Investment Rating - The investment rating for the company is "Buy" [3][59] Core Views - The company achieved a revenue of 2.969 billion yuan in Q1 2024, representing a year-on-year growth of 16.2% and a quarter-on-quarter decline of 1.86%. The net profit attributable to shareholders was 192 million yuan, up 50.8% year-on-year and 13.6% quarter-on-quarter [2][73] - The company's new energy vehicle (NEV) business has seen exponential growth, doubling each year from 2021 to 2023, with NEV revenue accounting for 33% of total revenue in 2023 [2][25] - The company has successfully improved its profitability, with a gross margin of 21.56% in Q1 2024, up 1.38 percentage points year-on-year, and a net profit margin of 7.10%, up 1.62 percentage points year-on-year [2][29] - The company has accelerated its overseas expansion, with its Mexico plant achieving breakeven in Q4 2023 and new orders expected to generate over 6.106 billion yuan in annual sales revenue [2][57] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.969 billion yuan, a year-on-year increase of 16.2%, and a net profit of 192 million yuan, reflecting a 50.8% year-on-year growth [2][73] - The company forecasts net profits of 841 million yuan, 1.08 billion yuan, and 1.288 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.02 yuan, 1.31 yuan, and 1.57 yuan [2][40] Business Segments - The NEV business has shown significant growth, with sales volume increasing from 2.89 million units in 2020 to 1.851 million units in 2023, and revenue from this segment growing from 289 million yuan to 3.584 billion yuan over the same period [2][25] - The commercial vehicle segment benefited from the increased penetration of natural gas heavy trucks, with Q1 2024 sales reaching 45,300 units, a year-on-year increase of 136% [2][6] Operational Efficiency - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit margin exceeding 7% in Q1 2024 [2][29] - The company has a robust order backlog, with new orders expected to contribute over 6.106 billion yuan in annual sales revenue, of which 2.588 billion yuan comes from international orders [2][57]

Financial Performance - Revenue for the reporting period reached ¥2,969,367,795.11, an increase of 16.22% compared to the same period last year[2] - Net profit attributable to shareholders was ¥191,504,960.60, reflecting a growth of 50.85% year-on-year[2] - Net profit excluding non-recurring gains and losses was ¥179,052,421.84, up 62.30% from the previous year[2] - Basic earnings per share increased to ¥0.24, a rise of 50.00% year-on-year[2] - Total profit reached ¥235,955,149.88, compared to ¥162,909,983.77 in the previous period, showing overall growth in profitability[20] - The company reported a total comprehensive income of ¥196,721,841.41, up from ¥145,155,496.30, indicating strong overall performance[20] - Other income increased significantly to ¥36,017,416.54 from ¥10,821,669.14, contributing positively to the financial results[20] Cash Flow and Liabilities - The company reported a significant decline in net cash flow from operating activities, with a net outflow of ¥637,938,327.47, a decrease of 1,087.48% compared to the previous year[2] - The net cash flow from operating activities was -¥637,938,327.47, a significant decrease of 1087.48% compared to ¥64,602,500.56, mainly due to reduced bill discounts and increased performance bonuses for 2023[26] - Cash and cash equivalents at the end of the period decreased to ¥1,412,427,963.08 from ¥877,890,795.04, a decline of 60.6%[37] - The company’s cash outflow from financing activities was ¥442,413,662.96, down from ¥639,138,947.46 in the previous period, a decrease of 30.8%[37] - Current liabilities total RMB 9,140,437,233.29, compared to RMB 8,730,697,799.44 in the previous period[33] - The total liabilities increased to ¥10,354,004,432.22 from ¥10,065,726,137.99, representing a growth of 2.9%[34] Assets and Equity - Total assets at the end of the reporting period were ¥16,786,674,651.43, representing a 3.90% increase from the end of the previous year[2] - Shareholders' equity attributable to the parent company was ¥5,781,117,004.86, up 5.90% from the previous year[2] - The total equity attributable to shareholders rose to ¥5,781,117,004.86, up from ¥5,459,282,614.50, indicating an increase of 5.9%[34] - Non-current assets amount to RMB 6,369,924,396.03, up from RMB 6,238,147,677.15[33] - The company’s long-term equity investments increased to RMB 368,171,502.93 from RMB 323,555,884.88[33] Receivables and Expenses - Accounts receivable increased by 31.02% to ¥610,166,838.41 due to an increase in sales receipts[9] - Other receivables rose by 40.35% to ¥83,420,387.04, primarily due to increased export tax rebates[9] - Research and development expenses amounted to ¥136,840,304.13, up from ¥115,830,306.79, indicating a focus on innovation and product development[20] - Financial expenses decreased to ¥26,475,702.80 from ¥38,394,761.57, reflecting improved financial management[20] - The company recognized a loss from asset impairment of ¥22,138,149.62, which may impact future profitability[20] - The company declared a tax expense of ¥25,001,439.45, an increase from ¥22,789,474.30, reflecting higher earnings[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 26,890[27] - The largest shareholder, Xu Xiaomin, holds 6.77% of shares, totaling 55,615,820 shares[27] - The company plans to repurchase shares with a total amount not less than RMB 50 million and not exceeding RMB 100 million, with a maximum repurchase price of RMB 25 per share[31] - As of March 31, 2024, the company has repurchased 3,119,052 shares, accounting for 0.38% of the total share capital[31] Operating Revenue and Costs - Total operating revenue for the current period reached ¥2,969,367,795.11, an increase of 16.2% compared to ¥2,555,046,217.61 in the previous period[34] - Total operating costs amounted to ¥2,738,214,542.52, up 14.1% from ¥2,399,614,952.62 in the prior period[34]

