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 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-028 | | --- | --- | | 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 为充分尊重投资者、提升公司与投资者之间的交流效率及针对性，现就公司本次业 绩说明会提前向投资者公开征集问题，投资者可提前进入深圳证券交易所"互动易"平台 （http://irm.cninfo.com.cn）"云访谈" 进行提问，或通过扫描以下本次业绩说明会问题 征集二维码提交相关问题，公司将在本次业绩说明会上对投资者普遍关注的问题进行回 答。欢迎广大投资者积极参与。 （公司2024年度网上业绩说明会二维码） 特此公告 关于举行2024年年度报告网上说明会的公告 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2025年4月19日在巨潮资讯网披 露了《2024年年度报告》及其摘要。为进一步做好投资者关系管理工作，加强与广大投 资者的沟通，让广大投资者深入了解公司2024年年度报告及年度经营情况，公司定于 2025年5月12日（ ...

Group 1 - The core viewpoint of the article is that Yinlun Co., Ltd. (002126) reported a revenue of 3.416 billion yuan in the first quarter of 2025, reflecting a year-on-year growth of 15.05% [1] - The net profit for the same period was 212 million yuan, showing a year-on-year increase of 10.89% [1]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-026 | | --- | --- | | 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 第九届监事会第十六次会议决议公告 本公司及监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第九届监事会第十六次会议通知于2025年4月24日以电 子邮件方式发送给各位监事，会议于2025年4月29日以通讯表决方式召开。会议应到监 事3人，实到监事3人，符合《公司法》《公司章程》的有关规定。会议由监事会主席朱 文彬先生主持，经表决形成决议如下： 一、审议通过了《2025年第一季度报告》 表决结果：同意3票、反对0票、弃权0票，同意票数占全体监事票数的100%。 特此公告 浙江银轮机械股份有限公司 监 事 会 2025 年 4 月 29 日 经审核，监事会认为：公司2025年第一季度报告的编制和审批程序符合法律、行政 法规及中国证监会、深圳证券交易所的相关规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-025 | | --- | --- | | 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 第九届董事会第二十一次会议决议公告 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。 浙江银轮机械股份有限公司第九届董事会第二十一次会议通知于 2025 年 4 月 24 日 以邮件和专人送达等方式发出，会议于 2025 年 4 月 29 日上午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 过了如下决议： 一、审议通过了《2025 年第一季度报告》 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%。 《2025 年第一季度报告》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）。 二、审议通过了《2024 年 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥3,416,263,841.99, representing a 15.05% increase compared to ¥2,969,367,795.11 in the same period last year[5] - Net profit attributable to shareholders for Q1 2025 was ¥212,363,345.15, up 10.89% from ¥191,504,960.60 in the previous year[5] - Basic earnings per share increased to ¥0.26, an 8.33% rise from ¥0.24 in the same period last year[5] - Net profit for the current period was ¥238,101,581.55, representing a growth of 12.8% from ¥210,953,710.43 in the previous period[18] - The net profit attributable to the parent company was ¥212,363,345.15, an increase of 10.9% compared to ¥191,504,960.60 last year[18] - The company reported a total comprehensive income of ¥260,724,757.44, compared to ¥196,721,841.41 in the previous period, indicating a growth of 32.6%[18] Cash Flow - The net cash flow from operating activities improved significantly, reaching -¥135,238,381.45, a 78.80% increase from -¥637,938,327.47 year-on-year[5] - Net cash inflow from operating activities was CNY 2,429,528,205.71, an increase from CNY 1,979,571,077.08 year-over-year[21] - Net cash outflow from operating activities was CNY 2,564,766,587.16, compared to CNY 2,617,509,404.55 in the previous year[21] - Cash inflow from financing activities totaled CNY 1,845,924,936.53, up from CNY 1,158,335,519.64 in the previous year[22] - The net increase in cash and cash equivalents was CNY 116,953,375.31, contrasting with a decrease of CNY 165,557,279.14 in the previous year[22] - The ending balance of cash and cash equivalents was CNY 1,870,683,397.35, compared to CNY 1,412,427,963.08 at the end of the previous year[22] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥19,205,731,972.75, a 4.59% increase from ¥18,362,138,756.84 at the end of the previous year[5] - Total liabilities increased to ¥11,840,640,465.66, up from ¥11,290,344,646.41, reflecting a growth of 4.9%[14] - Total equity rose to ¥7,365,091,507.09, compared to ¥7,071,794,110.43, marking an increase of 4.1%[14] - The total current assets amount to ¥12,182,483,457.27, an increase from ¥11,493,504,083.49 at the beginning of the period, representing a growth of approximately 6.0%[13] - The total non-current assets are valued at ¥7,023,248,515.48, up from ¥6,868,634,673.35, indicating a growth of approximately 2.3%[13] - Short-term borrowings increased to ¥2,607,297,435.97 from ¥2,063,530,858.32, representing a significant increase of about 26.4%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,697[10] - The largest shareholder, Xu Xiaomin, holds 6.66% of shares, totaling 55,615,820 shares[10] - The company has no preferred shareholders as indicated in the report[11] Expenses - Total operating costs amounted to ¥3,131,333,531.61, up 14.3% from ¥2,738,214,542.52 in the prior period[16] - Research and development expenses were ¥136,756,160.11, slightly down from ¥136,840,304.13 in the prior period[17] - The company reported a significant decrease in financial expenses, down 87.42% to ¥3,331,273.87 from ¥26,475,702.80 year-on-year[8] Investment Income - Investment income for the period was ¥5,299,297.95, a substantial increase of 114.05% compared to ¥2,475,703.75 in the previous year[8] - Cash received from investment recoveries was CNY 526,753,052.04, significantly higher than CNY 196,167,745.48 in the previous year[21]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company [1]. Core Views - The company achieved a revenue of 12.702 billion yuan in 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28% year-on-year [4]. - The passenger vehicle segment continues to grow, with revenue reaching 7.09 billion yuan, a 30.63% increase year-on-year, while the digital and energy segment saw revenue of 1.027 billion yuan, growing by 47.44% [5]. - The company is expanding its global operations, with significant revenue growth in North America (50.47%) and Europe (31.29%) [6]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.497 billion yuan, a 15.57% increase year-on-year, and a net profit of 179 million yuan, up 6.4% [4]. - The gross margin for 2024 was 20.12%, slightly down by 1.45 percentage points due to price competition in the automotive industry [5]. - The net profit margin improved to 7.04%, an increase of 0.68 percentage points, indicating strong manufacturing capabilities [5]. Market Expansion - The company has established a global thermal management supply system, with revenues from China, North America, and Europe reaching 9.415 billion, 2.035 billion, and 741 million yuan respectively, showing growth rates of 10.16%, 60.23%, and 17.16% [6]. - The company plans to invest more resources into overseas production capacity and enhance local supply chain capabilities [6]. Project Pipeline and R&D - The company has over 300 new projects in the pipeline, expected to contribute annual sales of 9.073 billion yuan, with the new energy sector projected to contribute 6.843 billion yuan [7]. - Ongoing R&D efforts focus on core thermal management technologies, with successful projects leading to key customer engagements and mass production [7]. Future Projections - Revenue forecasts for 2025 to 2027 are 15.051 billion, 17.550 billion, and 20.137 billion yuan, with year-on-year growth rates of 18.5%, 16.6%, and 14.7% respectively [8]. - Net profit projections for the same period are 1.013 billion, 1.269 billion, and 1.563 billion yuan, with corresponding growth rates of 29.3%, 25.3%, and 23.2% [8].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [8] Core Views - The company achieved a total revenue of 12.7 billion yuan in 2024, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 780 million yuan, up 28.0% [1][5] - The growth in revenue is primarily driven by the increase in income from the passenger vehicle sector, which generated 7.09 billion yuan (up 30.6%), and the digital and energy sectors, which saw revenue of 1.03 billion yuan (up 47.4%) [5] - The company continues to focus on cost reduction and efficiency improvement, with a total expense ratio of 11.7%, down 1.6 percentage points year-on-year [5] - The company is enhancing its technological innovation capabilities, particularly in the field of thermal management for new energy vehicles, achieving significant breakthroughs in sales [5][6] - The company has successfully captured market opportunities, with over 300 new projects secured in 2024, expected to generate additional annual revenue of approximately 9.073 billion yuan [5][6] Financial Performance - The company reported a gross margin of 20.1% in 2024, a decrease of 1.4 percentage points year-on-year, while the net margin improved to 7.0%, an increase of 0.7 percentage points [5] - The projected revenue for 2025 is estimated at 15.306 billion yuan, with a year-on-year growth of 21% [7][25] - The company’s return on equity (ROE) for 2024 was 12.6%, with expectations for continued improvement in the coming years [2][25] Market Position and Strategy - The company is strategically positioned to leverage growth in the new energy vehicle market and has optimized its international organizational structure to enhance global operations [6][8] - The company has made significant progress in overseas markets, with North America achieving a revenue of approximately 19.646 million USD, a year-on-year increase of 50.47% [6]

