Group 1: Financial Performance - In 2024, the company achieved a total revenue of 202.4 billion RMB, a year-on-year increase of 15.28%, with Q4 revenue reaching 35 billion RMB, marking a historical high [4] - The passenger and new energy vehicle segment generated 70.9 billion RMB in revenue, up 30.6% year-on-year, with Q4 revenue of 21.79 billion RMB, a quarter-on-quarter increase of 26% [4] - The commercial vehicle and non-road segment reported a revenue of 41.7 billion RMB, a decline of 7.52% year-on-year [4] - The digital and energy segment achieved 10.26 billion RMB in revenue, a growth of 47%, with Q4 revenue of 3.28 billion RMB, up 25% quarter-on-quarter [4] Group 2: International Sales - In 2024, overseas revenue reached 32.86 billion RMB, accounting for 25.87% of total revenue, an increase from 22.42% in 2023 [4] - North America generated 1.96 million USD in self-operated business revenue, a year-on-year increase of 50.47%, with a net profit of approximately 604,000 USD [4] - Europe reported self-operated revenue of 1.57 billion RMB, a growth of 31.29%, although still at a loss, with expectations of breakeven in 2025 [4] Group 3: Profitability Metrics - The net profit margin for 2024 was 6.17%, an increase of 0.61% year-on-year, marking the third consecutive year of improvement [4] - The gross profit margin for 2024 was 20.12%, a decrease of 1.45% compared to 2023, primarily due to accounting policy adjustments [4] - In Q4, the net profit attributable to shareholders was 1.79 billion RMB, with a non-recurring net profit of 1.33 billion RMB, reflecting a quarter-on-quarter decline due to one-time impacts [4] Group 4: Cost Management - The period expense ratio (excluding R&D expenses) was 7.22%, with a total expense ratio of 8.57%, a decrease of 0.32% year-on-year [5] - The reduction in expense ratio is attributed to scale effects and effective cost control measures [5] Group 5: New Project Acquisition - In 2024, the company secured over 300 new projects, with an estimated annual sales revenue of approximately 90.73 billion RMB [6] - Revenue breakdown by business: digital energy 9.53 billion RMB, new energy vehicles 68.43 billion RMB, and fuel vehicles & non-road business 12.77 billion RMB [6] Group 6: Emerging Business Developments - The company made significant progress in digital energy and embodied intelligence sectors, achieving breakthroughs in liquid cooling solutions for data centers [8] - In the robotics field, the company has obtained 10 patents and is focusing on key customer breakthroughs and external collaborations [8] Group 7: Risks and Opportunities - Short-term impacts from tariffs on profitability are limited, while long-term overseas capacity expansion is expected to accelerate order acquisition and enhance profitability [9] Group 8: Global Manufacturing Layout - The company has established production bases in the USA, Mexico, Poland, Malaysia, India, and Sweden, with plans for further global manufacturing enhancements in 2025 [11] - Specific developments include the completion of a third factory in Mexico and the operational launch of a passenger vehicle factory in Malaysia [11]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a revenue of 12.702 billion yuan for 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28.00% year-on-year [2] - The passenger vehicle business experienced rapid growth, with revenue reaching 7.090 billion yuan, a year-on-year increase of 30.63%, driven primarily by the performance of new energy vehicles [3] - The company's global expansion strategy has shown significant results, with North American revenue reaching 2.035 billion yuan, a year-on-year increase of 60.23%, and European revenue at 741 million yuan, up 17.16% [4] - The digital energy segment has accelerated growth, achieving revenue of 1.027 billion yuan, a