| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-014 | | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | 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（含原股东放弃优先配售部分）通过深交所交易系统网上向 社会公众投资者发行，认购金额不足 7 亿元的部分（含中签投资者放弃缴款认购部分） 由保荐机构（主承销商）包销。 2. 可转换公司债券上市情况 经深交所"深证上[2021]669 号"文同意，公司 7 亿元可转换公司债券于 2021 年 7 月 9 日起在深圳证券交易所挂牌交易，债券简称"银轮转债"，债券代码"127037"。 浙江银轮机械股份有限公司 关于2025年第一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 ...

Group 1 - The company received a project confirmation letter for a new energy vehicle radiator from a well-known North American automotive brand, with expected mass production starting in 2027 and a total sales revenue of approximately $61.34 million over its lifecycle [1] - The company aims for a net profit attributable to shareholders of 1.05 billion yuan by 2025, with a revenue target of no less than 15 billion yuan [1] - The company specializes in thermal management products, including heat exchangers and automotive air conditioning systems, serving various sectors such as commercial vehicles, passenger cars, new energy, and engineering machinery [1] Group 2 - Revenue projections for the company are estimated at 13.269 billion yuan, 15.566 billion yuan, and 17.761 billion yuan for 2024, 2025, and 2026 respectively, with net profit attributable to shareholders adjusted to 796 million yuan, 1.024 billion yuan, and 1.32 billion yuan for the same years [2] - The company is actively expanding into data centers and robotics, with the establishment of an "AI Intelligent Products Department" to oversee these initiatives, and has applied for multiple patents related to humanoid robot thermal management [1][2] - The digital energy sector is expected to see significant growth by 2025, driven by the mass production of various liquid cooling products for data centers and energy storage systems [1]

新能源热管理空间广阔，订单保障持续成长 银轮股份系列 车中旭霞 深度报告： 《银轮股份（002126.SZ）公司深度- 热管理先行者，数字能源、机器人新领域加速拓展》-20250324 相关点评： 《银轮股份（002126.SZ）-2024年三季报点评-三季度净利率提升，海外经营体盈利有望持续改善》-20241031 《银轮股份（002126.SZ）-2024年中报点评-盈利能力持续改善，海外拓展有望提速 》-202 40828 《银轮股份（002126.SZ）-2024年一季报点评-盈利能力持续改善，海外加速拓展 》-20240430 《银轮股份（002126.SZ）-2023年年报点评-盈利能力持续改善，海外加速拓展 》-20240418 《银轮股份（002126.SZ）2023年三季报点评-盈利能力持续改善，热管理产品多点开拓》-20231028 《银轮股份（002126.SZ）2023年中报点评-降本增效盈利能力提升，热管理产品多点开拓》-20230827 《银轮股份（002126.SZ）-中报净利润预增113%-128%，热管理产品多点开拓》-20230711 《银轮股份（002126.SZ）-一季 ...

Investment Rating - The industry investment rating is "Buy" [2] Core Viewpoints - The humanoid robot industry is on the verge of mass production, with significant advancements expected in 2024, marking a pivotal year for the sector [7][13] - Automotive companies are accelerating their entry into the humanoid robot market, leveraging their existing supply chain advantages and expertise in AI and automation [7][41] - Investment opportunities are identified in companies with strong overlaps in existing automotive business and humanoid robot capabilities, particularly in the midstream supply chain [7][55] Summary by Sections Humanoid Robots Overview - Major global players in the humanoid robot sector are making significant progress, with many products entering pilot testing phases in 2024 [13] - Humanoid robots consist of five main modules, with the joint components representing a significant cost portion [16][19] - The estimated BOM cost for humanoid robots is approximately 316,200 CNY per unit, with joint components accounting for about 50% of the total cost [22][31] Automotive Sector - Automotive companies are uniquely positioned to commercialize humanoid robots due to their existing supply chains and expertise in AI from autonomous driving research [41][42] - The demand for humanoid robots in automotive manufacturing is driven by the need for automation in complex assembly processes that currently rely heavily on human labor [41][42] Parts Suppliers - Automotive parts suppliers are encouraged to explore humanoid robot business opportunities, particularly those with strong customer overlaps and technological synergies [53] - Companies such as Top Group, Silver Wheel, and Aikodi are highlighted as having potential advantages in expanding into the humanoid robot market [55]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-012 | | --- | --- | | 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 关于第二期员工持股计划第四个锁定期届满的提示性公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）于2020年12月21日召开的第八届董 事会第四次会议及2021年1月7日召开的2021年第一次临时股东大会审议通过了《公司第 二期员工持股计划（草案）及摘要》《公司第二期员工持股计划管理办法》及相关事项 的议案。相关具体内容详见公司于2020年12月23日、2021年1月8日刊登在《上海证券报》 《证券时报》及巨潮资讯网（www.cninfo.com.cn)的相关公告。 鉴于公司第二期员工持股计划（以下简称"本次员工持股计划"）第四个锁定期于 2025年3月12日届满，根据《关于上市公司实施员工持股计划试点的指导意见》及《深 圳证券交易所上市公司自律监管指引第1号——主板上市公司规范运作》的相关要求， 现将有关情况公告如下： ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-013 | | --- | --- | | 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 关于为子公司担保事项的进展公告 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 3 月 5 日，公司与中信银行股份有限公司台州临海支行续签《最高额保证合 同》，约定为全资子公司浙江银轮新能源热管理系统有限公司融资业务提供担保，最高 担保金额不超过 10,000 万元人民币，授信融资期限为 2025 年 3 月 5 日至 2026 年 3 月 4 日。 一、对外担保情况概述 浙江银轮机械股份有限公司（以下简称：公司或本公司）分别于2024年4月14日召 开第九届董事会第七次会议、2024年5月6日召开2023年度股东大会，审议通过了《关于 为子公司提供担保额度的议案》，同意公司为浙江银轮新能源热管理系统有限公司等16 家控股子公司或孙公司银行融资提供担保总额度423,406万元，具体担保额度明细如下表： | 序号 | 被担保方 | 担保额度（万元） | | ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-011 | | --- | --- | | 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 关于为子公司担保事项的进展公告 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。 一、对外担保情况概述 浙江银轮机械股份有限公司（以下简称：公司或本公司）分别于2024年4月14日召 开第九届董事会第七次会议、2024年5月6日召开2023年度股东大会，审议通过了《关于 为子公司提供担保额度的议案》，同意公司为浙江银轮新能源热管理系统有限公司等16 家控股子公司或孙公司银行融资提供担保总额度423,406万元，具体担保额度明细如下表： | 序号 | 被担保方 | 担保额度（万元） | | --- | --- | --- | | | 一、为资产负债率高于 70%的子公司担保额度 | | | 1 | 浙江银轮新能源热管理系统有限公司 | 160,000 | | 2 | 山东银轮热交换系统有限公司 | 25,000 | | 3 | 四川银轮新能源热管理系统有限公司 | 10,0 ...

