| 证券代码：002126 | 证券简称：银轮股份 公告编号：2025-025 | | --- | --- | | 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 第九届董事会第二十一次会议决议公告 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。 浙江银轮机械股份有限公司第九届董事会第二十一次会议通知于 2025 年 4 月 24 日 以邮件和专人送达等方式发出，会议于 2025 年 4 月 29 日上午以通讯表决方式召开，本 次会议应参加会议董事 9 名，实际出席会议董事 9 名。本次董事会召开符合《公司法》 和《公司章程》的规定，会议合法有效。 本次会议由公司董事长徐小敏先生主持，经与会董事认真讨论研究，会议审议并通 过了如下决议： 一、审议通过了《2025 年第一季度报告》 表决结果：同意 9 票、弃权 0 票、反对 0 票，同意票数占全体董事票数的 100%。 《2025 年第一季度报告》于同日刊登在《证券时报》《上海证券报》及巨潮资讯网 （http://www.cninfo.com.cn）。 二、审议通过了《2024 年 ...

Financial Performance - The company's operating revenue for Q1 2025 was ¥3,416,263,841.99, representing a 15.05% increase compared to ¥2,969,367,795.11 in the same period last year[5] - Net profit attributable to shareholders for Q1 2025 was ¥212,363,345.15, up 10.89% from ¥191,504,960.60 in the previous year[5] - Basic earnings per share increased to ¥0.26, an 8.33% rise from ¥0.24 in the same period last year[5] - Net profit for the current period was ¥238,101,581.55, representing a growth of 12.8% from ¥210,953,710.43 in the previous period[18] - The net profit attributable to the parent company was ¥212,363,345.15, an increase of 10.9% compared to ¥191,504,960.60 last year[18] - The company reported a total comprehensive income of ¥260,724,757.44, compared to ¥196,721,841.41 in the previous period, indicating a growth of 32.6%[18] Cash Flow - The net cash flow from operating activities improved significantly, reaching -¥135,238,381.45, a 78.80% increase from -¥637,938,327.47 year-on-year[5] - Net cash inflow from operating activities was CNY 2,429,528,205.71, an increase from CNY 1,979,571,077.08 year-over-year[21] - Net cash outflow from operating activities was CNY 2,564,766,587.16, compared to CNY 2,617,509,404.55 in the previous year[21] - Cash inflow from financing activities totaled CNY 1,845,924,936.53, up from CNY 1,158,335,519.64 in the previous year[22] - The net increase in cash and cash equivalents was CNY 116,953,375.31, contrasting with a decrease of CNY 165,557,279.14 in the previous year[22] - The ending balance of cash and cash equivalents was CNY 1,870,683,397.35, compared to CNY 1,412,427,963.08 at the end of the previous year[22] Assets and Liabilities - Total assets at the end of Q1 2025 were ¥19,205,731,972.75, a 4.59% increase from ¥18,362,138,756.84 at the end of the previous year[5] - Total liabilities increased to ¥11,840,640,465.66, up from ¥11,290,344,646.41, reflecting a growth of 4.9%[14] - Total equity rose to ¥7,365,091,507.09, compared to ¥7,071,794,110.43, marking an increase of 4.1%[14] - The total current assets amount to ¥12,182,483,457.27, an increase from ¥11,493,504,083.49 at the beginning of the period, representing a growth of approximately 6.0%[13] - The total non-current assets are valued at ¥7,023,248,515.48, up from ¥6,868,634,673.35, indicating a growth of approximately 2.3%[13] - Short-term borrowings increased to ¥2,607,297,435.97 from ¥2,063,530,858.32, representing a significant increase of about 26.4%[13] Shareholder Information - The total number of common shareholders at the end of the reporting period is 50,697[10] - The largest shareholder, Xu Xiaomin, holds 6.66% of shares, totaling 55,615,820 shares[10] - The company has no preferred shareholders as indicated in the report[11] Expenses - Total operating costs amounted to ¥3,131,333,531.61, up 14.3% from ¥2,738,214,542.52 in the prior period[16] - Research and development expenses were ¥136,756,160.11, slightly down from ¥136,840,304.13 in the prior period[17] - The company reported a significant decrease in financial expenses, down 87.42% to ¥3,331,273.87 from ¥26,475,702.80 year-on-year[8] Investment Income - Investment income for the period was ¥5,299,297.95, a substantial increase of 114.05% compared to ¥2,475,703.75 in the previous year[8] - Cash received from investment recoveries was CNY 526,753,052.04, significantly higher than CNY 196,167,745.48 in the previous year[21]

