| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-032 | | --- | --- | | 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 第九届董事会第九次会议决议公告 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。 表决结果：9 票、弃权 0 票、反对 0 票，同意票数占全体董事票数的 100%。 《关于不提前赎回银轮转债的公告》于同日刊登在《证券时报》《上海证券报》及 巨潮资讯网（www. cninfo. com.cn）。 保荐机构中信建投证券股份有限公司出具了核查意见，具体内容详见巨潮资讯网 （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 4 月 30 日 浙江银轮机械股份有限公司第九届董事会第九次会议通知于 2024 年 4 月 24 日以邮 件和专人送达等方式发出，会议于 2024 年 4 月 30 日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 ...

Investment Rating - The investment rating for the company is "Buy (Maintain)" [17][19]. Core Views - The company is expected to achieve significant revenue growth, with projected total revenues of 13.68 billion, 16.90 billion, and 19.78 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 24%, 23%, and 17% [19]. - The net profit attributable to the parent company is forecasted to be 877 million, 1.14 billion, and 1.43 billion yuan for the same years, with year-on-year growth rates of 43%, 30%, and 25% [19]. - The earnings per share (EPS) are projected to be 1.07, 1.39, and 1.73 yuan, corresponding to price-to-earnings (PE) ratios of 19, 14, and 11 times [19]. Financial Performance Summary - The company reported a net profit of 192 million yuan in Q1 2024, representing a year-on-year increase of 50.9% and a quarter-on-quarter increase of 13.6% [24][35]. - The gross margin for Q1 2024 was 21.56%, an increase of 1.38 percentage points year-on-year [35]. - The company has a total market capitalization of approximately 16.26 billion yuan and a circulating market capitalization of about 15.29 billion yuan [25]. Growth Potential - The company is actively expanding its third curve business in digital and energy thermal management, leveraging its automotive thermal management technology to enter new markets such as energy storage and data centers [25]. - The company has secured various projects, including liquid cooling systems for energy storage and photovoltaic inverters, indicating a strong pipeline for future growth [25].

Investment Rating - The investment rating for the company is "Buy" [3][59] Core Views - The company achieved a revenue of 2.969 billion yuan in Q1 2024, representing a year-on-year growth of 16.2% and a quarter-on-quarter decline of 1.86%. The net profit attributable to shareholders was 192 million yuan, up 50.8% year-on-year and 13.6% quarter-on-quarter [2][73] - The company's new energy vehicle (NEV) business has seen exponential growth, doubling each year from 2021 to 2023, with NEV revenue accounting for 33% of total revenue in 2023 [2][25] - The company has successfully improved its profitability, with a gross margin of 21.56% in Q1 2024, up 1.38 percentage points year-on-year, and a net profit margin of 7.10%, up 1.62 percentage points year-on-year [2][29] - The company has accelerated its overseas expansion, with its Mexico plant achieving breakeven in Q4 2023 and new orders expected to generate over 6.106 billion yuan in annual sales revenue [2][57] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.969 billion yuan, a year-on-year increase of 16.2%, and a net profit of 192 million yuan, reflecting a 50.8% year-on-year growth [2][73] - The company forecasts net profits of 841 million yuan, 1.08 billion yuan, and 1.288 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.02 yuan, 1.31 yuan, and 1.57 yuan [2][40] Business Segments - The NEV business has shown significant growth, with sales volume increasing from 2.89 million units in 2020 to 1.851 million units in 2023, and revenue from this segment growing from 289 million yuan to 3.584 billion yuan over the same period [2][25] - The commercial vehicle segment benefited from the increased penetration of natural gas heavy trucks, with Q1 2024 sales reaching 45,300 units, a year-on-year increase of 136% [2][6] Operational Efficiency - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit margin exceeding 7% in Q1 2024 [2][29] - The company has a robust order backlog, with new orders expected to contribute over 6.106 billion yuan in annual sales revenue, of which 2.588 billion yuan comes from international orders [2][57]

