Summary of Conference Call Company and Industry Overview - The conference call discusses the operational performance of a company in the automotive and energy sectors for Q3 and the first nine months of the year, with a focus on commercial vehicles and digital energy segments [1][2][3]. Key Financial Metrics - The company reported a total revenue of approximately 9.2 billion (92亿) for the first nine months, with a breakdown of revenue from commercial vehicles at around 3.3 billion (33亿), which represents a year-over-year decline of about 6% [1][2]. - The revenue from the commercial vehicle segment was further detailed: brake systems generated approximately 2.42 billion (24.2亿), down from 2.44 billion (24.4亿), and the vehicle segment generated 890 million (8.9亿), down from 1.09 billion (10.9亿) [2]. - The company experienced a significant increase in revenue from new energy commercial vehicles, which reached 1.3 billion (13亿), marking a 140% year-over-year growth [3]. Segment Performance - The passenger vehicle segment generated 9.1 billion (91亿) in revenue, up 33.5% year-over-year, with new energy vehicles contributing 3.39 billion (33.9亿), an increase of over 8% [3]. - The digital energy segment reported revenue of 690 million (6.9亿), a 60% increase compared to the previous year [3]. Profitability and Margins - The gross margin for the company improved to 21.34%, up 0.3 percentage points year-over-year, despite a slight decline in Q3 due to one-time expenses [4][5]. - The operating cash flow for the first nine months was 840 million (8.4亿), a significant increase from 457 million (4.57亿) in the same period last year, indicating strong cash flow health [9]. International Operations - The North American operations generated approximately 150 million (1.5亿) in revenue, with a profit of around 4 million (400万) [6]. - The Mexican facility reported revenue of about 66 million (6600万) for the first nine months, with a steady increase in Q3 [6][33]. - The European operations faced challenges, with a reported loss of approximately 13 million (1300万) [7]. Future Outlook - The company aims to achieve a revenue target of 13 billion (130亿) for the full year, with expectations of a recovery in demand for commercial vehicles [12]. - For the next year, the company anticipates a growth rate of over 30% in the passenger vehicle segment, with significant contributions from new clients and projects in North America and Europe [14][15]. - The digital energy segment is projected to grow significantly, with targets set for 10 to 11 billion (10到11亿) this year and aiming for a doubling next year [20]. Additional Insights - The company is focusing on enhancing its R&D investments to support new product development and maintain competitiveness in the market [17][18]. - There are ongoing discussions about potential public listings for certain assets to support financing and growth strategies [11]. - The company is optimistic about the future growth of its digital energy business, particularly in areas like data centers and energy storage solutions [22][23]. Conclusion - The company is navigating a challenging market environment but is positioned for growth through strategic investments in new energy vehicles and digital energy solutions, with a strong focus on international expansion and operational efficiency.

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-098 | | --- | --- | | 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 ...

银轮股份（002126.SZ） 汽车零部件 证券研究报告/公司点评报告 2024 年 10 月 30 日 业绩稳健增长延续，海外布局提速拓展 | --- | --- | --- | --- | --- | --- | --- | --- | |-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ ...

