Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.46 CNY, based on a comparable company PE average valuation of 39 times for 2025 [3][6]. Core Insights - The company's gross margin has improved on a quarter-on-quarter basis, with liquid cooling, robotics, and overseas business identified as key profit growth drivers [2][10]. - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.14, 1.51, and 1.93 CNY respectively, reflecting slight adjustments in gross margin and expense ratios [3]. - The company is expected to achieve significant revenue growth, with projected revenues of 15.28 billion CNY in 2025, representing a year-on-year growth of 20.3% [5][11]. Financial Summary - The company’s revenue for 2023 is reported at 11,018 million CNY, with a year-on-year growth of 29.9%. The projected revenues for 2024, 2025, 2026, and 2027 are 12,702 million CNY, 15,278 million CNY, 18,143 million CNY, and 21,502 million CNY respectively, with growth rates of 15.3%, 20.3%, 18.8%, and 18.5% [5][11]. - Operating profit is expected to grow from 816 million CNY in 2023 to 2,107 million CNY by 2027, with corresponding growth rates of 67.7%, 23.6%, 23.3%, 32.4%, and 28.0% [5][11]. - The net profit attributable to the parent company is forecasted to increase from 612 million CNY in 2023 to 1,631 million CNY in 2027, with growth rates of 59.7%, 28.0%, 22.8%, 32.5%, and 28.0% [5][11]. - The gross margin is projected to improve from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to rise from 5.6% to 7.6% over the same period [5][11].

登录新浪财经APP 搜索【信披】查看更多考评等级 证券代码：002126 证券简称：银轮股份公告编号：2025-083 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 √否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 √否 ■ （二） 非经常性损益项目和金额 √适用 □不适用 单位：元 公司不存在其他符合非经常性损益定义的损益项目的具体情况。 将《公开发行证券的公司信息披露解释性公告第1号一一非经常性损益》中列举的非经常性损益项目界 定为经常性损益项目的情况说明 □适用 √不适用 公司不存在将《公开发行证券的公司信息披露解释性公告第1号一一非经常 ...

Core Viewpoint - The company reported a significant increase in revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company achieved an operating income of 11.057 billion yuan, representing a year-on-year growth of 20.12% [1] - The net profit attributable to shareholders of the listed company was 672 million yuan, reflecting a year-on-year increase of 11.18% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 643 million yuan, showing a year-on-year growth of 17.17% [1]

银轮股份公告，第三季度营收为38.9亿元，同比增长27.38%；净利润为2.3亿元，同比增长14.48%。前 三季度营收为110.57亿元，同比增长20.12%；净利润为6.72亿元，同比增长11.18%。 ...

浙江银轮机械股份有限公司 2025 年第三季度报告 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-083 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 公司是否需追溯调整或重述以前年度会计数据 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。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、 误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息 的真实、准确、完整。 3.第三季度财务会计报告是否经过审计 □是 否 浙江银轮机械股份有限公司 一、主要财务数据 2025 年第三季度报告 （一） 主要会计数据和财务指标 □是 否 | | 本报告期 | 本报告期比上年同 | 年初至报告期末 | 年初至报告期末 | | --- | --- | --- | --- | --- | | | | 期增减 | | 比上年同期增减 | | 营业 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-082 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 3. 根据业务办理的实际情况，预留授予部分股票期权第三个行权期实际可行权期限 为 2025 年 10 月 29 日至 2026 年 8 月 11 日止。 4. 本次满足行权条件的股票期权采用自主行权模式。 5. 本次可行权股票期权若全部行权，公司股份仍具备上市条件。 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 10 月 14 日召开第九届 董事会第二十八次会议及第九届监事会第二十次会议，审议通过了《关于 2022 年股票 期权激励计划预留授予部分第三个行权期行权条件成就的议案》。根据《上市公司股权 激励管理办法》（以下简称《管理办法》）及公司《2022 年股票期权激励计划（草案）》 （以下简称《激励计划》）的相关规定，董事会认为公司 2022 年股票期权激励计划预 留授予部分股票期权第三个行权条件已经成就，符合行权条件的 44 名激励对象可行权 的股票期权数量为 336,375 股。截至本公告日，本次自主行 ...

