一、审议通过了《2024 年度董事会工作报告》 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-016 | | --- | --- | --- | | 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次次会议通知于 2025 年 4 月 7 日 以邮件和专人送达等方式发出，会议于 2025 年 4 月 17 日上午以现场和网络视频相结合 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。 本次会议由公司副董事长陈不非先生主持，经与会董事认真讨论研究，会议审议 并通过了如下决议： 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%。 《2024 年度董事会工作报告》于同日刊登在巨潮资讯网（www.cninfo.com.cn）上。 公司现任独立董事曾爱民先生、李征 ...

一、审议通过了《关于 2025 年日常关联交易预计的议案》 表决结果：同意 3 票，反对 0 票，弃权 0 票。 经核查，公司 2024 年实际发生额与预计存在较大差异的主要原因是与金字轨 道发生关联交易，主要采购生产需要的零部件，交易价格参照市场价格，不存在 利用关联交易损害公司及股东利益，特别是中小股东利益的情形，亦不会影响公 司的独立性；公司 2025 年日常关联交易预计是基于公司日常经营和业务发展需求 进行的正常的商业交易行为，其定价依据和交易过程遵循公平、公开、公正原则， 不存在利用关联交易损害公司及股东利益，特别是中小股东利益的情形，亦不会 影响公司的独立性。我们同意将《关于 2025 年日常关联交易预计的议案》提交公 司董事会审议，董事会在审议该议案时，关联董事需回避表决。 独立董事：曾爱民、李征宇、李大永 浙江银轮机械股份有限公司 第九届董事会独立董事专门会议第二次会议决议 浙江银轮机械股份有限公司（以下简称"公司"）第九届董事会独立董事专门 会议第二次会议通知于2025年4月7日以电话和电子邮件的方式发出。会议于2025 年4月17日以现场和网络视频结合方式召开。会议应出席独立董事3名，实际 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-019 | | --- | --- | --- | | 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 2024 年度利润分配预案 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。 2024 年度母公司实现净利润 485,333,713.86 元，提取法定盈余公积金 48,533,371.39 元 ， 加 上 其 他 综 合 收 益 转 留 存 收 益 13,902,739.40 元 ， 加 上 年 初 未 分 配 利 润 2,218,466,661.96 元，减去公司上年度已分配现金股利 81,895,378.20 元，实际可供分配 利润 2,587,274,365.63 元。 2、2024 年度利润分配预案主要内容 鉴于公司目前的盈利状况及经营性现金流良好，为回报股东，与全体股东分享公司 的经营成果，在保证公司正常经营和持续发展的前提下，公司 2024 年度利润分配预案： 以公司权益分派实施时股权登记日总股本扣除公司已回购股份后的总股本为基数，向全 ...

