证 券 研 究 报 告 股 票 研 究 公 司 更 新 报 告 | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |---------------------|---------------------------------------------------------------------------------------------------------------------------|---------------------------------------|---------------|--------------------------------------------------------|----------------|----------------------|----------------------------------------------|-------------------------------|------------|-------------------| ...

本报告版权仅为信达证券所有。未经信达证券书面同意，任何机构和个人不得以任何形式翻版、复制、发布、转发或引用本报告的 任何部分。若信达证券以外的机构向其客户发放本报告，则由该机构独自为此发送行为负责，信达证券对此等行为不承担任何责任。 本报告同时不构成信达证券向发送本报告的机构之客户提供的投资建议。 如未经信达证券授权，私自转载或者转发本报告，所引起的一切后果及法律责任由私自转载或转发者承担。信达证券将保留随时追 究其法律责任的权利。 评级说明 | --- | --- | --- | |---------------------------------------------------------------|----------------------------------------------|---------------------------------| | | 投资建议的比较标准 股票投资评级 行业投资评级 | | | | 买入：股价相对强于基准 15％以上； | 看好：行业指数超越基准； | | 本报告采用的基准指数 ：沪深 300 指 数（以下简称基准）； | 增持：股价相对强于基准 5 ...

加快 海外北美业务实现盈利及第三增长曲线业 务增长促进盈利超预期 ⚫ 业绩好于市场预期。公司 2023 年营业收入 108.97 亿元，同比增长 28.5%；归母净 利润 6.09 亿元，同比增长 58.9%；扣非归母净利润 5.61 亿元，同比增长 83.7%。4 季度营业收入 29.05 亿元，同比增长 17.2%，环比增长 6.4%；归母净利润 1.65 亿 元，同比增长 9.0%，环比增长 4.6%；扣非归母净利润 1.47 亿元，同比增长 21.8%，环比下降 5.1%。2024 年 1 季度预计归母净利润 1.90-2.00 亿元，同比增长 49.7%-57.5%；预计扣非归母净利润 1.60-1.75 万元，同比增长 45.0%-58.6%。1 季 度公司各经营体、事业部通过采购降本、设计降本、提升产线效率等措施，实现经 营效率持续改善，利润端预计将实现同比较快增长。 ⚫ 新能源客户资源覆盖全面，数字与能源热管理业务有望提供更大增长空间。公司形 成"1+4+N"品类齐全的新能源汽车热管理产品系列，已为北美大客户、比亚迪、 赛力斯、小米、理想、小鹏、零跑、宁德时代等新能源客户配套，随着国内外新能 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months [4][18]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 10.897 billion yuan, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 609.65 million yuan, up 59.0% year-on-year [13]. - The company has seen significant growth across its three main business segments, driven by the rapid development of the new energy vehicle market and increased demand in commercial vehicles [13]. - The company has achieved overall profitability in the North American region as of Q1 2024, reflecting successful global operations and localization strategies [13]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 10.897 billion yuan in 2023, 13.420 billion yuan in 2024, and 16.584 billion yuan in 2025, with year-on-year growth rates of 28.51%, 23.15%, and 23.57% respectively [5][13]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be 609.65 million yuan in 2023, 806.48 million yuan in 2024, and 1.04673 billion yuan in 2025, with corresponding year-on-year growth rates of 59.06%, 32.28%, and 29.79% [5][13]. - Earnings Per Share: The basic earnings per share are projected to be 0.76 yuan in 2023, 1.00 yuan in 2024, and 1.30 yuan in 2025 [5][13]. - Price-to-Earnings Ratio: The estimated P/E ratios are 23.36 for 2023, 17.66 for 2024, and 13.61 for 2025 [5][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15]. Core Views - The company has four core advantages: technology, products, layout, and customers, which support the rapid development of its new energy thermal management business. The company is focusing on building a global R&D system and has a comprehensive product layout in the new energy thermal management sector, with a strategy for early layout in industrial and civilian markets [2]. - The company has achieved significant revenue growth in 2023, with total revenue reaching 10.897 billion yuan, a year-on-year increase of 28.51%, and a net profit attributable to shareholders of 609 million yuan, up 58.89% year-on-year. The first quarter of 2024 is expected to see a net profit of 1.90 to 2.00 billion yuan, representing a year-on-year growth of 49.66% to 57.54% [14][15]. Financial Summary - The company's operating cash flow for 2023 is projected to be 1,704 million yuan, with a net increase in cash of 534 million yuan. The earnings per share (EPS) for 2023 is estimated at 0.74 yuan, with a price-to-earnings (P/E) ratio of 23.35 [5][15]. - The total revenue forecast for 2024 is 13.596 billion yuan, with a net profit of 849.31 million yuan, and the EPS is expected to reach 1.03 yuan [6][15]. - The company's asset-liability ratio is projected to be 61.55% in 2023, with a net asset value per share of 6.37 yuan [4][5].

