europe, and Southeast Asia [5][6]

| | | 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。 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2025年4月17日召 开第九届董事会第二十次会议、2025年5月9日召开2024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 19家控股子公司或其下属控股公司银行融资提供担保总额度605,443万元，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 | 210,000 | | 2 | 山东银轮热交换系统有限公司 | 55,000 | | 3 | 四川银轮新能源热管理系统有限公司 | 15,000 | | 4 | 西安银轮新能源热管理系统有限公司 | 6,000 | | 5 | 浙江银轮智能装备有限公司 | 9,500 | | 6 | 浙江银轮国际贸易有限公司 | ...

证券研究报告·公司点评报告·汽车零部件 银轮股份（002126） 2025 年半年报点评：2025Q2 业绩符合预期， 多轮驱动公司快速发展 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 11,018 | 12,702 | 15,346 | 18,236 | 21,381 | | 同比（%） | 29.93 | 15.28 | 20.82 | 18.83 | 17.24 | | 归母净利润（百万元） | 612.14 | 783.53 | 1,002.00 | 1,247.13 | 1,530.52 | | 同比（%） | 59.71 | 28.00 | 27.88 | 24.46 | 22.72 | | EPS-最新摊薄（元/股） | 0.73 | 0.94 | 1.20 | 1.49 | 1.83 | | P/E（现价&最新摊薄） | 50.96 | 39.82 | 31.13 | 25.01 | 20.3 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2025 performance shows a significant increase in revenue and net profit, driven by robust growth across various business segments, particularly in commercial vehicles and passenger vehicles [4][7] - The dual drivers of growth are identified as "server liquid cooling" and "robotic joints," which are expected to provide strong momentum for future growth [7] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to the parent company of 441 million yuan, up 9.53% year-on-year [4][7] - For Q2 2025, the company reported revenue of 3.751 billion yuan, with a quarter-on-quarter increase of 17.89% and a year-on-year increase of 9.81%. The net profit for Q2 was 229 million yuan, reflecting a quarter-on-quarter increase of 8.3% and a year-on-year increase of 7.79% [4][7] Business Segments - The commercial vehicle and non-road business segments generated revenue of 2.4 billion yuan, with a gross margin of 24.2%, while the passenger vehicle segment achieved revenue of 3.8 billion yuan, with a gross margin of 14.94% [7] - The company has established a comprehensive product layout in the data center sector, including various liquid cooling solutions, and is making progress in customer expansion [7] Future Projections - The company is expected to achieve revenues of 15 billion yuan, 17.1 billion yuan, and 19.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18%, 14%, and 14% [7][9] - Net profit forecasts for the same period are 1.049 billion yuan, 1.303 billion yuan, and 1.557 billion yuan, with growth rates of 34%, 24%, and 19% [9][10]

昨日基金共对44家公司进行调研，扎堆调研银轮股份（002126）、深南电路（002916）、东方钽业 （000962）等。 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 002126 | 银轮股份 | 36 | 37.37 | -1.01 | 汽车 | | 002916 | 深南电路 | 33 | 169.50 | 18.77 | 电子 | | 000962 | 东方钽业 | 25 | 20.40 | -5.03 | 有色金属 | | 300308 | 中际旭创 | 23 | 325.10 | 21.40 | 通信 | | 603757 | 大元泵业 | 21 | 57.26 | 18.85 | 机械设备 | | 001222 | 源飞宠物 | 15 | 21.89 | -0.50 | 轻工制造 | | 300990 | 同飞股份 | 15 | 70.30 | -8.83 | 机械设备 | | 002020 | 京新药业 | 14 | 19.09 | 0.63 | 医药生物 | | ...