表决结果：同意 9 票、弃权 0 票、反对 0 票，同意票数占全体董事票数的 100%。 浙江银轮机械股份有限公司 基于对公司未来发展前景的信心和对公司价值的高度认可，同意公司使用自有资金 及股票回购专项贷款以集中竞价交易的方式回购部分公司境内上市人民币普通股（A 股），回购股份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）。 全部回购的股份拟用于公司实施股权激励计划或员工持股计划，回购股份价格不超过人 民币 36 元/股，回购期限为自董事会审议通过回购股份方案之日起不超过 12 个月，具体 回购股份的数量以回购期满时实际回购的股份数量为准。详见于同日刊登在《证券时报》 《上海证券报》及巨潮资讯网（http://www.cninfo.com.cn）上的《关于回购股份方案暨 取得回购专项贷款承诺函的公告》。 第九届董事会第二十二次会议决议公告 | 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-029 | | --- | --- | | 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 ...

银轮股份（002126）公告，公司拟5000万元-1亿元回购股份，资金来源为自有资金及股票回购专项贷 款，贷款比例不高于股票回购金额的90%。公司已取得中国工商银行浙江省分行《关于对浙江银轮机械 股份有限公司股票回购专项贷款项目的承诺函》，同意为公司回购股份提供专项贷款不超过人民币9000 万元，贷款期限不超过3年，具体贷款事宜将以双方签订的贷款合同为准。本次回购股份价格不超过人 民币36元/股，回购股份拟用于公司实施股权激励计划或员工持股计划。若在股份回购方案完成后未能 在本次股份回购方案完成之日起三年内用于前述用途，未授予或转让的股份将依法予以注销。如国家对 相关政策作调整，则本股份回购方案按调整后的政策实行。 ...

Core Viewpoint - The company reported its Q1 2025 results, showing a year-on-year revenue growth of 15.05% and a net profit increase of 10.89%, indicating stable performance in a challenging market environment [2][3]. Financial Performance - In Q1 2025, the company achieved a revenue of 3.416 billion yuan, reflecting a year-on-year growth of 15.05% but a slight quarter-on-quarter decline of 2.31% [2][3]. - The net profit attributable to shareholders was 212 million yuan, up 10.89% year-on-year and 18.42% quarter-on-quarter, with a corresponding net profit margin of 6.22% [3]. - The comprehensive gross margin for Q1 2025 was 19.79%, showing a year-on-year decrease of 1.77 percentage points and a slight quarter-on-quarter decline of 0.45 percentage points [3]. Industry Insights - The domestic heavy truck industry saw wholesale sales of 265,000 units in Q1 2025, a quarter-on-quarter increase of 21% [3]. - The narrow definition of the domestic new energy passenger vehicle industry experienced wholesale sales of 2.8469 million units, down 34.13% quarter-on-quarter [3]. - The overall narrow definition of passenger vehicles had wholesale sales of 6.2761 million units, reflecting a quarter-on-quarter decline of 28.27% [3]. Strategic Advantages - The company focuses on enhancing its global R&D system, particularly in the field of new energy thermal management, leveraging its "1+4+N" product layout to capture market opportunities [4]. - The company adheres to an international development strategy, establishing production and technical service platforms in overseas markets to better serve global customers [4]. - The company's thermal management business for new energy vehicles includes partnerships with renowned electric vehicle manufacturers, benefiting from customer growth [4]. Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 1.07 billion yuan, 1.309 billion yuan, and 1.567 billion yuan respectively, with corresponding EPS of 1.28 yuan, 1.57 yuan, and 1.88 yuan [6]. - The projected P/E ratios for 2025-2027 are 19.84x, 16.21x, and 13.54x, respectively, with a "buy" rating maintained [6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a steady growth in revenue and net profit for Q1 2025, with revenue reaching 3.416 billion yuan, up 15.05% year-on-year, and net profit attributable to shareholders at 212 million yuan, up 10.89% year-on-year [6][7]. - The company's gross margin was 19.79%, a decrease of 1.77 percentage points year-on-year, primarily due to changes in accounting policies, while the net profit margin was 6.97%, down 0.13 percentage points year-on-year [7]. - The company is rapidly expanding its third curve business, which includes thermal management products for various sectors such as commercial vehicles, passenger cars, new energy, and emerging fields like smart driving and data processing centers, indicating strong future growth potential [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 3.416 billion yuan, a year-on-year increase of 15.05%, and a net profit of 212 million yuan, up 10.89% year-on-year [6][7]. - The company expects to achieve total revenue of 15.5 billion, 17.8 billion, and 19.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22%, 15%, and 10% [9][10]. Profitability Forecast - The forecasted net profit for the company is 1.1 billion, 1.3 billion, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 36%, 24%, and 17% [9][10]. - The expected earnings per share (EPS) are projected to be 1.28, 1.59, and 1.86 yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 20, 16, and 14 times [9][10]. Business Expansion - The company is actively developing its third curve business, which includes products for energy storage, liquid cooling systems, and data center cooling solutions, indicating a strategic focus on high-growth areas [7][9].