Dividend and Shareholder Information - The company plans to distribute a cash dividend of 1.2 CNY per 10 shares (including tax) to all shareholders, with no bonus shares issued[4]. - The company has maintained its shareholder structure without any changes in controlling shareholders[19]. - The company’s cash dividend distribution plan was transparent and compliant with regulations, ensuring the protection of minority shareholders' rights[172]. - The company did not issue any bonus shares during the reporting period, maintaining a cash dividend policy without capital reserve conversion[172]. Financial Performance - The company's operating revenue for 2024 reached ¥12.70 billion, representing a 15.28% increase compared to ¥11.02 billion in 2023[6]. - Net profit attributable to shareholders for 2024 was ¥783.53 million, up 28.00% from ¥612.14 million in 2023[6]. - The net profit excluding non-recurring gains and losses was ¥682.80 million, a 17.54% increase from ¥580.92 million in 2023[6]. - Cash flow from operating activities increased by 30.80% to ¥1.21 billion in 2024, compared to ¥921.38 million in 2023[6]. - Basic earnings per share rose to ¥0.96, a 24.68% increase from ¥0.77 in 2023[6]. - Total assets at the end of 2024 were ¥18.36 billion, reflecting a 13.65% increase from ¥16.16 billion at the end of 2023[6]. - The company achieved a revenue of CNY 12,702,065,139.65 in 2024, representing a year-on-year growth of 15.28%[62]. - The net profit attributable to shareholders reached CNY 78,352.51 million, marking a 28% increase compared to the previous year[56]. Market and Business Operations - The company operates under the stock code 002126 on the Shenzhen Stock Exchange[16]. - The company has not undergone any changes in its main business since its listing[19]. - The company has established a production capacity of 27 million units for heat exchange products, with a sales revenue of approximately ¥5.29 billion[49]. - The company is focusing on expanding its presence in the digital and energy heat exchange sectors, indicating a strategic shift towards emerging markets[47]. - The company is focusing on enhancing cooling efficiency for data centers, which is critical for reducing energy consumption[31]. - The company is expanding into emerging fields such as intelligent driving and data processing centers, which provides significant long-term growth potential[53]. Research and Development - The company has implemented a technology-driven strategy, focusing on product and technology development, enhancing its competitive edge in the market[43]. - The company has a global R&D network with centers in Shanghai, Europe, and North America, contributing to its technological advancements[43]. - The company is researching advanced thermal management systems for electric vehicles to improve winter range and ensure safety during high-temperature fast charging[71]. - The company is developing a heat pump thermal management system that integrates air, battery, and water routes, aiming to enhance efficiency in extreme temperatures[71]. - The company has completed the development of energy storage thermal management products, including 8kW, 12kW, and 40kW systems, expanding its presence in the energy storage sector[72]. Environmental and Sustainability Initiatives - The company has implemented air pollution control measures since 2008, collaborating with various environmental engineering firms to ensure compliance with emission standards[190]. - The company has established a comprehensive environmental management system to comply with national environmental protection laws and standards[186]. - The company has conducted a comprehensive greenhouse gas inventory to identify energy structure and key emission sources[195]. - The company has implemented energy management strategies, including the establishment of a long-term carbon reduction mechanism[195]. - A photovoltaic power generation project has been constructed on the company's rooftops to reduce energy consumption and carbon emissions[195]. Governance and Compliance - The company emphasizes the accuracy and completeness of its financial report, with all board members present for the meeting[4]. - The company adheres to various legal and regulatory requirements to enhance its governance structure and internal control systems[126]. - The company has established a clear asset ownership structure, with no reliance on the largest shareholder for production facilities[128]. - The company maintains an independent financial accounting department and has its own bank accounts, ensuring no funds are occupied by the largest shareholder[129]. - The company has a robust independent financial management system, ensuring compliance with legal and regulatory requirements[129]. Strategic Goals and Future Outlook - The company has set a revenue target of RMB 15 billion and a net profit target of RMB 1.05 billion for 2025, focusing on improving efficiency and effectiveness[106]. - The company aims to enhance its international capabilities, with a focus on localizing R&D, sales, production, and service in the North American market[107]. - The company plans to achieve profitability in its European operations by 2025, with a collaborative effort from the headquarters[107]. - The company is expected to maintain its growth trajectory with a focus on operational efficiency and market expansion initiatives[135]. - Future guidance indicates a focus on sustainability initiatives, with a target of reducing carbon emissions by 30% by 2025[150]. Employee and Management Information - The total number of employees at the end of the reporting period is 10,494, with 2,973 in the parent company and 7,521 in major subsidiaries[162]. - The company has implemented employee stock ownership plans and stock options as part of its compensation policy[164]. - The total compensation for senior management includes stock options valued at 1,156 million, indicating a strong incentive structure[133]. - The company has a combination of basic salary and year-end performance assessment for determining the remuneration of its executives[153]. - The company completed 1,839 training sessions in 2024, including 243 sessions for cross-departmental training projects[165]. Risks and Challenges - Future risks that the company may face are detailed in the report, particularly in the section on future development outlook[4]. - The company faces significant risks, including macroeconomic fluctuations that could impact orders for commercial vehicles and new energy vehicles[117]. - Raw material price volatility poses a risk, as materials like aluminum, steel, and copper constitute a high percentage of the main business costs[118]. - Currency exchange rate fluctuations could affect the company's international competitiveness and operating performance due to its international sales[120]. - The competitive landscape in the automotive parts manufacturing industry is intense, necessitating improvements in product competitiveness and brand influence[119].

上调目标价至 28.92 元，维持公司增持评级。维持2024-2026 年的EPS 预测1.02/1.34/1.63 元，参考可比 公司给予公司2025 年21.58 倍PE，考虑到公司在新能源汽车等领域的项目定点较为充足，以及北美产能 持续释放等因素，上调目标价至28.92 元（原为24.25 元），维持增持评级。 北美产能持续释放，预计加征关税对公司的影响有限。公司在墨西哥、美国、瑞典、波兰等建有研发分 中心和生产基地，自2023 年以来，公司在北美区域的产能持续释放，北美区域属地化配套比例持续提 高。据公司在深交所互动易平台公布的信息，公司从国内出口至美国地区的收入约占总营收的6%-7%， 预计关税等国际贸易因素变化对公司海外收入的影响较为有限。 本报告导读： 公司北美产能持续释放，预计关税变化对收入的影响有限。公司亦持续开拓新项目定点，获得北美和欧 洲等客户新能源汽车相关项目定点，收入有望持续增长。 投资要点： 董事长提议回购股份，有助于进一步增强信心。2025 年4 月8 日，公司董事长提议回购公司股份，用于 股权激励或员工持股计划，回购股份的资金总额不低于人民币5000 万元，不高于人民币1 亿元 ...