Investment Rating - The investment rating for the company is "Outperform the Market" [3][20]. Core Views - The company has shown significant growth in its electric vehicle (EV) business, with a 27.3% year-on-year increase in net profit for Q3 2024, despite a 4.0% quarter-on-quarter decline in revenue [1][4]. - The company's gross profit margin for Q3 2024 is reported at 17.7%, with a net profit margin of 7.8%, indicating continuous improvement in profitability [1][8]. - The company is expanding its overseas operations, with its Mexico plant achieving breakeven in Q4 2023 and the Poland plant beginning production in October 2023 [1][13]. - The digital and energy business segment is emerging as a third growth curve, with a 23.5% year-on-year revenue increase in H1 2024 [14][15]. Summary by Sections Financial Performance - In Q3 2024, the company achieved revenue of 3.05 billion yuan, a year-on-year increase of 11.9% and a quarter-on-quarter decrease of 4.0%. The net profit attributable to shareholders was 200 million yuan, up 27.3% year-on-year but down 4.8% quarter-on-quarter [1][4]. - The company's revenue projections for 2024, 2025, and 2026 are 13.505 billion yuan, 16.007 billion yuan, and 18.889 billion yuan, respectively, with net profits of 862 million yuan, 1.111 billion yuan, and 1.371 billion yuan [20][21]. Business Segments - The passenger vehicle segment has benefited from the growth of the EV market, with sales of EV thermal management products increasing significantly from 2.89 million yuan in 2021 to 35.84 million yuan in 2023 [5][12]. - The commercial vehicle segment faced challenges due to rising natural gas prices and weak demand, with sales dropping 14.9% year-on-year in Q3 2024 [1][4]. International Expansion - The company has established production bases in Mexico and Poland, with the Mexico plant focusing on thermal management products for North American customers and the Poland plant supporting European clients [1][13]. - The company has a robust order backlog, with new orders expected to contribute approximately 4.143 billion yuan in annual sales once fully realized [15][20]. Digital and Energy Business - The digital and energy segment includes products for data center liquid cooling and energy storage systems, achieving revenue of 4.35 billion yuan in H1 2024, marking a 23.5% increase year-on-year [14][15]. - The company has secured strategic partnerships with major clients such as BYD and Alibaba in this segment [16].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 24.48 CNY [5][3] Core Insights - The company's performance meets expectations with a revenue of 9.205 billion CNY for the first three quarters, a year-on-year increase of 15.2%, and a net profit attributable to the parent company of 604 million CNY, up 36.2% year-on-year [2] - The third quarter saw a revenue of 3.054 billion CNY, a year-on-year increase of 11.8%, but a quarter-on-quarter decrease of 4.0% [2] - The company is experiencing a significant improvement in cash flow, with a net cash flow from operating activities of 884 million CNY, a year-on-year increase of 93.2% [2] - The digital energy business is expected to enter a growth phase, with major clients including North American companies and leading Chinese manufacturers [2] - The company is accelerating its overseas order acquisition, with expectations for improved profitability in its overseas operations [2] Financial Summary - Revenue projections for 2024-2026 are adjusted to 13.240 billion CNY, 15.843 billion CNY, and 19.092 billion CNY respectively, with corresponding EPS estimates of 1.02 CNY, 1.39 CNY, and 1.77 CNY [3][4] - The gross margin for the first three quarters is reported at 20.1%, with a third-quarter gross margin of 17.7% [2] - The net profit margin is projected to improve from 5.6% in 2023 to 7.7% in 2026 [4] - The company’s return on equity (ROE) is expected to rise from 12.1% in 2023 to 18.1% in 2026 [4]

证券时报网讯，10月30日有40家公司被机构调研，按调研机构类型看，基金参与22家公司的调研活动， 其中，5家以上基金扎堆调研公司共6家。 银轮股份最受关注，参与调研的基金达20家；凯莱英、盈趣科技等分别获6家、6家基金调研。 校对：杨立林 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4][9] Core Insights - The company's Q3 2024 net profit attributable to shareholders increased by 27.3% year-on-year, with a net profit margin of 7.82%, showing continuous improvement in profitability [3][4] - The company has a broad growth potential in the heat exchange business, with capabilities to provide a full range of thermal management products across various applications, including commercial vehicles, passenger cars, and emerging fields like smart driving and data centers [4][5] Financial Performance Summary - For the first three quarters of 2024, the company achieved revenue of 9.205 billion yuan, a year-on-year increase of 15.2%, and a net profit of 604 million yuan, up 36.2% year-on-year [3] - In Q3 2024, the company reported revenue of 3.054 billion yuan, an 11.8% increase year-on-year, and a net profit of 201 million yuan, reflecting a 27.3% year-on-year growth [3][4] - The company is expected to achieve total revenue of 13 billion, 15.7 billion, and 18.2 billion yuan for 2024, 2025, and 2026, respectively, with corresponding net profits of 846 million, 1.101 billion, and 1.403 billion yuan [4][7] Market Performance - The company's stock performance over the past month, three months, and twelve months has been 6.3%, 25.7%, and 3.5%, respectively, compared to the CSI 300 index [4] - The current stock price is 19.08 yuan, with a 52-week price range of 13.78 to 21.40 yuan [4][9] Earnings Forecast - The company is projected to have an EPS of 1.02, 1.32, and 1.69 yuan for 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 19, 14, and 11 [4][7]