Financial Performance - Revenue for the reporting period reached ¥2,969,367,795.11, an increase of 16.22% compared to the same period last year[2] - Net profit attributable to shareholders was ¥191,504,960.60, reflecting a growth of 50.85% year-on-year[2] - Net profit excluding non-recurring gains and losses was ¥179,052,421.84, up 62.30% from the previous year[2] - Basic earnings per share increased to ¥0.24, a rise of 50.00% year-on-year[2] - Total profit reached ¥235,955,149.88, compared to ¥162,909,983.77 in the previous period, showing overall growth in profitability[20] - The company reported a total comprehensive income of ¥196,721,841.41, up from ¥145,155,496.30, indicating strong overall performance[20] - Other income increased significantly to ¥36,017,416.54 from ¥10,821,669.14, contributing positively to the financial results[20] Cash Flow and Liabilities - The company reported a significant decline in net cash flow from operating activities, with a net outflow of ¥637,938,327.47, a decrease of 1,087.48% compared to the previous year[2] - The net cash flow from operating activities was -¥637,938,327.47, a significant decrease of 1087.48% compared to ¥64,602,500.56, mainly due to reduced bill discounts and increased performance bonuses for 2023[26] - Cash and cash equivalents at the end of the period decreased to ¥1,412,427,963.08 from ¥877,890,795.04, a decline of 60.6%[37] - The company’s cash outflow from financing activities was ¥442,413,662.96, down from ¥639,138,947.46 in the previous period, a decrease of 30.8%[37] - Current liabilities total RMB 9,140,437,233.29, compared to RMB 8,730,697,799.44 in the previous period[33] - The total liabilities increased to ¥10,354,004,432.22 from ¥10,065,726,137.99, representing a growth of 2.9%[34] Assets and Equity - Total assets at the end of the reporting period were ¥16,786,674,651.43, representing a 3.90% increase from the end of the previous year[2] - Shareholders' equity attributable to the parent company was ¥5,781,117,004.86, up 5.90% from the previous year[2] - The total equity attributable to shareholders rose to ¥5,781,117,004.86, up from ¥5,459,282,614.50, indicating an increase of 5.9%[34] - Non-current assets amount to RMB 6,369,924,396.03, up from RMB 6,238,147,677.15[33] - The company’s long-term equity investments increased to RMB 368,171,502.93 from RMB 323,555,884.88[33] Receivables and Expenses - Accounts receivable increased by 31.02% to ¥610,166,838.41 due to an increase in sales receipts[9] - Other receivables rose by 40.35% to ¥83,420,387.04, primarily due to increased export tax rebates[9] - Research and development expenses amounted to ¥136,840,304.13, up from ¥115,830,306.79, indicating a focus on innovation and product development[20] - Financial expenses decreased to ¥26,475,702.80 from ¥38,394,761.57, reflecting improved financial management[20] - The company recognized a loss from asset impairment of ¥22,138,149.62, which may impact future profitability[20] - The company declared a tax expense of ¥25,001,439.45, an increase from ¥22,789,474.30, reflecting higher earnings[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,890[27] - The largest shareholder, Xu Xiaomin, holds 6.77% of shares, totaling 55,615,820 shares[27] - The company plans to repurchase shares with a total amount not less than RMB 50 million and not exceeding RMB 100 million, with a maximum repurchase price of RMB 25 per share[31] - As of March 31, 2024, the company has repurchased 3,119,052 shares, accounting for 0.38% of the total share capital[31] Operating Revenue and Costs - Total operating revenue for the current period reached ¥2,969,367,795.11, an increase of 16.2% compared to ¥2,555,046,217.61 in the previous period[34] - Total operating costs amounted to ¥2,738,214,542.52, up 14.1% from ¥2,399,614,952.62 in the prior period[34]

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-030 | | --- | --- | --- | | 证券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于举行 2023 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。 (问题征集专题页面二维码) 特此公告 浙江银轮机械股份有限公司 董 事 会 2024 年 4 月 26 日 浙江银轮机械股份有限公司（以下简称"公司"）将定于2024年4月30日下午15:00至 17:00在全景网举办2023年度业绩说明会，本次年度业绩说明会将采用网络远程方式举行， 投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）或者直接进入公司路演 厅（https://ir.p5w.net/c/002126.shtml）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员：董事长徐小敏、财务负责人朱晓红、独立董事李 征宇、曾爱民、丁国良、董事会秘书陈敏、保荐代表黄建飞。 为充分尊重投资者、提升交流的针对性，现就公司 20 ...

