YINLUN(SZ:002126) Xin Lang Cai Jing·2025-08-27 12:38Core Viewpoint - The company reported a strong performance in the first half of 2025, with significant year-on-year growth in both revenue and net profit, indicating a positive trend in its operational efficiency and market demand [1][2]. Financial Performance - In the first half of 2025, the company achieved revenue of 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to shareholders of 441 million yuan, up 9.53% year-on-year [1][2]. - The gross margin for the first half of 2025 was 19.25%, a decline of 1.98 percentage points year-on-year, with quarterly gross margins of 19.79% in Q1 and 18.75% in Q2 [2]. - The sales, management, and R&D expense ratios were 1.62%, 5.05%, and 3.86%, showing year-on-year decreases of 1.00, 0.22, and 0.74 percentage points, respectively [2]. Segment Performance - The passenger vehicle segment generated revenue of 3.834 billion yuan, reflecting a year-on-year growth of 20.49%, with a sales growth rate of 12.95% [2]. - The commercial vehicle and non-road segments reported revenue of 2.426 billion yuan, a year-on-year increase of 3.90%, with domestic commercial vehicle sales growth of 2.56% [2]. - The digital and energy thermal management segment contributed 692 million yuan in revenue, a significant year-on-year increase of 59.08%, accounting for 9.65% of total revenue, up 2.58 percentage points [3]. Strategic Developments - The company is expanding its product offerings in the digital and energy sector, with new projects expected to generate an additional annual sales revenue of 637 million yuan upon mass production [3]. - In the data center field, the company has developed a comprehensive liquid cooling product layout and is making progress in customer expansion with a 3+3+N client strategy [3]. - The company has established a joint venture to focus on agile robotics and is collaborating with several universities to enhance its competitive edge through a rich ecosystem of embodied intelligence [3]. Investment Outlook - The company is projected to achieve net profits of 1.054 billion yuan, 1.333 billion yuan, and 1.659 billion yuan for the years 2025 to 2027, representing year-on-year growth rates of 34.54%, 26.50%, and 24.39%, respectively [4]. - The closing price on August 27, 2025, corresponds to price-to-earnings ratios of 29.59x, 23.39x, and 18.81x for the years 2025, 2026, and 2027 [4].