year-on-year increase of 47.44%, with strong performance in data center cooling solutions [5] - The company's profitability continues to improve, with operating cash flow reaching 1.205 billion yuan, a year-on-year increase of 30.84%, and R&D investment of 573 million yuan, up 16.94% [6] - The company is proactively entering emerging fields such as robotics, having secured 10 patents in this area by the end of the reporting period [7] Financial Summary - The company forecasts revenues of 16.030 billion yuan for 2025, 18.883 billion yuan for 2026, and 21.574 billion yuan for 2027, with net profits expected to be 1.048 billion yuan, 1.251 billion yuan, and 1.503 billion yuan respectively [9] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.26 yuan, 1.50 yuan, and 1.80 yuan respectively [11] - The company maintains a healthy financial position with a projected return on equity (ROE) of 12.6% for 2024, increasing to 15.0% by 2027 [11]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is experiencing steady overall operations in Q4 2024, with continued global development [1] - The company has established four core advantages in technology, products, layout, and customers, which support the rapid growth of its new energy thermal management business [3] - The company has a comprehensive product layout in the new energy thermal management sector, focusing on both industrial and civilian markets, and is expanding its international presence [3] Financial Forecasts - The company's total revenue for 2023 is projected at 11,018 million yuan, with a year-on-year growth of 29.93%, and is expected to reach 12,702 million yuan in 2024, representing a 15.28% increase [1] - The net profit attributable to the parent company for 2023 is estimated at 612.14 million yuan, with a year-on-year growth of 59.71%, and is projected to be 783.53 million yuan in 2024, reflecting a 28.00% increase [1] - The earnings per share (EPS) for 2024 is expected to be 0.94 yuan, with a price-to-earnings (P/E) ratio of 26.58 [1] Adjusted Profit Forecasts - The net profit forecasts for 2025 and 2026 have been adjusted to 1,070 million yuan and 1,309 million yuan respectively, with a new forecast for 2027 at 1,567 million yuan [4] - The corresponding EPS for 2025, 2026, and 2027 are projected to be 1.28 yuan, 1.57 yuan, and 1.88 yuan respectively, with P/E ratios of 19.47, 15.91, and 13.29 [4] Market Performance - The company's stock closed at 24.95 yuan, with a market capitalization of approximately 20,827.83 million yuan [7] - The company has a price-to-book (P/B) ratio of 3.39 and a debt-to-asset ratio of 61.49% [8]

Investment Rating - The report maintains a "Recommended" rating for the company [6]. Core Views - The company is expected to achieve steady revenue growth in 2024, with a projected revenue of 127.0 billion yuan, representing a year-on-year increase of 15.3%. The net profit attributable to shareholders is forecasted to be 7.8 billion yuan, up 28.0% year-on-year [1]. - The company's performance in Q4 2024 met expectations, with revenue of 35.0 billion yuan, a year-on-year increase of 15.6%. The profit growth is attributed to cost reduction measures and improved profitability in overseas operations, particularly in North America [2][3]. - The company is focusing on global expansion, with significant achievements in North America, where it reported self-operated business revenue of 200 million USD, a 50.5% increase year-on-year, marking its first profitable year [3]. - The company is developing a third growth curve through its digital and energy management division, securing substantial orders in 2024, including projects in energy storage and cooling systems [3]. Summary by Sections Financial Performance - In 2024, the company achieved a revenue of 127.0 billion yuan, with a gross margin of 20.1% and a net