| 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 ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-021 | | --- | --- | --- | | 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 2023 年度利润分配预案 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（以下简称"公司"）于2024年4月14日召开了第九届董 事会第七次会议审议通过了《2023年度利润分配预案》。本议案尚需提交公司2023年度 股东大会审议。现将相关事项公告如下： 一、本次利润分配预案的基本情况 1.2023 年度可分配利润情况 经立信会计师事务所（特殊普通合伙）对公司 2023 年度财务报表审计结果，2023 年 度实现归属于上市公司股东的净利润 612,142,646.24 元，2023 年度母公司净利润 297,932,655.60 元 ， 提 取 法 定 盈 余 公 积 29,793,265.56 元 ， 加 年 初 未 分 配 利 润 2,014,441,801.84 元，减上年度已分配股利 64,114,529.92 元， ...

| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2024-023 | | --- | --- | --- | | 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 年日常关联交易预计的公告 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。 浙江银轮机械股份有限公司（以下简称"公司"）于2024年4月14日召开了第九届董 事会第七次会议，审议通过了《关于2024年日常关联交易预计的议案》。根据《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7号——交易与关 联交易》等相关规定，本议案在董事会审批权限内，无需提交公司股东大会审议。现将 相关事项公告如下： 一、日常关联交易基本情况 （一）关联交易概述 本着互惠互利的原则，2024年公司及控股子公司与关联公司天台银轮工贸发展有限 公司及其子公司(浙江万和汽车配件有限公司）、佛吉亚银轮（潍坊）排气控制技术有 限公司等将发生的日常关联交易金额预计约为1,644.00万元，2023年公司与各关联方日 常关联交易实际发生额为1,660.22 ...