YINLUN(SZ:002126) Xin Lang Cai Jing·2025-05-02 08:45Core Insights - The company reported a revenue of 12.702 billion in 2024, representing a year-on-year increase of 15.28%, and a net profit of 784 million, up 28.00% year-on-year [1] - For Q1 2025, the company achieved a revenue of 3.416 billion, a year-on-year growth of 15.05%, and a net profit of 212 million, increasing by 16.25% year-on-year [2] Segment Analysis - In 2024, the passenger vehicle segment generated revenue of 7.090 billion, up 30.63% year-on-year, with a gross profit of 1.164 billion, an increase of 24.11% year-on-year, benefiting from the rise in new energy vehicle penetration and breakthroughs in new project allocations [3] - The commercial vehicle and non-road segments saw revenue of 4.176 billion, down 7.52% year-on-year, with a gross profit of 971 million, a decline of 11.99% year-on-year [3] - The digital and energy segment reported revenue of 1.027 billion, up 47.44% year-on-year [3] - The gross margin for the passenger vehicle segment was 16.42%, down 0.5 percentage points year-on-year, while the commercial vehicle and non-road segment had a gross margin of 23.24%, up 0.9 percentage points year-on-year [3] Expense Analysis - In 2024, the sales, management, financial, and R&D expense ratios were 1.41%, 5.36%, 0.45%, and 4.51%, respectively, showing a decrease in sales, management, and financial expenses, while R&D expenses increased slightly [3] - For Q1 2025, the expense ratios were 1.40%, 5.25%, 0.10%, and 4.00% [3] Future Outlook - The company secured over 300 new project allocations in 2024, which are expected to generate an additional annual revenue of approximately 9.073 billion once fully operational [4] - The company is enhancing its local capabilities in North America and accelerating the construction and production of factories in Mexico, Southeast Asia, and Europe [4] - Significant progress has been made in data center liquid cooling solutions and key components for humanoid robots, which are expected to provide strong growth momentum for future performance [4] Profit Forecast and Valuation - Revenue projections for 2025-2027 are 14.928 billion, 17.418 billion, and 20.117 billion, reflecting year-on-year growth rates of 17.52%, 16.68%, and 15.50% respectively [5] - Net profit forecasts for the same period are 1.029 billion, 1.269 billion, and 1.587 billion, with year-on-year growth rates of 31.31%, 23.36%, and 25.06% respectively [5] - The company's core business remains stable, and progress in third and fourth growth curves supports a "buy" rating [5]