profit of 7.8 billion yuan. The non-recurring net profit was 6.8 billion yuan, reflecting a 17.5% increase year-on-year [1]. - For Q4 2024, the company reported a revenue of 35.0 billion yuan, with a gross margin of 20.2% and a net profit of 1.79 billion yuan [2]. Growth Projections - The company is projected to achieve revenues of 156.1 billion yuan, 184.7 billion yuan, and 217.6 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 10.9 billion yuan, 14.4 billion yuan, and 17.9 billion yuan for the same years [4][5]. Valuation Metrics - The earnings per share (EPS) are forecasted to be 1.31 yuan, 1.72 yuan, and 2.15 yuan for 2025, 2026, and 2027, respectively. The price-to-earnings (PE) ratios are projected to be 18, 13, and 11 for the same years [4][5].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.24 CNY, based on a projected PE ratio of 24 times for 2025 [2][6]. Core Views - The company's digital energy business is experiencing rapid growth, continuously acquiring new projects, which is expected to become a new growth driver [1][10]. - The financial forecasts have been adjusted, with EPS estimates for 2025, 2026, and 2027 set at 1.26 CNY, 1.63 CNY, and 2.02 CNY respectively, reflecting a positive growth trajectory [2][10]. - The company achieved a revenue of 12.70 billion CNY in 2024, a year-on-year increase of 15.3%, with a net profit of 784 million CNY, up 28.0% [10]. Financial Summary - **Revenue Forecasts**: Projected revenues for 2025, 2026, and 2027 are 15.28 billion CNY, 18.14 billion CNY, and 21.50 billion CNY, respectively, with growth rates of 20.3%, 18.8%, and 18.5% [4][10]. - **Profitability Metrics**: The company's gross margin is expected to improve from 20.1% in 2024 to 21.7% in 2027, while net profit margins are projected to increase from 6.2% to 7.9% over the same period [4][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to grow from 0.94 CNY in 2024 to 2.02 CNY in 2027, indicating strong earnings growth potential [4][10]. - **Valuation Ratios**: The company’s PE ratio is expected to decrease from 24.6 in 2024 to 11.4 in 2027, suggesting an attractive valuation as earnings grow [4][10].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.24 CNY, based on a projected PE ratio of 24 times for 2025 [2][6]. Core Views - The company's digital energy business is experiencing rapid growth, continuously acquiring new projects, which is expected to become a new growth driver [1][10]. - The financial forecasts have been adjusted, with EPS estimates for 2025, 2026, and 2027 set at 1.26 CNY, 1.63 CNY, and 2.02 CNY respectively, reflecting a positive growth trajectory [2][10]. - The company achieved a revenue of 12.70 billion CNY in 2024, a year-on-year increase of 15.3%, with a net profit of 784 million CNY, up 28.0% [10]. Financial Summary - **Revenue Forecasts**: Projected revenues for 2025, 2026, and 2027 are 15.28 billion CNY, 18.14 billion CNY, and 21.50 billion CNY, respectively, indicating growth rates of 20.3%, 18.8%, and 18.5% [4][10]. - **Profitability Metrics**: The company's gross margin is expected to improve from 20.1% in 2024 to 21.7% by 2027, while net profit margins are projected to rise from 6.2% to 7.9% over the same period [4][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to grow from 0.94 CNY in 2024 to 2.02 CNY in 2027, reflecting a strong upward trend in profitability [4][10]. - **Valuation Ratios**: The company’s PE ratio is expected to decrease from 24.6 in 2024 to 11.4 in 2027, indicating an attractive valuation as earnings grow [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 12.7 billion yuan in 2024, representing a year-on-year increase of 15%, and a net profit attributable to the parent company of 780 million yuan, up 28% year-on-year [1] - The digital energy business saw significant growth, with revenue from passenger