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-030 | | --- | --- | --- | | 证券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于举行 2023 年年度报告网上说明会的公告 本公司及董事会全体成员保证信息披露内容真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 (问题征集专题页面二维码) 特此公告 浙江银轮机械股份有限公司 董 事 会 2024 年 4 月 26 日 浙江银轮机械股份有限公司（以下简称"公司"）将定于2024年4月30日下午15:00至 17:00在全景网举办2023年度业绩说明会，本次年度业绩说明会将采用网络远程方式举行， 投资者可登陆全景网"投资者关系互动平台"（https://ir.p5w.net）或者直接进入公司路演 厅（https://ir.p5w.net/c/002126.shtml）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员：董事长徐小敏、财务负责人朱晓红、独立董事李 征宇、曾爱民、丁国良、董事会秘书陈敏、保荐代表黄建飞。 为充分尊重投资者、提升交流的针对性，现就公司 20 ...

Investment Rating - The report maintains a "Strong Buy" rating for the company [1]. Core Views - The company achieved its expected targets for 2023, with revenue of 11 billion yuan, a 30% increase year-on-year, and a net profit of 610 million yuan, reflecting a 60% increase [1]. - The company is expected to continue its positive operational momentum into 2024, with projected net profit for Q1 2024 between 190 million to 200 million yuan, representing a year-on-year increase of 50% to 58% [1]. - The company has implemented various management reforms that have led to improved operational efficiency and profitability [1]. Financial Performance Summary - **2023 Financials**: Total revenue was 11,018 million yuan, with a year-on-year growth of 29.9%. The net profit was 612 million yuan, showing a growth of 59.7% [5]. - **2024 Projections**: Expected total revenue for 2024 is 13,609 million yuan, with a year-on-year growth of 23.5%. The projected net profit is 847 million yuan, reflecting a growth of 38.3% [5]. - **Earnings Per Share (EPS)**: EPS for 2023 was 0.74 yuan, with projections of 1.03 yuan for 2024, 1.33 yuan for 2025, and 1.58 yuan for 2026 [5]. Growth Drivers - The company has secured 223 new projects, which are expected to contribute over 6.1 billion yuan in annual sales once fully operational [1]. - The international orders accounted for 25.88 billion yuan, representing 42% of total orders, indicating a strong growth in overseas markets [1]. - The emerging digital and energy divisions are gaining traction with significant projects in energy storage and cooling systems [1]. Valuation and Price Target - The target market value has been adjusted to 18 billion yuan, corresponding to a PE ratio of approximately 21 times for 2024, with a target price set at 21.91 yuan [1].

