Summary of Silver Wheel Co., Ltd. Conference Call Company Overview - **Company**: Silver Wheel Co., Ltd. - **Industry**: Automotive and Digital Energy Key Points and Arguments Business Development Goals - **Sales Target for 2025**: Not less than 15 billion yuan, with a profit target of 1.05 billion yuan [3] - **Growth Expectations**: - Commercial vehicles expected to maintain a growth rate of around 30% - Passenger vehicles and non-road vehicles projected to grow by 10% - Digital energy expected to grow by over 50%, potentially doubling in optimistic scenarios [3][4] Digital Energy Segment - **Revenue Projections**: - Expected revenue for 2024 is approximately 1.01 billion yuan, with 2025 projections between 1.5 billion to 2 billion yuan, representing a growth of 50% to 100% [3][4] - **Key Growth Drivers**: - New business from energy storage liquid cooling systems, battery liquid cooling modules, and inverter liquid cooling [3][4] Profitability and Market Confidence - **Profitability Target**: Planning for a 7% profit margin in 2025, a target set in 2022 [5] - **Historical Performance**: Company has consistently met operational guidance for 17 years, enhancing market confidence [5] Market Strategy - **Focus on Thermal Management**: The company is the only one covering all categories in thermal management without diversifying into new categories [6] - **North American Market Strategy**: - Emphasis on customer-centric approach and strategic resource allocation to gain market share [10] - Anticipates significant expansion opportunities in North America despite late entry [10] Overseas Business Strategy - **Cautious Expansion**: - Strategy involves acquiring smaller companies to gradually expand capacity and reduce costs [12] - Overseas market prices are generally higher than domestic, ensuring better profit margins [12] Robotics Sector - **Strategic Positioning**: - Established a robotics research institute to develop thermal management technologies for robots [13][18] - Anticipates significant market potential in the robotics sector, comparable to automotive levels [13][18] Long-term Vision - **Corporate Vision**: Aiming to build a platform for sustainable growth, aspiring to become a century-old enterprise with a trillion yuan business [17] Revenue Distribution Expectations - **Future Revenue Projections**: - Aiming for a balanced revenue distribution between domestic and overseas markets, targeting 50% from each by 2028 [24] Competitive Landscape - **Domestic vs. Foreign Competition**: - Domestic companies dominate the new energy sector, with foreign companies holding a minor share [22] - The company maintains a competitive edge through efficiency and pricing advantages [23] Product Differentiation - **Heat Pump Products**: - The company does not directly compete with suppliers like Sanhua and Top, focusing on unique modules within the cooling system [25] Additional Important Insights - **Tariff Concerns**: The company views tariff issues as a long-term concern but believes that U.S. manufacturing capabilities cannot meet demand, reducing the impact of tariffs [10] - **Profitability in Overseas Markets**: Despite initial losses from acquisitions, the potential for high gross margins in overseas markets remains promising [11]

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has made significant progress in its globalization efforts, securing multiple overseas projects in the automotive sector, particularly in the new energy vehicle market [4][5]. - The company is expected to see substantial revenue growth driven by its new energy thermal management business and the expansion of its product offerings [6][7]. Summary by Relevant Sections Event Overview - The company's wholly-owned subsidiary, YINLUN TDI, LLC, has received a designated agreement from a well-known North American automotive brand for a new energy vehicle radiator project, expected to generate approximately $60 million in sales over its lifecycle starting in 2027 [3]. Globalization Progress - In 2023, the company has continued to secure overseas orders, including projects for aluminum oil coolers and air conditioning boxes from various international automotive manufacturers. The new orders are projected to add approximately 4.14 billion yuan in annual sales revenue, with international orders accounting for 46% [4]. New Energy Thermal Management Business - The company has expanded its customer base in the new energy sector, including major clients like BYD and international automotive brands. The new energy vehicle business has shown rapid growth, with increasing market share and new orders for various cooling systems and modules [5]. Third Growth Curve - The company has established a digital and energy thermal management division since 2021, focusing on liquid cooling systems for data centers and energy storage. Significant project breakthroughs are expected to contribute to revenue growth starting in 2024 [5]. Financial Forecast - The company is projected to achieve revenues of 13.01 billion yuan in 2024, 15.71 billion yuan in 2025, and 18.59 billion yuan in 2026, with net profits of 822 million yuan, 1.07 billion yuan, and 1.33 billion yuan respectively. The earnings per share (EPS) are expected to be 0.99 yuan, 1.28 yuan, and 1.59 yuan for the same years [6][7].

Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Viewpoints - The company has achieved significant breakthroughs in overseas orders, particularly in the electric vehicle sector, with a projected sales revenue of approximately $0.6 billion from a new North American customer for a heat exchanger project starting in 2027 [3][4]. - The company's new energy thermal management business is experiencing rapid growth, with a diverse customer base including major players in North America and China, leading to an increase in market share [5]. - The establishment of a digital and energy thermal management division is expected to contribute significantly to the company's performance starting in 2024, with new projects in data center cooling and energy storage [5][6]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 130.1 billion, 157.1 billion, and 185.9 billion respectively, with net profits of 8.2 billion, 10.7 billion, and 13.3 billion [6][7]. - The earnings per share (EPS) are forecasted to be 0.99, 1.28, and 1.59 for the years 2024, 2025, and 2026, respectively [6][7]. - The price-to-earnings (PE) ratios are projected to be 23, 18, and 14 for the years 2024, 2025, and 2026, respectively, based on the closing price of 22.59 yuan per share on February 13, 2025 [6][7].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-009 | | --- | --- | | 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 2025 年 2 月 12 日，公司与中国建设银行股份有限公司天台支行签订《最高额保证 合同》，约定为全资子公司浙江银轮智能装备有限公司融资业务提供担保，最高担保金 额不超过 2,200 万元人民币，授信融资期限为 2025 年 2 月 12 日至 2026 年 2 月 11 日。 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） | | -- ...

Core Viewpoint - YINLUN TDI, LLC, a wholly-owned subsidiary of YINLUN Co., has received a designated agreement from a well-known North American automotive brand for a new energy vehicle radiator project, expected to start mass production in 2027, with projected sales of approximately $61.34 million over its lifecycle [1] Group 1 - YINLUN Co. has secured a project for new energy vehicle radiators from a prominent North American automotive brand [1] - The project is anticipated to commence mass production in 2027 [1] - The estimated sales revenue for the project over its lifecycle is around $61.34 million [1]

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-008 | | --- | --- | | 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 关于获得国际客户定点的公告 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。 一、定点通知概述 受国际宏观经济形势、汽车产业政策、汽车市场环境等因素影响，客户的采购需求 存在一定的不确定性。后续公司严格按照客户要求完成产品相关开发、生产准备及交付 等工作。敬请广大投资者谨慎决策，注意防范投资风险。 特此公告 浙江银轮机械股份有限公司 董 事 会 2025年2月12日 浙江银轮机械股份有限公司（以下简称"公司"）的全资子公司YINLUN TDI,LLC 近日收到了某北美著名汽车品牌（限于保密要求，无法披露其名称，以下简称"客户"） 的定点协议书。公司获得该客户新能源汽车散热器项目定点。项目预计将于2027年开 始批量供货。根据客户需求与预测，生命周期内预计销售额约6,134.40万美元。 二、对公司的影响 公司凭借在热管理领域多年的经验积累，逐渐在汽车新能源热管理领域形成较 ...

Group 1: 2025 Business Goals - Revenue target for 2025 is set at no less than 15 billion CNY [1] - Net profit target for 2025 is set at no less than 1.05 billion CNY [1] Group 2: Business Segment Growth Outlook - Passenger and new energy vehicle segment expected to maintain rapid growth, becoming the largest business segment since 2023 [1] - Commercial vehicle and non-road business segment anticipated to achieve recovery growth, with a focus on overseas expansion and domestic heavy-duty electric vehicle market [2] - Digital energy segment projected to experience significant growth due to the mass production of various liquid cooling products [2] Group 3: Cost Reduction and Efficiency Improvement - 2025 defined as a year for efficiency and effectiveness enhancement, with key measures including quality cost reduction, supply chain collaboration, technology cost reduction, and manufacturing cost reduction [2] Group 4: Robotics Development - Company actively exploring technology routes and application scenarios in the field of humanoid robots, with multiple patents applied and authorized in thermal management [2]

上海市锦天城律师事务所 关于浙江银轮机械股份有限公司 2025 年第一次临时股东大会的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 11/12 层 电话：021-20511000 传真：021-20511999 邮编：210020 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于浙江银轮机械股份有限公司 2025 年第一次临时股东大会的 法律意见书 致：浙江银轮机械股份有限公司 上海市锦天城律师事务所（以下简称"本所"）接受浙江银轮机械股份有限 公司（以下简称"公司"）委托，就公司召开 2025 年第一次临时股东大会（以下 简称"本次股东大会"）的有关事宜，根据《中华人民共和国公司法》（以下简称 《公司法》）《上市公司股东大会规则》等法律、法规、规章和其他规范性文件以 及《浙江银轮机械股份有限公司章程》（以下简称《公司章程》）的有关规定，出 具本法律意见书。 为出具本法律意见书，本所及本所律师依据《律师事务所从事证券法律业务 管理办法》和《律师事务所证券法律业务执业规则（试行）》等规定，严格履行 了法定职责，遵循了勤勉尽责和诚实信用原则，对本次股东大会所涉及的相关事 项进 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-007 | | --- | --- | | 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 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： 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 1、会议召开情况 2025 年第一次临时股东大会决议公告 （1）会议召开时间： 现场会议召开时间：2025年1月20日下午14:00开始 网络投票表决时间：2025年1月20日 其中，通过深圳证券交易所交易系统进行网络投票的时间：2025年1月20日上午 9:15-9:25，9:30－11:30，下午13:00－15:00。 通过深圳证券交易所互联网投票系统投票的时间：2025年1月20日9:15-15:00。 （2）会议召开地点：浙江省天台县福溪街道始丰东路8号公司A幢六楼会议室。 （3）会议方式：本次股东大会采取现场和网络投票相结合的方式。 （4）会议召集人：公司董事会。 （5）会议主持人： ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-005 | | --- | --- | | 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年第四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 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 ...