Investment Rating - The report gives the company a "Buy" rating with a target price of 39.90 RMB, based on a valuation of 30 times the estimated earnings for 2025 [3]. Core Viewpoints - The company is a leading player in the domestic automotive thermal management industry, expanding its product matrix to cover all application scenarios, including data centers and energy storage [1][2]. - The commercial vehicle business is gradually recovering, with robust growth expected in the new energy commercial vehicle segment [1][2]. - The digital and robotics sectors are anticipated to reshape the company's growth trajectory, with significant revenue growth projected from these areas [2][3]. Summary by Sections Company Overview - The company has over 40 years of experience and has become a leader in the automotive thermal management sector, entering the market with the successful development of internal combustion engine plate heat exchangers [11]. - The product matrix includes thermal management products for commercial vehicles, passenger vehicles, new energy vehicles, and digital energy applications, focusing on energy saving, emission reduction, and safety [12][15]. Automotive Sector - The commercial vehicle market is expected to recover by 2025, with a projected growth rate of approximately 6.5%, driven by equipment upgrades and replacement [26][29]. - The passenger vehicle market is also expected to grow, with a projected sales volume of 27.55 million units in 2024, reflecting a year-on-year increase of 6% [34]. Digital and Robotics Business - The digital and energy business is projected to generate revenues of 1.1 billion RMB in 2024, growing at a rate of 51% year-on-year [2]. - The company has developed thermal management technologies for robotics, leveraging its automotive expertise to create a strong foundation for this new growth area [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 612 million RMB in 2023, with a compound annual growth rate (CAGR) of 20% from 2020 to 2023 [19]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.00 RMB, 1.33 RMB, and 1.69 RMB, respectively [3][6].

浙江银轮机械股份有限公司 股票交易异常波动公告 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。 一、股票交易异常波动的情况介绍 浙江银轮机械股份有限公司（以下简称"公司"，证券简称：银轮股份，证券代码： 002126）股票连续三个交易日（2025 年 2 月 19 日、2025 年 2 月 20 日、2025 年 2 月 21 日）收盘价格涨幅偏离值累计超过 20%。根据《深圳证券交易所交易规则》相关规定， 属于股票交易异常波动的情况。 二、公司关注并核实相关情况 针对公司股票交易异常波动，公司对有关事项进行了核查，并通过书面、电话问询 方式，对公司控股股东及实际控制人就相关问题进行了核实，现将相关情况说明如下： 1、公司前期披露的信息不存在需要补充、更正之处。 2、公司未发现近期公共媒体报道了可能或已经对本公司股票交易价格产生较大影 响的未公开重大信息。 | 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2025-010 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 5、经查询，公司控 ...

Core Viewpoint - The company, Yinlun Co., Ltd. (002126), has noted increased market attention on liquid cooling and robotics concepts, while its main business remains stable without significant fluctuations [1] Group 1: Business Overview - The company's main business focuses on heat exchangers for oil, water, gas, and refrigerants, primarily applied in sectors such as new energy vehicles, fuel vehicles, non-road machinery, data centers, energy storage, ultra-fast charging, and heat pump air conditioning [1] - The company has achieved rapid development in the liquid cooling sector, with products like energy storage liquid air conditioning, data center liquid cooling systems, and generator liquid cooling modules entering mass production and generating sales revenue [1] Group 2: Robotics Sector - The company's business in the robotics components field is still in the research and development stage, with uncertainties present and no sales revenue generated, which will not have a significant impact on the company's overall performance [1]