Summary of the Conference Call for Yinlun Co., Ltd. Company Overview - **Company**: Yinlun Co., Ltd. - **Industry**: Manufacturing, specifically in cooling systems and components for vehicles and data centers Key Points and Arguments Global Expansion and Production Capacity - Yinlun has established a significant global presence with production bases in the US, Mexico, Southeast Asia, and Europe to adapt to international trade changes and ensure supply chain stability [2][4] - The company anticipates a production value of **$30 million** in North America by 2025, with the Mexican factory expected to generate **900 million RMB** and the new Polish factory projected to earn **160 million RMB** [2][3] Impact of Tariffs - The impact of US tariffs is manageable for Yinlun, as the company is expanding production capabilities in the US and Mexico to mitigate tariff challenges while maintaining market share [2][6] - Despite potential tariff increases in Mexico, the company is prepared to ensure order acquisition and enhance competitiveness through its overseas layout [4][12] Robotics and Data Center Business - Yinlun has begun mass supplying small modules in the humanoid robot sector and aims to become a supplier of rotary actuator assemblies, targeting core customers in North America and domestically, including TAPSI, DPIH, PCI, and Amazon [2][17] - In the data center business, the focus is on large server clients, with developments in cooling towers and diesel generators, expecting revenue realization this year [2][30] Revenue and Market Share - In 2024, overseas revenue reached over **800 million RMB**, accounting for **44%** of total revenue, with a target of increasing this to **60-78 billion RMB** by 2028 [4][34] - The company’s Mexican factories primarily supply the US market, with expected revenues of **600 million RMB** for both 2024 and 2025 [20] Future Plans and Market Adaptation - Plans include expanding production capacity in the Houston area and further developing facilities in Mexico and Southeast Asia, with a new research center in Frankfurt to support European market growth [7][32] - The company is adapting to potential tariff changes by ensuring flexibility in production capacity and optimizing the supply chain to meet market demands [12][22] Additional Important Insights - The company has a cautious outlook on the potential for further tariff increases from Mexico, noting that some products may be exempt due to local production limitations [8][21] - Yinlun's global layout allows it to respond effectively to political and tariff disruptions, maintaining competitiveness despite potential challenges [32] - The company is optimistic about the growth of its overseas business, which is seen as a significant opportunity for domestic enterprises to expand internationally [34][37] Conclusion Yinlun Co., Ltd. is strategically positioned to navigate the complexities of international trade and tariffs through its global manufacturing footprint. The company is focused on expanding its market share in robotics and data centers while ensuring adaptability to changing market conditions. The outlook for overseas revenue growth remains strong, providing a solid foundation for future investments and business development.

Investment Rating - The report maintains a positive investment rating for the automotive and automotive parts industry, focusing on domestic autonomous industry chains and key companies such as BYD, Geely, and Xpeng [5]. Core Insights - The report highlights the impact of recent U.S. tariffs on the automotive sector, noting that the tariffs have a limited effect on automotive parts, particularly for companies with overseas operations [2][3]. - It emphasizes the importance of monitoring tariff developments and suggests a focus on domestic autonomous vehicle manufacturers that are less affected by U.S. tariffs [3][24]. - The report recommends a selection of companies in the automotive sector, particularly those involved in smart and electric vehicles, as well as automotive parts suppliers [3][4]. Summary by Sections Weekly Data - In the first week of April 2025, passenger car sales reached 337,000 units, a year-on-year increase of 25.6% but a month-on-month decrease of 30.2%. New energy vehicle sales were 168,000 units, up 37.8% year-on-year but down 30.4% month-on-month, with a penetration rate of 50.0% [1][3]. Market Performance - The automotive sector underperformed the market, with the A-share automotive sector declining by 5.26% from April 7 to April 11, ranking 24th among sub-industries [1][3]. Key Recommendations - The report suggests focusing on a core portfolio that includes companies like BYD, Geely, Xpeng, Xiaomi, Berteli, Top Group, and others [1][3]. - It also highlights the potential of companies involved in the new energy vehicle supply chain and those focusing on smart driving technologies [3][4]. Tariff Impact - The U.S. tariffs, particularly the reciprocal tariffs, are expected to have a significant impact on exports and the economy, with a potential drag on GDP growth [10][19]. - The report notes that the automotive parts sector is less affected by the tariffs, especially for companies with production facilities in Mexico and Southeast Asia [2][24]. Company Focus - The report identifies key companies in the automotive parts sector that are well-positioned to benefit from the current market dynamics, including those involved in smart and electric vehicle technologies [3][4][25].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-015 | | --- | --- | | 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 2. 回购股份的用途：全部用于股权激励或员工持股计划。 关于董事长提议回购公司股份的提示性公告 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。 2025 年 4 月 8 日，浙江银轮机械股份有限公司（以下简称"公司"）收到公司董事 长徐小敏先生《关于提议回购公司股份的函》，具体内容如下： 一、提议人的基本情况及提议时间 1. 提议人：公司董事长徐小敏先生 2、提议时间：2025 年 4 月 8 日 二、提议回购股份的原因和目的 基于对公司价值的高度认可，为维护广大投资者利益，结合公司财务状况及经营状 况，公司董事长徐小敏先生提议公司以自有资金回购公司部分社会公众股份，用于股权 激励或员工持股计划。 三、提议内容 1. 拟回购股份的种类：公司发行的社会公众股。 3. 回购股份的方式：通过深圳证券交易所以集中竞价交易的方式回购。 4. 回购股份的价格：回购价格上限不高于公司 ...