Investment Rating - The report assigns an "Accumulate-A" investment rating to the company [1]. Core Views - The company achieved a revenue of 12.702 billion yuan in 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28% year-on-year [4]. - The passenger vehicle segment continues to grow, with revenue reaching 7.09 billion yuan, a 30.63% increase year-on-year, while the digital and energy segment saw revenue of 1.027 billion yuan, growing by 47.44% [5]. - The company is expanding its global operations, with significant revenue growth in North America (50.47%) and Europe (31.29%) [6]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 3.497 billion yuan, a 15.57% increase year-on-year, and a net profit of 179 million yuan, up 6.4% [4]. - The gross margin for 2024 was 20.12%, slightly down by 1.45 percentage points due to price competition in the automotive industry [5]. - The net profit margin improved to 7.04%, an increase of 0.68 percentage points, indicating strong manufacturing capabilities [5]. Market Expansion - The company has established a global thermal management supply system, with revenues from China, North America, and Europe reaching 9.415 billion, 2.035 billion, and 741 million yuan respectively, showing growth rates of 10.16%, 60.23%, and 17.16% [6]. - The company plans to invest more resources into overseas production capacity and enhance local supply chain capabilities [6]. Project Pipeline and R&D - The company has over 300 new projects in the pipeline, expected to contribute annual sales of 9.073 billion yuan, with the new energy sector projected to contribute 6.843 billion yuan [7]. - Ongoing R&D efforts focus on core thermal management technologies, with successful projects leading to key customer engagements and mass production [7]. Future Projections - Revenue forecasts for 2025 to 2027 are 15.051 billion, 17.550 billion, and 20.137 billion yuan, with year-on-year growth rates of 18.5%, 16.6%, and 14.7% respectively [8]. - Net profit projections for the same period are 1.013 billion, 1.269 billion, and 1.563 billion yuan, with corresponding growth rates of 29.3%, 25.3%, and 23.2% [8].

Investment Rating - The report maintains a "Strong Buy" investment rating for the company [8] Core Views - The company achieved a total revenue of 12.7 billion yuan in 2024, representing a year-on-year increase of 15.3%, and a net profit attributable to shareholders of 780 million yuan, up 28.0% [1][5] - The growth in revenue is primarily driven by the increase in income from the passenger vehicle sector, which generated 7.09 billion yuan (up 30.6%), and the digital and energy sectors, which saw revenue of 1.03 billion yuan (up 47.4%) [5] - The company continues to focus on cost reduction and efficiency improvement, with a total expense ratio of 11.7%, down 1.6 percentage points year-on-year [5] - The company is enhancing its technological innovation capabilities, particularly in the field of thermal management for new energy vehicles, achieving significant breakthroughs in sales [5][6] - The company has successfully captured market opportunities, with over 300 new projects secured in 2024, expected to generate additional annual revenue of approximately 9.073 billion yuan [5][6] Financial Performance - The company reported a gross margin of 20.1% in 2024, a decrease of 1.4 percentage points year-on-year, while the net margin improved to 7.0%, an increase of 0.7 percentage points [5] - The projected revenue for 2025 is estimated at 15.306 billion yuan, with a year-on-year growth of 21% [7][25] - The company’s return on equity (ROE) for 2024 was 12.6%, with expectations for continued improvement in the coming years [2][25] Market Position and Strategy - The company is strategically positioned to leverage growth in the new energy vehicle market and has optimized its international organizational structure to enhance global operations [6][8] - The company has made significant progress in overseas markets, with North America achieving a revenue of approximately 19.646 million USD, a year-on-year increase of 50.47% [6]

Investment Rating - The report maintains a "Buy" rating for the company [4][7]. Core Views - The company achieved expected performance in its 2024 annual report, with revenue of 12.702 billion yuan, 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 [1]. - The company is progressing well in multiple business lines, particularly in emerging sectors such as digital energy thermal management and embodied intelligence (robotics), with significant advancements and patent acquisitions [2]. - A recent share buyback proposal by the chairman reflects confidence in the company's future development and aims to stabilize stock prices while enhancing investor trust [3]. Financial Performance Summary - In 2024, the company reported a revenue of 12.702 billion yuan, with a year-on-year growth of 15.28%, and a net profit of 784 million yuan, representing a 28.00% increase [1]. - The fourth quarter of 2024 saw revenue of 3.497 billion yuan, a year-on-year increase of 15.57%, while the net profit was 179 million yuan, up 6.40% year-on-year [1]. - The company forecasts revenues of 15.377 billion yuan, 18.286 billion yuan, and 21.599 billion yuan for 2025, 2026, and 2027 respectively, with net profits projected at 1.089 billion yuan, 1.352 billion yuan, and 1.671 billion yuan for the same years [4][6].