Group 1 - The company's Q1 2025 revenue reached 3.42 billion yuan, representing a year-on-year increase of 15.1% and a quarter-on-quarter decrease of 2.3% [1] - The net profit attributable to the parent company for Q1 2025 was 210 million yuan, up 10.9% year-on-year and up 18.5% quarter-on-quarter [1] - The gross profit margin for Q1 2025 was 19.8%, a decrease of 1.8 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, mainly due to product price declines and structural changes [1] Group 2 - The company aims to enhance its global operations, with a significant focus on North America, where self-operated business revenue reached 200 million USD in 2024, a year-on-year increase of 50.5% [2] - The European segment achieved revenue of 160 million yuan in 2024, reflecting a year-on-year growth of 31.3% [2] Group 3 - The company has been developing its third growth curve since 2021, focusing on digital and energy thermal management, with significant orders from clients like AUX and Sungrow in H1 2023 [3] - In 2024, the company secured major projects including large cooling modules for diesel generators and energy storage liquid cooling systems, with new orders in the digital energy business amounting to 953 million yuan [3] Group 4 - The company is expected to achieve revenues of 15.61 billion yuan, 18.47 billion yuan, and 21.76 billion yuan for the years 2025, 2026, and 2027 respectively, with net profits of 1.09 billion yuan, 1.44 billion yuan, and 1.79 billion yuan [3]

Core Insights - The company reported a revenue of 12.702 billion in 2024, representing a year-on-year increase of 15.28%, and a net profit of 784 million, up 28.00% year-on-year [1] - For Q1 2025, the company achieved a revenue of 3.416 billion, a year-on-year growth of 15.05%, and a net profit of 212 million, increasing by 16.25% year-on-year [2] Segment Analysis - In 2024, the passenger vehicle segment generated revenue of 7.090 billion, up 30.63% year-on-year, with a gross profit of 1.164 billion, an increase of 24.11% year-on-year, benefiting from the rise in new energy vehicle penetration and breakthroughs in new project allocations [3] - The commercial vehicle and non-road segments saw revenue of 4.176 billion, down 7.52% year-on-year, with a gross profit of 971 million, a decline of 11.99% year-on-year [3] - The digital and energy segment reported revenue of 1.027 billion, up 47.44% year-on-year [3] - The gross margin for the passenger vehicle segment was 16.42%, down 0.5 percentage points year-on-year, while the commercial vehicle and non-road segment had a gross margin of 23.24%, up 0.9 percentage points year-on-year [3] Expense Analysis - In 2024, the sales, management, financial, and R&D expense ratios were 1.41%, 5.36%, 0.45%, and 4.51%, respectively, showing a decrease in sales, management, and financial expenses, while R&D expenses increased slightly [3] - For Q1 2025, the expense ratios were 1.40%, 5.25%, 0.10%, and 4.00% [3] Future Outlook - The company secured over 300 new project allocations in 2024, which are expected to generate an additional annual revenue of approximately 9.073 billion once fully operational [4] - The company is enhancing its local capabilities in North America and accelerating the construction and production of factories in Mexico, Southeast Asia, and Europe [4] - Significant progress has been made in data center liquid cooling solutions and key components for humanoid robots, which are expected to provide strong growth momentum for future performance [4] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 14.928 billion, 17.418 billion, and 20.117 billion, reflecting year-on-year growth rates of 17.52%, 16.68%, and 15.50% respectively [5] - Net profit forecasts for the same period are 1.029 billion, 1.269 billion, and 1.587 billion, with year-on-year growth rates of 31.31%, 23.36%, and 25.06% respectively [5] - The company's core business remains stable, and progress in third and fourth growth curves supports a "buy" rating [5]

