银轮股份投6.47亿国内外扩产 需求旺盛归母净利两年翻倍

Core Viewpoint - Yinlun Co., Ltd. is expanding its domestic and international production capacity to enhance its market presence in the new energy thermal management sector and improve global supply chain capabilities [1][2][3] Domestic Capacity Expansion - The company plans to invest CNY 3.78 billion in its wholly-owned subsidiary, Sichuan Yinlun, to build an intelligent manufacturing base in Southwest China, focusing on the production of water cooling plates and front-end module products [2] - The project is expected to generate additional sales revenue of CNY 1.07 billion upon reaching full production in 2029 [2] - Sichuan Yinlun has shown stable operations, with a projected net profit of CNY 5.15 million in 2024 and CNY 9.59 million in the first nine months of 2025, which will help meet local supply demands and reduce operational costs [2] International Capacity Expansion - Yinlun Co. plans to invest CNY 2.69 billion (approximately USD 38.37 million) in its wholly-owned subsidiary, Shanghai Yinlun, for establishing a production base in Mexico, focusing on thermal management products for commercial vehicles and data centers [2][3] - The project is set to run from January 2026 to July 2027, responding to the transformation of Mexico into a North American advanced manufacturing hub [3] Financial Performance - The company has experienced continuous growth over the past four years, with revenue increasing from CNY 8.48 billion in 2022 to CNY 12.70 billion in 2024, and net profit rising from CNY 383 million to CNY 784 million, representing growth rates of approximately 50% and 105% respectively [4] - For the first three quarters of 2025, revenue and net profit were CNY 11.06 billion and CNY 672 million, reflecting year-on-year growth of 20.12% and 11.18% [4] - The passenger vehicle segment has become the largest business area for the company, with revenue from this segment reaching CNY 3.83 billion in the first half of 2025, accounting for 53.48% of total revenue [4] Market Performance - The company's stock price has shown strong performance, increasing from CNY 18.60 per share at the beginning of 2025 to CNY 38.81 per share by December 30, 2025, marking a cumulative increase of 108.66% [4]