Investment Rating - The report maintains a "Buy" rating for the company [12] Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 400 million to 420 million yuan in the first half of 2024, representing a year-on-year growth of 40.12% to 47.12% [11] - The second quarter of 2024 is projected to yield a net profit of 208 million to 228 million yuan, with a year-on-year increase of 30.82% to 43.40% and a quarter-on-quarter growth of 8.33% to 18.75% [11] - The strong performance is attributed to ongoing cost reduction and efficiency enhancement measures, improved operations at overseas factories, and increased market share and order volume across various business segments [11] Financial Forecasts - Total revenue is forecasted to reach 13.51 billion yuan in 2024, with a year-on-year growth of 22.63% [6] - The net profit attributable to shareholders is projected to be 849.37 million yuan in 2024, reflecting a year-on-year increase of 38.75% [6] - The earnings per share (EPS) for 2024 is estimated at 1.03 yuan, with a price-to-earnings (P/E) ratio of 16.54 [6][12] Business Development - The company is focusing on the development of its new energy thermal management business, leveraging its four core advantages: technology, products, layout, and customers [2] - The company has established a comprehensive product layout in the new energy thermal management sector and is expanding its presence in both industrial and civilian markets [2] - The international development strategy includes enhancing production and technical service platforms in overseas markets to better serve global customers [2]

Investment Rating - The report maintains a "Buy" rating for Yinlun Co Ltd (002126 SZ) [4] Core Views - Yinlun Co Ltd is expected to achieve a net profit attributable to the parent company of 4 0-4 2 billion yuan in H1 2024, a year-on-year increase of 40%-47% [2] - The company is expanding into new thermal management application fields such as data centers, energy storage, and heat pumps, leveraging its automotive thermal management technology [3] - Yinlun Co Ltd has achieved a breakthrough in data center server liquid cooling business and is growing its energy storage and supercharging liquid cooling unit business [3] - The company is actively exploring other application scenarios, including computing power and artificial intelligence, laying a solid foundation for medium- and long-term development [3] - The report forecasts net profit attributable to the parent company of 8 8/11 4/14 0 billion yuan for 2024-2026, with corresponding P/E ratios of 16/12/10 times [4] Financial Performance and Projections - In 2024H1, the company expects a net profit attributable to the parent company of 4 0-4 2 billion yuan, up 40%-47% YoY, and a non-GAAP net profit of 3 5-3 7 billion yuan, up 35%-43% YoY [2] - For Q2 2024, the company estimates a net profit attributable to the parent company of 2 1-2 3 billion yuan, a YoY increase of 31%-43% and a sequential increase of 8%-19% [15] - The company's revenue target for 2024 is 13 billion yuan, aiming for 13 5 billion yuan, with a net profit margin of over 6% [16] - The report projects revenues of 13 675/16 282/18 808 million yuan for 2024-2026, with YoY growth rates of 24 1%/19 1%/15 5% [5] - Net profit attributable to the parent company is expected to be 881/1 139/1 403 million yuan for 2024-2026, with YoY growth rates of 44 0%/29 2%/23 2% [5] - EPS is forecasted to be 1 06/1 38/1 70 yuan for 2024-2026 [5] - ROE is projected to increase from 11 5% in 2023A to 16 5% in 2026E [5] Business Development and Strategy - Yinlun Co Ltd is leveraging its thermal management technology to expand into emerging fields such as energy storage, power transformation, supercharging, and data centers [3] - The company has secured new projects expected to generate over 6 1 billion yuan in annual revenue, with international orders accounting for 42% [16] - Yinlun Co Ltd is focusing on cost reduction and efficiency improvement measures, including global operational excellence, to enhance profitability [16] - The company is benefiting from increased overseas capacity utilization, which has improved overall profitability and offset rising freight and raw material costs [15] Market and Industry Context - The company's performance is supported by strong domestic new energy vehicle sales and overseas revenue growth [15] - In Q2 2024, domestic new energy vehicle retail sales reached 2 35 million units, up 32% sequentially, while Tesla delivered 440,000 units, up 14% sequentially [15] - The report highlights the company's ability to capitalize on favorable industry trends, including the growing demand for thermal management solutions in data centers and energy storage [3]

华泰金融控股（香港）有限公司 香港中环皇后大道中 99 号中环中心 53 楼 电话：+852-3658-6000/传真：+852-2567-6123 电子邮件：research@htsc.com http://www.htsc.com.hk 华泰证券（美国）有限公司 美国纽约公园大道 280 号 21 楼东（纽约 10017） 电话：+212-763-8160/传真：+917-725-9702 电子邮件: Huatai@htsc-us.com http://www.htsc-us.com 华泰证券（新加坡）有限公司 滨海湾金融中心 1 号大厦, #08-02, 新加坡 018981 电话：+65 68603600 传真：+65 65091183 华泰证券股份有限公司 南京 北京 南京市建邺区江东中路228 号华泰证券广场1 号楼/邮政编码：210019 北京市西城区太平桥大街丰盛胡同28 号太平洋保险大厦A 座18 层/ 邮政编码：100032 电话：86 25 83389999/传真：86 25 83387521 电话：86 10 63211166/传真：86 10 63211275 电子邮件：ht-rd@ ...