Investment Rating - The investment rating for the company is "Accumulate" with a first-time coverage [4][7]. Core Views - The company achieved a revenue of 12.702 billion yuan in 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 [4]. - The digital energy business is growing rapidly, with significant breakthroughs in various fields, achieving a revenue of 1.027 billion yuan, a year-on-year increase of 47.44% [6]. - The company has a strong focus on humanoid robots, having established an AI digital products department in August 2024 and obtained 10 patents in the robotics field by the end of 2024 [6]. Financial Performance Summary - In 2024, the passenger vehicle segment generated a revenue of 7.090 billion yuan, up 30.63% year-on-year, driven by a 37.97% increase in new energy passenger vehicle sales [6]. - The commercial vehicle and non-road business segment saw a revenue of 4.176 billion yuan, down 7.52% year-on-year, primarily due to a decline in sales of commercial vehicles and engineering machinery [6]. - The company reported a gross margin of 20.12% in 2024, with a net profit margin increase of 0.68 percentage points [6]. - Operating cash flow for 2024 was 1.205 billion yuan, reflecting a year-on-year increase of 30.84% [6]. Earnings Forecast - The company is expected to achieve net profits of 1.074 billion yuan, 1.352 billion yuan, and 1.618 billion yuan for the years 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 19.4, 15.4, and 12.9 [8][6].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10] Core Views - The company achieved a revenue of 12.702 billion yuan in 2024, representing a year-on-year increase of 15.28%, and a net profit attributable to shareholders of 784 million yuan, up 28% year-on-year [5][6] - The growth was driven by the dual engines of passenger vehicles and digital energy, with significant breakthroughs in strategic customer projects [6] - The company has a robust order backlog, with over 300 new projects secured, expected to generate an additional annual sales revenue of approximately 9.073 billion yuan upon reaching full production [6] Financial Performance - In Q4 2024, the company reported a revenue of 3.497 billion yuan, a year-on-year increase of 15.57%, but a quarter-on-quarter decline in net profit by 10.91% due to significant asset impairment losses [6] - The gross profit margin for 2024 was 20.12%, a decrease of 1.45 percentage points year-on-year, primarily due to changes in accounting policies [6] Business Segments - Revenue from the commercial vehicle and non-road business was 4.2 billion yuan, down 7.52% year-on-year, while the passenger vehicle segment saw a revenue increase of 30.63% to 7.1 billion yuan [6] - The digital and energy business revenue grew by 47.44% to 1 billion yuan [6] Future Projections - The company is projected to achieve revenues of 15.478 billion yuan, 17.838 billion yuan, and 19.633 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 22%, 15%, and 10% [9][10] - Net profit is expected to reach 1.067 billion yuan, 1.323 billion yuan, and 1.551 billion yuan for the same years, with growth rates of 36%, 24%, and 17% respectively [9][10]

Investment Rating - The investment rating for the company is "Accumulate" (首次覆盖) [4] Core Views - The company achieved a revenue of 12.702 billion yuan in 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 [4] - The digital energy business is growing rapidly, with significant breakthroughs in various fields, achieving a revenue of 1.027 billion yuan, a year-on-year increase of 47.44% [6] - The company has a strong focus on humanoid robots, having established an AI digital products department in August 2024 and obtained 10 patents in the robotics field by the end of 2024 [6] Financial Performance Summary - In 2024, the passenger vehicle segment generated a revenue of 7.090 billion yuan, up 30.63% year-on-year, driven by a 37.97% increase in new energy passenger vehicle sales [6] - The commercial vehicle and non-road business segment saw a revenue of 4.176 billion yuan, down 7.52% year-on-year, mainly due to a decline in sales of commercial vehicles and engineering machinery [6] - The company reported a gross margin of 20.12% in 2024, with a net profit margin increase of 0.68 percentage points [6] - The operating cash flow for 2024 was 1.205 billion yuan, reflecting a year-on-year increase of 30.84% [6] Earnings Forecast - The forecasted net profits for 2025, 2026, and 2027 are 1.074 billion yuan, 1.352 billion yuan, and 1.618 billion yuan respectively, with corresponding P/E ratios of 19.4, 15.4, and 12.9 [8][6]

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]