Core Viewpoint - The company reported its Q1 2025 financial results, showing a year-on-year revenue increase of 15.1% and a net profit increase of 10.9%, indicating strong performance driven by the release of orders in the new energy vehicle thermal management and digital energy sectors [1][2]. Financial Performance - Q1 2025 revenue reached 34.2 billion yuan, up 15.1% year-on-year but down 2.3% quarter-on-quarter [1][2]. - The net profit attributable to shareholders was 2.1 billion yuan, reflecting a year-on-year increase of 10.9% and a quarter-on-quarter increase of 18.5% [1][2]. - The company's gross margin for Q1 2025 was 19.8%, a decrease of 1.8 percentage points year-on-year and 0.4 percentage points quarter-on-quarter, primarily due to product price declines and structural changes [2]. Cost Structure and Efficiency - The company’s expense ratios for sales, management, R&D, and financial costs were 1.4%, 5.2%, 4.0%, and 0.1%, respectively, showing reductions across all categories compared to the previous year and quarter [2]. - The optimization of the cost structure was driven by scale effects and cost reduction initiatives [2]. Business Expansion and Global Strategy - The company is focusing on global expansion, particularly in North America, where it achieved a self-operated business revenue of 20 million USD in 2024, a 50.5% year-on-year increase, and turned a profit with a net income of approximately 604,000 USD [3]. - The European segment also showed growth, with revenues of 1.6 billion yuan, up 31.3% year-on-year [3]. - The company has established a digital and energy thermal management division since 2021, focusing on data center liquid cooling and energy storage systems, with significant orders secured in 2023 [3]. Future Outlook - The company is expected to continue expanding in the new energy vehicle thermal management sector and enhance its global presence, with projected revenues of 156.1 billion yuan, 184.7 billion yuan, and 217.6 billion yuan for 2025-2027 [4]. - Net profits are forecasted to be 10.9 billion yuan, 14.4 billion yuan, and 17.9 billion yuan for the same period, with corresponding EPS of 1.31, 1.72, and 2.15 yuan [4].

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：2025-003 | 投资者关系 | ▇特定对象调研 | □分析师会议 | | | --- | --- | --- | --- | | | □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 171 | 人，具体参与单位如下： | | | | 艾希控股 | 白犀基金 | 宝隽资管 | | | 北京深高私募基金 | 北京鑫翰资管 | 贝莱德基金 | | | 彼得明奇私募基金 | 财通证券 | 财通证券资管 | | | 乘是资产 | 东北证券 | 东方财富 | | | 东吴证券 | 方正证券 | 沣沛投资 | | | 复星恒利资管 | 高信百诺资管 | 工银资管(全球) | | | 固禾私募基金 | 关呈私募 | 光大证券 | | | 广发证券 | 广州泓阈基金 | 国海证券 | | | 国华兴益资管 | 国联安基金 | 国融证券 | | | 国 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a steady revenue growth of 15.05% year-on-year, with operating income reaching 3.416 billion yuan and a net profit attributable to shareholders of 212 million yuan, up 10.89% year-on-year [2] - The company's profitability continues to improve, driven by effective cost control, with a significant reduction in financial expenses by 88.46% year-on-year [3] - The company is accelerating its overseas business expansion, achieving a 50.47% year-on-year increase in self-operated business revenue in North America, and a 31.29% year-on-year increase in revenue from its European segment [4] - The company has achieved historic breakthroughs with key clients across its three business lines, with new projects expected to generate an additional annual revenue of approximately 9.073 billion yuan [5] - The company is proactively exploring emerging fields such as robotics, having secured 10 patents in this area and making significant progress in key component development [6][7] Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 3.416 billion yuan, a year-on-year increase of 15.05%, and a net profit of 212 million yuan, up 10.89% [2] - The company's cost management has improved, with sales, management, and R&D expense ratios decreasing year-on-year [3] Business Expansion - The company is enhancing its global manufacturing footprint, with new facilities in North America, Southeast Asia, and Europe, contributing to significant revenue growth in these regions [4] - The North American segment achieved self-operated business revenue of 19.646 million USD, a 50.47% increase year-on-year [4] Growth Opportunities - The company has secured over 300 new projects, with expected annual revenue contributions from various business segments, including digital energy and new energy vehicles [5] - The company is strategically positioning itself in the robotics sector, focusing on key customer collaborations and technology advancements [6][7] Earnings Forecast - The company is projected to achieve revenues of 16.030 billion yuan, 18.883 billion yuan, and 21.574 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.048 billion yuan, 1.251 billion yuan, and 1.503 billion yuan [8]

0576-83938250 浙江省天台县福溪街道始丰东路8号 2024 年度可持续发展报告 浙江银轮机械股份有限公司 股票代码：002126 01 可持续发展管理理念 可持续发展治理体系 利益相关方沟通 重要性议题管理 可持续发展篇 10 11 13 14 02 公司治理 商业行为 党建引领 治理篇 16 20 22 03 应对气候变化 环境合规管理 资源管理 物料管理 保护生物多样性 环境篇 26 33 40 45 45 04 研发与创新 产品和服务安全与质量 供应链安全与稳定 供应商社会责任风险评估 信息安全管理 产业价值篇 47 56 64 71 72 05 职业健康安全 劳工权益保障 员工培训与发展 社会贡献 美好生活篇 78 85 91 97 关于本报告 01 附录一：绩效表 附录二：指标索引表 附录三：意见反馈表 101 106 107 关于本报告 走进银轮股份 董事长致辞 2024年可持续发展亮点 可持续发展篇 治理篇 环境篇 产业价值篇 美好生活篇 contents 走进银轮股份 02 董事长致辞：绿色发展创新驱动，责任担当基业长青 07 2024年可持续发展亮点 08 关于本报告 走进银轮股 ...