vehicles reaching 7.1 billion yuan, a 31% increase year-on-year, while the digital and energy management segment achieved 1 billion yuan in revenue, up 47% year-on-year [1][3] - The company is expanding into the digital energy and robotics sectors, with expectations of a rapid market growth in data center temperature control and a projected revenue increase of 950 million yuan from new digital energy projects [3] Financial Performance - The company's gross profit margin for 2024 was 20.1%, a decrease of 1.5 percentage points year-on-year, while the net profit margin improved by 0.7 percentage points to 7.0% [2] - In Q4 2024, the gross profit margin was 20.2%, with a net profit margin of 6.1%, impacted by asset impairment provisions [2] - The company forecasts net profits of 1.05 billion yuan, 1.36 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 14, and 12 times [3] Market Outlook - The global new energy vehicle sales are expected to reach 17.53 million units in 2024, a 22% increase year-on-year, with significant growth in the Chinese market [1] - The Chinese data center market is projected to exceed 400 billion yuan by 2025, growing at 25% year-on-year, providing a substantial opportunity for the company's digital energy segment [1][3]

Core Viewpoint - Silver Wheel Co., Ltd. reported a revenue increase of 15.28% year-on-year for 2024, with a total revenue of 12.702 billion yuan and a net profit of 784 million yuan, reflecting a 28.0% increase compared to the previous year [1][4] Financial Performance - The total revenue for 2024 reached 12.702 billion yuan, up from 11.018 billion yuan in 2023, marking a 15.28% increase [4] - The net profit attributable to shareholders was 784 million yuan, compared to 612 million yuan in 2023, representing a 28.0% increase [4] - The fourth quarter revenue was 3.497 billion yuan, a 15.57% increase year-on-year, with a net profit of 179 million yuan, up 6.4% [1] - The gross profit margin decreased to 20.12%, down 2.05% year-on-year, while the net profit margin improved to 7.04%, an increase of 10.71% [4] - Total operating expenses were 917 million yuan, accounting for 7.22% of revenue, a decrease of 8.2% year-on-year [4] Accounts Receivable and Cash Flow - Accounts receivable increased to 4.637 billion yuan, up 15.92% from 4.001 billion yuan in 2023, with accounts receivable accounting for 591.87% of net profit [1][5] - Cash and cash equivalents increased to 2.187 billion yuan, a 13.95% increase from 1.919 billion yuan [4] - Operating cash flow per share was 1.44 yuan, reflecting a 26.05% increase year-on-year [4] Future Outlook - The company aims for a revenue target of no less than 15 billion yuan and a net profit target of at least 1.05 billion yuan for 2025, as per the disclosed stock option incentive plan [7]

浙江银轮机械股份有限公司 审计报告及财务报表 二○二四年度 浙江银轮机械股份有限公司 审计报告及财务报表 （2024 年 01 月 01 日至 2024 年 12 月 31 日止） | | 目录 | 页次 | | --- | --- | --- | | 一、 | 审计报告 | 1-5 | | 二、 | 财务报表 | | | | 合并资产负债表和母公司资产负债表 | 1-4 | | | 合并利润表和母公司利润表 | 5-6 | | | 合并现金流量表和母公司现金流量表 | 7-8 | | | 合并所有者权益变动表和母公司所有者权益变动表 | 9-12 | | 财务报表附注 | | 1-155 | 二、 形成审计意见的基础 我们按照中国注册会计师审计准则的规定执行了审计工作。审计 报告的"注册会计师对财务报表审计的责任"部分进一步阐述了我们 在这些准则下的责任。按照中国注册会计师职业道德守则，我们独立 于银轮股份，并履行了职业道德方面的其他责任。我们相信，我们获 取的审计证据是充分、适当的，为发表审计意见提供了基础。 三、 关键审计事项 审 计 报 告 信会师报字[2025]第 ZF10277 号 浙江银轮机械股 ...

浙江银轮机械股份有限公司 专项报告 为了更好地理解银轮股份 2024 年度非经营性资金占用及其他关 联资金往来情况，汇总表应当与已审计财务报表一并阅读。 专项报告第 1页 本报告仅供银轮股份为披露 2024 年年度报告的目的使用，不得 用作任何其他目的。 （特殊普通合伙） 2024 年度 关于浙江银轮机械股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZF10280 号 浙江银轮机械股份有限公司全体股东： 我们审计了浙江银轮机械股份有限公司(以下简称"银轮股 份")2024 年度的财务报表，包括 2024 年 12 月 31 日的合并及母公司 资产负债表、2024 年度合并及母公司利润表、合并及母公司现金流 量表、合并及母公司所有者权益变动表和相关财务报表附注，并于 2025 年 4 月 17 日出具了报告号为信会师报字(2025)第 ZF10277 号的 无保留意见审计报告。 银轮股份管理层根据中国证券监督管理委员会《上市公司监管指 引第 8 号——上市公司资金往来、对外担保的监管要求》（证监会公 告〔2022〕26 号）和《深圳证券交易所上市公司自律监管指南第 ...