事件： 4 月19 日，公司发布2024 年年度报告，业绩符合预期，2024 年实现营收127.02 亿元，同比+15.28%； 实现归母净利润7.84 亿元，同比+28.00%；实现扣非归母净利润6.83 亿元，同比+17.54%。2024 年Q4 实现营收34.97亿元，同比+15.57%，环比+14.51%；实现归母净利润1.79 亿元，同比+6.40%，环 比-10.91%；实现扣非归母净利润1.34 亿元，同比-20.14%，环比-27.83%。 公司多线业务齐头并进，第三第四曲线进展顺利公司目前目前已形成第一、第二曲线等基盘业务稳健增 长，第三、第四曲线等新兴业务高速发展的趋势。特别是在新兴业务方面，公司目前已取得显著进展： 在数字能源热管理领域，公司依托车规级热管理技术，成功拓展至储能系统、超充设备、数据中心等领 域，特别是在数据中心液冷解决方案实现里程碑式突破，储能超充液冷机组业务呈现强劲增长态势。在 具身智能（机器人）领域，加强核心技术攻关，储备底层技术，截止报告期末已获得机器人领域10 项 专利授权，并在关键零部件开发和市场拓展方面取得重要进展。 公司近期提议回购彰显发展信心 公司董事长徐 ...

188只个股今日获机构买入型评级，登康口腔、健帆生物最新评级被调高，18股机构首次关注。 证券时报·数据宝统计显示，今日机构研报共发布265条买入型评级记录，共涉及188只个股。银轮股 份、妙可蓝多等关注度最高，均有6次机构买入型评级记录。 | 代码 | 简称 | 买入评级家数 | 今日涨跌幅（%） | 动态市盈率（倍） | 行业 | | --- | --- | --- | --- | --- | --- | | 002126 | 银轮股份 | 6 | -2.57 | 25.90 | 汽车 | | 600882 | 妙可蓝多 | 6 | -3.68 | 41.11 | 食品饮料 | | 688041 | 海光信息 | 5 | -1.05 | | 电子 | | 600346 | 恒力石化 | 5 | -0.38 | 13.37 | 石油石化 | | 301498 | 乖宝宠物 | 5 | -2.59 | 48.36 | 农林牧渔 | | 601009 | 南京银行 | 5 | 0.00 | 4.73 | 银行 | | 600584 | 长电科技 | 4 | -1.15 | 36.43 | 电子 | | 6038 ...