Investment Rating - The report maintains a "Buy" rating for the company [1][2][19]. Core Views - The company is expected to achieve a revenue of 10.9 billion yuan in 2023, representing a year-on-year increase of 28.5%, and a net profit of 610 million yuan, up 58.9% year-on-year, aligning with previous forecasts [1]. - For Q1 2024, the company anticipates a net profit of 190 to 200 million yuan, reflecting a year-on-year growth of 50% to 57.4% and a quarter-on-quarter increase of 15% to 21% [1]. - The company's earnings per share (EPS) for 2023-2025 are projected to be 0.74, 0.99, and 1.40 yuan, with corresponding price-to-earnings (PE) ratios of 23, 17, and 12 times, indicating a compound annual growth rate (CAGR) of 44.3% for net profit over the next three years [2]. Financial Performance Summary - The company reported a significant increase in its automotive segment, with revenue from passenger vehicles reaching 2.33 billion yuan in H1 2023, a 44.2% increase year-on-year, accounting for 42.3% of total revenue [24]. - The revenue from new energy vehicles grew by 66.7% year-on-year to 1.28 billion yuan, surpassing traditional passenger vehicles in contribution [24]. - The overall revenue for 2023 is projected to be 10.9 billion yuan, with a growth rate of 23.98% expected in 2024 and 25.75% in 2025 [15]. Operational Efficiency - The company has focused on improving operational efficiency through cost reduction in procurement, design, and quality enhancement, leading to a continuous improvement in profit margins [11]. - The company has successfully launched new models and benefited from favorable pricing policies, contributing to a strong performance in the domestic passenger car market [11]. International Expansion - The company has accelerated its international development, with new production facilities in Mexico and Poland, which are expected to support multiple projects for North American clients [14]. - The North American region achieved overall profitability in Q1 2024, indicating successful localization and global operations [14].

| 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-015 | | --- | --- | | 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2024年第一季度可转换公司债券转股情况的公告 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。 特别提示： 股票代码：002126 股票简称：银轮股份 可转债代码：127037 可转债简称：银轮转债 转股价格：人民币 10.61 元/股 转股期限：2021 年 12 月 13 日至 2027 年 6 月 6 日（因 2027 年 6 月 6 日为非交易 3. 可转换公司债券转股情况 根据相关规定和《浙江银轮机械股份有限公司公开发行可转换公司债券募集说明书》 的约定，本次发行的可转债转股期自可转债发行结束之日满六个月后的第一个交易日起 至可转债到期日止， 即 2021 年 12 月 13 日至 2027 年 6 月 6 日（因 2027 年 6 月 6 日为 非交易日，实际转股截止日期为 2027 年 6 月 4 日）。初始转股价格为 10.77 元/股。 二、可转换 ...

根据《上市公司股份回购规则》《深圳证券交易所股票上市规则》《深圳证券交易 所上市公司自律监管指引第 9 号——回购股份》等相关规定，公司在回购期间应当在 每个月的前三个交易日内公告截至上月末的回购进展情况。现将公司股份回购进展情况 公告如下： | 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-014 | | --- | --- | | 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 关于回购股份进展情况的公告 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、回购股份方案基本情况 浙江银轮机械股份有限公司（以下简称"公司"）于2023年11月21日召开第九届董事 会第五次会议及第九届监事会第五次会议，审议通过了《关于回购公司股份的议案》。 公司计划使用自有资金以集中竞价交易方式回购公司股份，本次回购股份用于实施股权 激励或员工持股计划。拟用于回购的资金总额不低于人民币5,000万元（含），且不超过 人民币10,000万元（含），回购价格不超过25元/股（含），回购期限为自董事会审议通 过之日起不超过12个月 ...

关于为子公司担保事项的进展公告 | 证券代码：002126 | 证券简称：银轮股份 公告编号：2024-012 | | --- | --- | | 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 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2023年4月12日召 开的第八届董事会第三十三次会议、2023年5月5日召开的2022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13家控股子公司或孙公司的银行融资提供担保总额度376,225万元，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 | 139,000 | | 2 | 山东银轮热交换系统有限公司 | 20,000 | | 3 | 天台银申铝业有限公司 | 14,0 ...

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][2]. Core Views - The company has received a significant order for a large cooling module from a renowned international machinery company, expected to generate an additional annual revenue of approximately 280 million yuan once fully operational [1]. - The company is accelerating its transformation by increasing R&D investments in "digital and energy thermal management," focusing on various sectors including ultra-high voltage power transmission, geothermal power generation, energy storage, wind power generation, hydrogen production and storage, chemicals, central air conditioning, household heat pump air conditioning, and data centers [2]. - The company has established a strong competitive position in non-automotive sectors, with notable orders from well-known clients such as AUX, Tongfei, Inveck, and Sungrow [2]. Financial Forecasts - The company is projected to achieve total operating revenue of 10.877 billion, 13.672 billion, and 17.025 billion yuan for the years 2023, 2024, and 2025, respectively, with year-on-year growth rates of 28%, 26%, and 25% [2][4]. - The net profit attributable to the parent company is expected to be 617 million, 847 million, and 1.123 billion yuan for the same years, with growth rates of 61%, 37%, and 33% [2][4]. - The earnings per share (EPS) are forecasted to be 0.77, 1.05, and 1.40 yuan for 2023, 2024, and 2025, respectively, corresponding to price-to-earnings (P/E) ratios of 24, 17, and 13 times [2][4]. Market Performance - As of March 13, 2024, the company's stock has outperformed the CSI 300 index, with a 1-month performance of 6.4%, a 3-month performance of 1.6%, and a 12-month performance of 35.7% compared to the index's -10.9% over the same period [2].