| 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]

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 ...