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance relative to the market index [4][12]. Core Insights - The company achieved a record high revenue of 11.018 billion yuan in 2023, representing a year-on-year growth of 29.93%. The net profit attributable to shareholders reached 612 million yuan, up 59.71% year-on-year [1]. - The passenger vehicle segment generated 5.428 billion yuan in revenue, surpassing the commercial vehicle segment for the first time, with a growth rate of 51% [1]. - The digital energy business also showed strong performance with a revenue of 696 million yuan, reflecting a 37% year-on-year increase [1]. - The company has successfully expanded its international customer base, securing 223 projects with an estimated annual sales revenue of over 6.106 billion yuan [9]. - The company is positioned to become a Tier 1 player in the global new energy thermal management industry, with a focus on digital and energy thermal management as a third growth curve [4]. Financial Summary - For 2024-2026, the company is projected to achieve revenues of 13.269 billion, 15.566 billion, and 17.761 billion yuan, respectively, with corresponding net profits of 806 million, 1.003 billion, and 1.248 billion yuan [4][14]. - The earnings per share (EPS) are expected to increase from 0.98 in 2024 to 1.52 in 2026, with price-to-earnings (P/E) ratios decreasing from 18 to 12 over the same period [4][14]. - The gross margin for 2023 was reported at 21.57%, with a net margin of 6.36%, showing improvements from the previous year [10].

[Table_Industry] [Table_Title] 评级：买入（维持） 市场价格：17.92 元 分析师：何俊艺 分析师：刘欣畅 [Table_Finance1] 公司盈利预测及估值 指标 2022A 2023A 2024E 2025E 2026E 营业收入（百万元） 8,480 11,018 13,139 16,539 19,492 增长率 yoy% 8% 30% 19% 26% 18% 净利润（百万元） 383 612 845 1,164 1,376 增长率 yoy% 74% 60% 38% 38% 18% 每股收益（元） 0.47 0.74 1.03 1.42 1.67 每股现金流量 0.68 1.12 1.53 1.63 2.24 净资产收益率 7% 10% 13% 15% 15% P/E 38.5 24.1 17.0 12.4 10.7 P/B 3.1 2.7 2.5 2.1 1.8 备注：数据统计日期截至 2024 年 4 月 19 日收盘价 执业证书编号：S0740523020004 执业证书编号：S0740522120003 [Table_Profit] 基本状况 总股本(百万股) ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 22.26 CNY, based on a projected PE ratio of 21 times for 2024 [5][6]. Core Insights - The company's performance in 2023 met expectations, with a revenue of 11.018 billion CNY, representing a year-on-year growth of 29.9%, and a net profit attributable to shareholders of 612 million CNY, up 59.7% year-on-year [4]. - The company aims for a revenue target of 13 billion CNY in 2024, with a potential to reach 13.5 billion CNY, indicating an approximate growth rate of 18% [4]. - The gross margin for 2023 was 21.6%, an increase of 1.7 percentage points year-on-year, with a quarterly gross margin of 22.9% in Q4, reflecting a 3.6 percentage point increase year-on-year [4]. - The company has successfully secured 223 new projects, which are expected to generate over 6.106 billion CNY in annual sales once fully operational, with international orders accounting for approximately 42% [4]. - The overseas operations, particularly in Mexico and Poland, have started to show profitability, with the Mexican plant achieving breakeven in Q4 2023 [4]. Financial Summary - The company's revenue for 2023 was 11,018 million CNY, with a projected revenue of 13,646 million CNY for 2024, reflecting a growth rate of 23.9% [14]. - The net profit attributable to shareholders for 2023 was 612 million CNY, with an expected increase to 868 million CNY in 2024, indicating a growth rate of 41.8% [14]. - The gross margin is projected to improve to 22.4% in 2024, with a net profit margin of 6.4% [14].