Investment Rating - The industry investment rating is "Overweight" indicating a positive outlook for the sector relative to the market benchmark [3][13]. Core Insights - The report highlights strong sales performance across key companies in the automotive sector, with notable increases in profitability and sales volumes for brands like BYD, Geely, and SAIC [3][4][5]. - The report emphasizes the importance of technological advancements and state-owned enterprise reforms as key drivers for investment opportunities in the automotive industry [3][4]. - The report suggests a focus on companies with strong performance metrics and growth potential, particularly in the context of electric vehicles and smart technology [3][4][5]. Summary by Relevant Sections Company Performance - BYD reported Q3 sales of 1.11 million units, with an estimated profit of approximately 8.5 billion, indicating a recovery in per-vehicle profitability to around 8,000 [3][4]. - Geely's Q3 sales showed a strong increase, particularly in mid-to-high-end models, with expected profits around 3.5 billion [3][4]. - NIO's Q3 sales reached 87,000 units, with a projected loss of about 2.5 billion, although gross margins are expected to improve [3][4]. - SAIC Group's Q3 profits are anticipated to be around 3.5 billion, supported by strong performance in both domestic and overseas markets [5]. - Other companies like Xpeng and Li Auto are also highlighted for their sales growth and strategic partnerships, which may enhance future profitability [7][8]. Investment Recommendations - The report recommends focusing on leading domestic manufacturers such as BYD, Geely, and Xpeng, as well as companies involved in smart technology like JAC Motors and Seres [3][4]. - It also suggests monitoring state-owned enterprises like SAIC and Dongfeng for potential consolidation opportunities [3][4]. - For component manufacturers with strong growth prospects, companies like Fuyao Glass and Silver Wheel are recommended due to their robust performance and international expansion capabilities [3][4][5].

Conference Information - The 2025 iTherM Conference will take place from December 3-5, 2025, at the Shenzhen International Convention and Exhibition Center, China [2] - The theme of the conference is "Fusion · Innovation | Delivering a Little More" [2] - The event will feature over 350 exhibitors and a 20,000 m² exhibition area, focusing on thermal management across various industries [2][3] Core Themes and Activities - iTherM 2025 aims to explore the latest trends, technologies, and developments in the thermal management industry, with participation from renowned scholars, technical experts, and industry leaders [3] - The conference will include over 20 activities such as keynote speeches, roundtable discussions, case studies, and roadshows, with an expected attendance of over 2,000 participants [3] Focus Areas - The conference will emphasize intellectual property, entrepreneurial projects, and innovative technologies that can transition from laboratory to market, promoting collaboration among government, industry, academia, and investment sectors [3] - Key topics will include scientific advancements, functional materials, technology applications, and engineering solutions related to thermal management [31] Notable Participants - Various leading companies and academic institutions will participate, including Star Charging, Guangdong University of Technology, and Parker Lord, focusing on electric vehicle charging solutions, battery materials, and advanced adhesive technologies [4][6][7] - Other participants include Shanghai Jiao Tong University, Zhejiang Leapmotor, and Chery New Energy, which are engaged in research and development of thermal management systems for electric vehicles [8][9][10][11] Conference Agenda - The agenda includes registration, opening activities, parallel forums, and specialized discussions on topics such as thermal science, functional materials, and engineering solutions [29][31] - Specific sessions will cover areas like liquid cooling technology, power device thermal management, and energy storage thermal management [31] Organizing Bodies - The conference is organized by the China Productivity Promotion Center Association's New Materials Professional Committee and DT New Materials, with support from various academic and industry experts [27][28]

（编辑 任世碧） 证券日报网讯 10月17日晚间，银轮股份发布公告称，公司于2025年10月14日召开第九届董事会第二十 八次会议及第九届监事会第二十次会议，审议通过了《关于注销2022年股票期权激励计划部分股票期权 的议案》。公司本次注销股票期权数量为52，375股，涉及人数5人，均为预留部分授予激励对象。其中 包括2名激励对象因离职，已获授但未行权的股票期权50，000股；3名激励对象因个人层面绩效考核未 完全达标，已获授但未达到行权条件的股票期权2，375股。截至本公告披露日，经中国证券登记结算有 限责任公司深圳分公司审核确认，公司已完成上述股票期权的注销登记事宜。 ...

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 10 月 14 日召开第九 届董事会第二十八次会议及第九届监事会第二十次会议，审议通过了《关于注销 2022 年股票期权激励计划部分股票期权的议案》。具体内容详见公司于 2025 年 10 月 15 日 在指定媒体披露的《关于注销 2022 年股票期权激励计划部分股票期权的公告》（公告 编号：2025-078）。 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-081 | | --- | --- | --- | | 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 2022 年股票期权激励计划部分股票期权注销完成的公告 特此公告 浙江银轮机械股份有限公司 董 事 会 2025 年 10 月 17 日 公司本次注销股票期权数量为 52,375 股，涉及人数 5 人，均为预留部分授予激励对 象。其中包括 2 名激励对象因离职，已获授但未行权的股票期权 50,000 股；3 名激励对 象因个人 ...