证券代码：002126 证券简称：银轮股份 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 投资者关系活动记录表 编号：2024-006 | --- | --- | --- | --- | |-------------------------|---------------------------|------------------------|------------------| | | ▇特定对象调研 □分析师会议 | | | | 投资者关系 | □媒体采访 ▇业绩说明会 | | | | 活动类别 | □新闻发布会 □路演活动 | | | | | □现场参观 | | | | | ▇线上会议调研 | | | | | | | | | | 参会人员共 169 | 人，具体参与单位如下： | | | | IGWT 投资 | NTF 资管 | 安信基金 | | | 安信证券 | 百川财富 | 北京昊泽致远 | | | 北京鑫翰资管 | 财信证券 | 大湾区产融投资 | | | 德邦基金 | 东北证券 | 东方财富证券 | | | 东方证券 | 东海证券 | 东兴证券 | | | 方物私募基 ...

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company's performance in Q3 2024 met expectations, with revenue of 31 billion yuan, a year-on-year increase of 12%, and a net profit of 2 billion yuan, up 27% year-on-year [1] - The company is expanding into new business areas and enhancing its global presence, which is expected to drive future growth [3] - The company aims for a revenue target of 13 billion yuan in 2024, with a net profit margin exceeding 6% [3] Financial Performance Summary - For the first three quarters of 2024, the company reported revenue of 92 billion yuan, a 15% increase year-on-year, and a net profit of 6 billion yuan, up 36% year-on-year [1] - The sales gross margin for Q1-Q3 2024 was 20%, down 1 percentage point year-on-year, while the net profit margin improved to 7.4%, up 1 percentage point year-on-year [2] - The company expects net profits of 8.4 billion yuan, 11.1 billion yuan, and 13.9 billion yuan for 2024, 2025, and 2026 respectively, with corresponding P/E ratios of 19, 14, and 11 [3] Business Development and Strategy - The company has secured over 130 new projects in H1 2024, which are projected to add approximately 41 billion yuan in annual revenue once operational, with 46% of these being international orders [3] - Cost reduction and efficiency improvements are being implemented, contributing to a rise in net profit margins [2] - New business initiatives include energy storage thermal management projects and solutions for data centers [3]

Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 9.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 600 million yuan, up 36.2% year-on-year [1]. - The third quarter of 2024 saw a revenue of 3.05 billion yuan, reflecting an 11.8% year-on-year growth, although it decreased by 4.0% compared to the previous quarter [1]. - The company's gross margin for Q3 2024 was 17.7%, down 4.2 percentage points year-on-year, while the net margin increased by 1.0 percentage points year-on-year to 7.8% [1]. - The growth in revenue is attributed to the expansion in the new energy vehicle thermal management business and the release of orders in digital and energy sectors [1]. - The company has made significant progress in its globalization strategy, with its Mexican factory achieving breakeven in Q4 2023 and expected profitability in North America starting in 2024 [1]. - The new energy thermal management business is rapidly growing, with a continuous expansion of clients including major players in the North American market and domestic manufacturers [1]. - The company anticipates significant performance growth from its third growth curve, focusing on digital and energy thermal management, with several key projects expected to ramp up production in 2024 [1]. - Revenue projections for 2024-2026 are estimated at 13.31 billion, 16.01 billion, and 18.94 billion yuan, with net profits of 840 million, 1.09 billion, and 1.35 billion yuan respectively [1][4]. Financial Summary - For 2024, the company is projected to have a PE ratio of 19, decreasing to 15 and 12 in 2025 and 2026 respectively [2][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.01 yuan, 1.31 yuan, and 1.63 yuan respectively [2][5]. - The company's total assets are projected to grow from 16.16 billion yuan in 2023 to 25.06 billion yuan by 2026 [5].