银轮股份（002126.SZ）系列点评一 ➢ 事件概述。公司披露 2024 年半年度业绩预告：公司预计 2024 年上半年实 现归母净利润 4.0-4.2 亿元，同比+40.1%~47.1%；预计实现扣非归母净利润 3.5-3.7 亿元，同比+35.4%~43.1%。根据公告测算，预计公司 2024Q2 实现归 母净利润 2.1~2.3 亿元，同比增长 31.5%~44.2%，环比增长 8.9%~19.3%； ➢ 全球化布局成效初现 2024H1 北美区域实现盈利。公司预计 2024Q2 实现 归母净利润 2.1~2.3 亿元，克服了原材料上涨，海运费上升等不利因素，经营业 绩同环比均实现增长，我们判断主要原因为：1）公司持续通过采购降本、设计 降本、质量改善、加快资产周转、产线效率提升等措施，聚焦经营利润率的提升； 2）公司在"属地化制造、全球化运营"方面取得阶段性成效，墨西哥工厂自 23Q2 投产后顺利为北美大客户配套多个品类产品，23Q4 已实现单季度盈亏平衡，随 着 24 年新项目的陆续投产及产能利用率的提升，24H1 北美区域实现整体盈利， 为公司贡献业绩增量；3）24H1 天然气重卡市场维持高景气 ...

Financial Performance Forecast - The company expects a net profit attributable to shareholders of between 400 million and 420 million CNY for the first half of 2024, representing a year-on-year increase of 40.12% to 47.12%[12] - The net profit after deducting non-recurring gains and losses is projected to be between 350 million and 370 million CNY, reflecting a year-on-year growth of 35.36% to 43.09%[12] - Basic earnings per share are anticipated to be between 0.49 CNY and 0.52 CNY, compared to 0.36 CNY in the same period last year[12] Operational Improvements - The company has improved its overseas operational capabilities, with the North American segment achieving a turnaround to profitability year-on-year[4] - The increase in performance is attributed to overcoming challenges such as rising raw material costs and shipping fees, leading to growth in both revenue and net profit[8] - The company has implemented a series of projects and pilot programs that are gradually yielding results[15] Employee Motivation and Performance Evaluation - The company has enhanced its performance evaluation system, increasing incentives to boost employee motivation and creativity[9] Customer Recognition and Order Growth - Comprehensive competitiveness has been recognized by customers, leading to increased order growth across various business segments[10] Caution in Financial Reporting - The financial data presented is preliminary and will be detailed in the company's half-year report in 2024, urging investors to make cautious decisions[11] - The performance forecast has not been audited by an accounting firm[8]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-058 | | --- | --- | | 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 关于使用部分闲置募集资金进行现金管理的公告 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 2024 年 7 月 5 日召开的第九届董 事会第十三次会议审议通过了《关于使用部分闲置募集资金进行现金管理的议案》，同 意公司使用总额不超过 5.20 亿元的暂时闲置募集资金进行现金管理。 根据《深圳证券交易所股票上市规则（2024 年修订）》《深圳证券交易所上市公司自 律监管指引第 1 号——主板上市规范运作指引》等相关规定，本次现金管理事项不涉及 关联交易，并在公司董事会的审批权限内，无需提交公司股东大会审议。现将相关事项 公告如下： 一、募集资金的基本情况 1.前次非公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准浙江银轮机械股份有限公司非公开发行股票 的批复》（证监许可[2017]63 号）核准，公司通过非公 ...

1、前次非公开发行股票募集资金情况 经中国证券监督管理委员会《关于核准浙江银轮机械股份有限公司非公开 发行股票的批复》（证监许可[2017]63号）核准，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，余额人民币707,840,322.77元，再扣除会计师费、 验资费、律师费用合计1,900,000.00元（含税）后，实际募集资金净额为人民币 705,940,322.77元。实际募集资金净额加上本次非公开发行股票发行费用可抵扣 增值税进项税841,962.45元，募集资金净额（不含税）合计706,782,285.22元。 以上募集资金到位情况已经立信会计师事务所（特殊普通合伙）验证，并于 2017年6月14日出具了《浙江银轮机械股份有限公司验资报告》（信会师报字 [2017]第ZF10636号）。 2、本次公开发行可转换公司债券募集资金情况 浙江银轮机械股份有限公司公开发行可转换公司债券于202 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-056 | | --- | --- | --- | | 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 一、审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 表决情况：同意 9 票、反对 0 票、弃权 0 票，同意票数占全体董事票数的 100%。 《关于使用部分闲置募集资金进行现金管理的公告》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）。保荐机构对本议案发表了核查意见， 于同日刊登在巨潮资讯网（www.cninfo.com.cn）。 特此公告 浙江银轮机械股份有限公司 董 事 会 2024 年 7 月 5 日 第九届董事会第十三次会议决议公告 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十三次会议通知于 2024 年 6 月 30 日以 邮件和专人送达等方式发出，会议于 2024 年 7 月 5 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 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号： | 2024-057 | | --- | --- | --- | --- | | 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次会议于2024年6月30日以电子邮件 和专人送达方式通知各位监事，会议于2024年7月5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。会议由监事朱文彬先 生主持，经表决形成决议如下： 一、审议通过了《关于使用部分闲置募集资金进行现金管理的议案》 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 2024 年 7 月 5 日 经审查，监事会认为：公司拟使用不超过人民币 5.20 亿元（含本数）的暂时闲置募 集资金进行现金管理，有利于提高募集资金的使用效率，增加收益，不会影响公司主营 业务的正 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-055 | | --- | --- | | 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年第二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 1. 可转换公司债券的发行情况 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 ...