国金证券近日发布人形机器人行业日度跟踪：广东筹建机器人产业高地，宇树发布 Unitree Dex5灵巧手。 以下为研究报告摘要： 4月1日，《广东省推动人工智能与机器人产业创新发展若干政策措施》新闻发布会消 息，广东出台12条措施，推动人工智能与机器人产业创新发展。其中，支持创建国家级、省 级人工智能与机器人领域制造业创新中心，省财政按规定分别给予最高5000万元、1000万元 的资金支持。 公司动态 （1）宇树科技发布Unitree Dex5灵巧手。 个股涨幅前三：越疆（+20.64%）>华培动力（+4.22%）>亿嘉和（+3.57%）。 投资建议 持续推荐银轮股份。银轮股份的发展史就是抓住产业机遇+头部客户的历史，我们预计 2025年公司归母净利润为11.06亿元，目前股价对应25年PE21倍，公司作为汽车热管理领域 的头部Tier1，具有强大的配套研发能力和客户服务体系，机器人业务进展有望持续超预 期，继续推荐。 （3）美国人形机器人独角兽Agility Robotics再获28亿元融资，软银参投。 （4）"天工2.0"人形机器人首次亮相：国内首发复杂地形自适应行走。 （5）科瑞思：面向人形机器人领域的 ...

Summary of Key Points from Conference Call Records Industry or Company Involved - The records discuss the macroeconomic implications of U.S. foreign policy changes, particularly under the Trump administration, and provide insights into the coffee and tea beverage industry, as well as the automotive thermal management sector. Core Insights and Arguments - **U.S. Foreign Policy Shift**: The Trump administration's foreign policy, termed "Trump 2.0," completely rejects Biden's approach, favoring Monroe Doctrine principles and a more ideologically driven stance, which includes tariff threats [1][2][3] - **Impact on Europe**: The strategic withdrawal of the U.S. and ideological conflicts under Trump have placed unprecedented pressure on Europe, marking the most severe security challenges since World War II [2][3] - **Coffee vs. Tea Industry Analysis**: The coffee and tea beverage sectors exhibit different demand origins, market maturity, and competitive landscapes. Major tea brands are expanding through franchise models, leading to rapid store growth and solid profitability [3][4] - **Coffee Industry Dynamics**: The coffee sector is stabilizing with prominent brands like Luckin Coffee solidifying their market leadership. The dual model of direct sales and franchising is less reliant on delivery compared to tea [4] - **Tea Industry Outlook**: With leading tea companies going public, competition is intensifying. There is optimism for low-price segments and companies with strong supply chains in the mid-price range [4] - **Automotive Thermal Management**: Silver Wheel Co. is highlighted as a leading Tier 1 supplier in the automotive thermal management field, with a strong R&D and customer service framework. The company's stock is currently valued at a PE ratio of 21 times for 2025 [5] Other Important but Possibly Overlooked Content - **Government Support for AI and Robotics**: Guangdong province has introduced 12 measures to foster innovation in AI and robotics, including financial support for establishing innovation centers [4] - **Market Predictions and Trends**: The impact of dividends on major index futures is minimal, with estimates indicating slight influences on index points for various indices. The market is experiencing reduced trading volumes and a notable decline in small-cap stocks [6] - **Investment Sentiment**: Seven brokerages believe that ongoing policy implementation and capital market reforms will enhance the attractiveness of Chinese assets, with a consensus on the potential of sectors like non-ferrous metals, high-dividend stocks, and innovative pharmaceuticals [6]