Investment Rating - The report maintains a "Buy" rating for Yinlun Co., Ltd. (002126) with a target price of 24.48 CNY, up from the previous target of 24.25 CNY [1][2]. Core Insights - The company reported a significant increase in net profit, with a year-on-year growth of 60% and a non-recurring net profit growth of 90% for 2023. The growth is attributed to the expansion of passenger vehicle business and enhanced overseas scale effects, indicating a potential for continued high-speed growth in performance [1][2]. - The passenger vehicle business generated revenue of 54.3 billion CNY, reflecting a 51% year-on-year increase, and accounted for 49.3% of total revenue, up 6.9 percentage points year-on-year [1][2]. - The company is experiencing rapid growth in its digital and energy thermal management business, with revenue of approximately 7.0 billion CNY, marking a 37% increase [1][2]. Summary by Sections Financial Performance - The company achieved a net profit of 1.69 billion CNY in 2023, a year-on-year increase of 59.7%, with a non-recurring net profit of 5.8 billion CNY, up 90.4% [1][2]. - The gross profit margin for 2023 was reported at 21.6%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 6.4%, up 1.1 percentage points year-on-year [1][2]. Revenue and Growth Projections - Revenue for 2023 was reported at 11,018 million CNY, with projections of 13,480 million CNY for 2024 and 16,304 million CNY for 2025, indicating a strong growth trajectory [2]. - The company expects to benefit from the expansion in the household heat pump sector and the growing demand for AI and data center liquid cooling solutions [1][2]. Valuation Metrics - The report provides a PE ratio of 24.20 for 2023, projected to decrease to 17.47 in 2024 and further to 13.29 in 2025, suggesting an improving valuation outlook [2]. - The company's return on equity (ROE) is projected to rise from 11.2% in 2023 to 15.4% by 2025, reflecting enhanced profitability [2].

浙江银轮机械股份有限公司全体股东： 我们接受委托，对后附的浙江银轮机械股份有限公司（以下简称 "银轮股份"）2023年度募集资金存放与使用情况专项报告（以下简称 "募集资金专项报告"）执行了合理保证的鉴证业务。 一、董事会的责任 浙江银轮机械股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 关于浙江银轮机械股份有限公司 2023年度募集资金存放与使用情况 专项报告的鉴证报告 信会师报字[2024]第ZF10306号 银轮股份董事会的责任是按照中国证券监督管理委员会《上市公 司监管指引第2号——上市公司募集资金管理和使用的监管要求 （2022年修订）》（证监会公告〔2022〕15号）、《深圳证券交易所 上市公司自律监管指引第1号——主板上市公司规范运作》以及《深 圳证券交易所上市公司自律监管指南第2号——公告格式》的相关规 定编制募集资金专项报告。这种责任包括设计、执行和维护与募集资 金专项报告编制相关的内部控制，确保募集资金专项报告真实、准确、 完整，不存在虚假记载、误导性陈述或重大遗漏。 二、注册会计师的责任 我们的责任是在执行鉴证工作的基础上对募集资金专项报告发 表鉴证结论。 三、工作 ...

浙江银轮机械股份有限公司 专项报告 2023 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 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")2023 年度的财务报表，包括 2023 年 12 月 31 日的合并及母公司 资产负债表、2023 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 2024 年 4 月 14 日出具了报告号为信会师报字(2024)第 ZF10303 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 1 号——业务办理》的相关规定编制了后附的 2023 年度非经营性资金 占用及其他关联资金往来情况汇总表（以下简称"汇总表"）。 编制汇总表并确保其真实、准确、完整是银轮股份管理层的责任。 我们将汇总表所载信息与我们审计银轮股份 2023 年度财务报表时所 审核的会计资料及已审计财务报表中披露的相关内容进行了核对，没 ...