Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in H1 2024 shows significant growth driven by the expansion of the new energy passenger vehicle business and improvements in the sales structure of commercial vehicles [2][6]. - The revenue for H1 2024 reached 6.15 billion yuan, a year-on-year increase of 16.9%, outperforming the automotive industry's growth rates of 4.9% in production and 6.1% in sales [2][6]. - The net profit attributable to shareholders for H1 2024 was 400 million yuan, reflecting a year-on-year increase of 41.1%, indicating that profit growth outpaced revenue growth [2][6]. Summary by Sections Financial Performance - H1 2024 revenue was 6.15 billion yuan, with a net profit of 400 million yuan, and a significant increase in the net profit margin to 6.6% [5][6]. - The company's comprehensive gross margin for H1 2024 was 21.2%, up 0.7 percentage points year-on-year [6]. - The revenue from the passenger vehicle segment reached 3.18 billion yuan, a year-on-year increase of 36.4%, accounting for 51.7% of total revenue [2][6]. Business Segments - The new energy passenger vehicle business is in the order fulfillment stage, with profitability expected to improve due to scale effects and customer upgrades [7][10]. - The commercial vehicle segment saw a decline in revenue to 2.34 billion yuan, down 1.5% year-on-year, while the digital and energy thermal management business grew by 23.5% to 440 million yuan [2][6]. Regional Performance - North America showed a revenue increase of 50.7% year-on-year, contributing 710 million yuan, with a net profit margin of 2.5% [6]. - The European market also improved, with revenue of 85.58 million yuan, marking a 90.7% increase year-on-year, although it still reported a loss [6]. Future Outlook - The company is expected to maintain strong growth, with projected net profits of 864 million yuan, 1.156 billion yuan, and 1.412 billion yuan for 2024, 2025, and 2026 respectively [4][10]. - The report highlights the potential of the third curve business in the new energy industrial sector, which is anticipated to become a new growth point for profitability [7][10].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. Core Views - The company reported a revenue of 6.152 billion yuan for the first half of 2024, representing a year-on-year increase of 16.9%, and a net profit of 403 million yuan, up 41.1% year-on-year, aligning with previous forecasts [1]. - The gross margin improved to 21.2%, an increase of 0.6 percentage points year-on-year, while the net margin reached 7.2%, up 1 percentage point year-on-year [1]. - The company has successfully deepened organizational reforms, leading to a continuous increase in net profit margins and a decrease in expense ratios [1]. - The company has secured over 130 new projects, which are expected to contribute an additional annual sales revenue of approximately 4.143 billion yuan once fully operational [1]. - The proportion of passenger vehicle orders has increased, with passenger vehicle orders accounting for 63% of total orders, while international orders made up 46% of total orders [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.182 billion yuan, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 7.2% [1]. - The net profit for Q2 2024 was 211 million yuan, reflecting a year-on-year increase of 33.3% and a quarter-on-quarter increase of 10.4% [1]. - The company forecasts an EPS of 0.74, 1.00, 1.26, and 1.53 yuan for the years 2024 to 2026, with corresponding PE ratios of 15, 12, and 10 [2]. Business Development - The company is accelerating the development of its third curve business, particularly in energy storage thermal management, with significant projects secured from major clients [1]. - The new organizational structure aims to enhance governance and operational efficiency, transitioning from a 33322 model to a 44332 model [2]. Market Position - The company has strengthened its international competitiveness, with significant revenue growth from North America (50.7% year-on-year) and Europe (90.7% year-on-year) [2]. - The company is expected to maintain a compound annual growth rate (CAGR) of 27.4% in net profit over the next three years [2].

52 周价格区间（元） 13.78-20.59 近一月换手（%） 0.92 2024 年 08 月 27 日 公司研究 评级：买入(维持) 研究所： 证券分析师： 戴畅 S0350523120004 daic@ghzq.com.cn 联系人 ： 吴铭杰 S0350124030004 wumj@ghzq.com.cn [Table_Title] 2024 年 H1 归母净利润同比+41%，第四曲线有 望快速发展 ——银轮股份（002126）2024 年中报&事件点评 最近一年走势 事件: 2024 年 8 月 26 日，银轮股份发布 2024 年中报和《关于调整公司组织架 构的公告》： 根据公司 2024 年中报，2024 年 H1 公司实现营收 61.52 亿元，同比 +16.9%；归母净利润 4.03 亿元，同比+41.1%；扣非后归母净利润 3.64 亿元，同比+40.8%，其中 2024Q2 实现营收 31.82 亿元，同比+17.5%； 归母净利润 2.11 亿元，同比+33.3%；扣非后归母净利润 1.85 亿元，同 比+24.8%。 相对沪深 300 表现 2024/08/27 根据《关于调整公司 ...