证 券 研 究 报 告 银轮股份（002126）2023 年报及 1Q24 业绩预告点评 强推（维持） 公司管理改革形成良性经营惯性，在热管理 赛道均衡成长 事项： 2023 年：营收 110 亿元/+30%，Q4 单季 30 亿元/同比+22%、环比+11%；归母 净利 6.1 亿元/+60%，Q4 单季 1.7 亿元/同比+11%、环比+7%。 1Q24 预告：归母净利 1.9-2.0 亿元，同比+50%至+58%。 评论： 2023 年完成预期目标，经营效率再度提升。2023 年公司财务预算报告提出全 年营收目标 100-108 亿元、新能源产品收入目标 36-40 亿元，不断提升经营效 率实现净利润 5.4 亿元以上。实际公司 2023 年收入 110 亿元、新能源产品收 入约 36 亿元、归母净利润 6.1 亿元，顺利完成年初财务预算目标。报告期内， 公司坚定持续推行"变革创新、降本增效、开源创收、数据说话"经营方针， 切实推进了承包经营、卓越效益突破激励、数十条零缺陷示范产线打造、四大 标杆工厂建设试点等一系列改革举措。全年毛利率 21.6%/+1.7PP、期间费用率 13.3%/-0.5PP、归 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][12]. Core Insights - The company achieved a record high revenue of 11.018 billion yuan in 2023, representing a year-on-year growth of 29.93%. The net profit attributable to shareholders reached 612 million yuan, up 59.71% year-on-year [1]. - The passenger vehicle segment generated 5.428 billion yuan in revenue, surpassing the commercial vehicle segment for the first time, with a growth rate of 51% [1]. - The digital energy business also showed strong performance with a revenue of 696 million yuan, reflecting a 37% year-on-year increase [1]. - The company has successfully expanded its international customer base, securing 223 projects with an estimated annual sales revenue of over 6.106 billion yuan [9]. - The company is positioned to become a Tier 1 player in the global new energy thermal management industry, with a focus on digital and energy thermal management as a third growth curve [4]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 13.269 billion, 15.566 billion, and 17.761 billion yuan, respectively, with corresponding net profits of 806 million, 1.003 billion, and 1.248 billion yuan [4][14]. - The earnings per share (EPS) are expected to increase from 0.98 in 2024 to 1.52 in 2026, with price-to-earnings (P/E) ratios decreasing from 18 to 12 over the same period [4][14]. - The gross margin for 2023 was reported at 21.57%, with a net margin of 6.36%, showing improvements from the previous year [10].

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：17.92 元 分析师：何俊艺 分析师：刘欣畅 [Table_Finance1] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,480 11,018 13,139 16,539 19,492 增长率 yoy% 8% 30% 19% 26% 18% 净利润（百万元） 383 612 845 1,164 1,376 增长率 yoy% 74% 60% 38% 38% 18% 每股收益（元） 0.47 0.74 1.03 1.42 1.67 每股现金流量 0.68 1.12 1.53 1.63 2.24 净资产收益率 7% 10% 13% 15% 15% P/E 38.5 24.1 17.0 12.4 10.7 P/B 3.1 2.7 2.5 2.1 1.8 备注：数据统计日期截至 2024 年 4 月 19 日收盘价 执业证书编号：S0740523020004 执业证书编号：S0740522120003 [Table_Profit] 基本状况 总股本(百万股) ...

盈利预测与投资建议 银轮股份 002126.SZ 公司研究 | 年报点评 盈利能力持续提升，第三增长曲线业务及 海外订单持续突破 ⚫ 业绩符合预期。2023 年公司营业收入 110.18 亿元，同比增长 29.9%；归母净利润 6.12 亿元，同比增长 59.7%；扣非归母净利润 5.81 亿元，同比增长 90.4%。4 季度 营业收入 30.26 亿元，同比增长 22.0%，环比增长 10.8%；归母净利润 1.69 亿元， 同比增长 11.1%，环比增长 6.6%；扣非归母净利润 1.67 亿元，同比增长 38.5%， 环比增长 7.9%。公司拟向全体股东每 10 股派发现金红利 1 元。2024 年公司经营目 标为：（1）营业收入目标 130 亿元，争取完成 135 亿元，以 130 亿元测算营收同 比增速约 18%；（2）海外经营体实现整体盈利，实现归母销售净利率 6%以上。 ⚫ 4 季度毛利率同环比向上，费用率略有改善。2023 全年毛利率 21.6%，同比提升 1.7 个百分点；4 季度毛利率 22.9%，同比提升 3.6 个百分点，环比提升 1.0 个百分 点。2023 全年期间费用率 13.3 ...

股 票 研 究 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |------------------|-----------------------------------------------------------------|------------------------------|------------------|---------------------|-------------|------------------------------------------------------------------------|--------------------|----------------------------------------------|--------------|-------------------| | [Table_MainInfo] | [Table_Title] 银轮股份 (002126) | | | | | [Table_industryInfo] | 评级： | ...