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-074 | | --- | --- | | 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 上述内容详见公司于2024年4月16日刊登在《证券时报》《上海证券报》和巨潮资 讯网（www. cninfo.com.cn）上的相关公告。 二、对外担保进展情况 2024 年 8 月 22 日，公司与中国进出口银行浙江省分行签订《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 5,000 万元人民币，融资期限为 2024 年 8 月 22 日至 2025 年 8 月 21 日。 2024 年 8 月 26 日，公司与中国光大银行股份有限公司荆州分行续签《最高额保证 合同》，约定为控股子公司湖北美标汽车制冷系统有限公司授信融资业务提供担保，最 高担保金额不超过 2,000 万元人民币，融资期限为 2024 年 8 月 26 日至 2025 年 8 月 25 日。湖北美标汽车制冷系统有限公司其他股东分别按持股比例对本次担保提供了反担保。 关于为子公司担保事项的进展 ...

证券研究报告 | 2024年08月28日 银轮股份（002126.SZ） 优于大市 盈利能力持续改善，海外拓展有望提速 新能源乘用车业务持续放量，天然气重卡业务结构性增长。银轮股份 2024Q2 年实现营收 31.8 亿元，同比增长 17.5%，环比增长 7.2%，归母净利润 2.1 亿元，同比增长 33.3%，环比增长 10.4%。乘用车业务方面，受益于 新能源的发展，公司 2021-2023 年新能源业务每年实现翻倍增长，且新 能源业务占营业收入比重在 2023 年提升至 33%。商用车方面，公司受益 于天然气重卡渗透率提升（天然气重卡发动机标配废气再循环 EGR，公 司国内市占率 90%以上），天然气重卡 2024Q2 累计销量 6.35 万辆，同比 增长 87%，环比增长 40%，带动公司营收结构性向好。 降本增效成效显著，海外经营体盈利改善，2024Q2 净利率同环比提升。盈 利能力提升得益于公司持续推进承包经营，提高各经营体积极性，海外 经营体盈利持续改善。公司的盈利能力从 2022 年开始持续提升，2024Q2 年公司毛利率达到 20.9%，同比持平，环比-0.6pct，销售净利率达到 7.3% ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 6.152 billion yuan for the first half of 2024, representing a year-on-year increase of 16.9%, and a net profit attributable to shareholders of 403 million yuan, up 41.1% year-on-year [3] - The second and third growth curves are accelerating, contributing to record-high revenues, with the passenger vehicle segment achieving a revenue of 3.182 billion yuan, a year-on-year increase of 36.7% [3] - The company is enhancing its global layout, with significant improvements in profitability and accelerated acquisition of international customer orders, achieving a revenue of 706 million yuan in North America, up 50.67% year-on-year [3] - Organizational adjustments are being made to strengthen internationalization and digital intelligence development potential, including the establishment of new committees and a dedicated AI product department [3] Financial Summary - Total revenue for 2024 is projected to be 13.122 billion yuan, with a year-on-year growth rate of 19.1% [4] - The net profit attributable to shareholders is expected to reach 832 million yuan in 2024, reflecting a year-on-year growth of 35.9% [4] - The gross profit margin for the first half of 2024 is 21.2%, an increase of 0.7 percentage points year-on-year [3] - The company’s earnings per share for 2024 is projected to be 1.00 yuan [4] Market Data - The closing price of the stock is 14.95 yuan, with a market capitalization of 11.635 billion yuan [5] - The price-to-earnings ratio is projected to be 15x for 2024 [4] Growth Projections - The company is expected to achieve net profits of 1.068 billion yuan and 1.345 billion yuan in 2025 and 2026, respectively, with corresponding growth rates of 28.4% and 25.9% [4]

证券研究报告 非金融公司|公司点评|银轮股份（002126） 二季度业绩同比高增，北美扭亏为盈 请务必阅读报告末页的重要声明 glzqdatemark1 2024年08月28日 证券研究报告 |报告要点 2024 年 8 月 26 日，公司发布 2024 年中报，2024Q2 实现营业收入 31.82 亿元，同比+17.55%， 环比+7.17%；实现归母净利润 2.11 亿元，同比+33.34%，环比+10.37%。公司加速拓展国际客 户，乘用车业务高速增长，净利率环比提升，期间费用率环比有所改善。公司聚焦 AI 数智领 域，相关产品、项目和客户的突破有望加速，为未来业绩的持续增长打下坚实基础。 |分析师及联系人 高登 陈斯竹 唐嘉俊 SAC：S0590523110004 SAC：S0590523100009 SAC：S0590524080004 请务必阅读报告末页的重要声明 1 / 5 非金融公司|公司点评 glzqdatemark2 2024年08月28日 银轮股份(002126) 二季度业绩同比高增，北美扭亏为盈 | --- | --- | |----------------------------| ...

证券研究报告 资料来源：Wind 银轮股份 (002126 CH) 海外盈利显著改善,第三曲线再突破 华泰研究 中报点评 2024 年 8 月 26 日│中国内地 汽车零部件 24H1 实现归母净利 4.0 亿，同比增长 41% 银轮股份发布半年报，公司 24H1 实现营收 61.5 亿元，同比增长 16.9%，实 现归母净利润 4.03 亿元，同比增长 41.1%；扣非归母净利 3.64 亿元，同比 +40.8%，符合公司 7 月 8 日发布的业绩预告。我们维持此前预测，预计公司 2024-2026 年归母净利分别为 8.9/11.5/14.3 亿元。可比公司 24 年 Wind 一致 预期 PE 均值为 15.6 倍，给予公司 24 年 15.6 倍 PE，目标价 16.85 元（前 值 18.68 元），维持"买入"评级。 国内外新能源项目放量，推动乘用车业务营收高增 分业务看，24H1 商用车及非道路业务实现营收 23.4 亿元，同比略降 1.5%； 乘用车业务受益于新能源车业务放量，营收同比增长 36.4%至 31.8 亿元； 数字与能源业务营收则实现同比 23.5%增长至 4.4 亿元。分地区看， ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.85 CNY [4][2] Core Views - The company's performance met expectations with a revenue of 6.152 billion CNY in the first half of the year, representing a year-on-year growth of 16.9%. The net profit attributable to the parent company was 403 million CNY, up 41.1% year-on-year [1] - The company has successfully acquired over 130 new international client orders, which are expected to generate an additional annual sales revenue of approximately 4.143 billion CNY upon reaching full production [1] - The overseas operations have significantly improved profitability, with the North America segment achieving a revenue of 706 million CNY, a year-on-year increase of 50.7% [1] Financial Performance Summary - The company's revenue for 2022 was 8.48 billion CNY, projected to grow to 11.018 billion CNY in 2023, and further to 13.646 billion CNY in 2024, reflecting a year-on-year growth of 29.9% [3] - The net profit attributable to the parent company is expected to rise from 612 million CNY in 2023 to 868 million CNY in 2024, indicating a growth rate of 41.8% [3] - The gross margin for the first half of the year was 21.2%, an increase of 0.7 percentage points year-on-year, while the operating cash flow net amount reached 354 million CNY, a significant increase of 114.2% year-on-year [1][3]

公司报告 | 半年报点评 业绩符合预期，海外基地大幅减亏 业绩符合预期，海外基地大幅减亏 公司发布 2024 年半年报，24H1 公司实现营收 61.52 亿元，同比+16.90%； 归母净利润 4.03 亿元（预告中值为 4.1 亿元），同比+41.13%；扣非归母净 利润 3.64 亿元（预告中值为 3.6 亿元），同比+40.78%。公司 24H1 毛利率 达 21.23%，同比+0.68pct；24H1 净利率 7.21%，同比+1.07pct。其中，北美 经营体实现营业收入 7.06 亿元，同比增长 50.67%；实现净利润 0.18 亿元， 同比扭亏为盈。欧洲经营体实现营业收入 0.86 亿元，同比增长 90.70%；实 现净利润-741.17 万元，大幅减亏。 分业务来看，24H1 传统的商用车、非道路业务收入 23.4 亿元，同比-3.86%； 第二曲线的乘用车业务收入 31.8 亿元，同比+36.7%；第三曲线的数字与能 源业务收入 4.35 亿元，同比+40.8%。 24Q2 公司营收 31.82 亿元，同比+17.55%/环比+7.17%；归母净利润 2.11 亿 元，同比大增 33.3 ...