YINLUN(SZ:002126) Minsheng Securities·2024-07-08 23:00Investment Rating - The report maintains a "Recommended" rating for the company [1]. Core Views - The company is expected to achieve a net profit attributable to shareholders of 4.0-4.2 billion yuan in the first half of 2024, representing a year-on-year increase of 40.1% to 47.1% [1]. - The company has made significant progress in its global layout, with North America achieving profitability in the first half of 2024 [1]. - The new energy thermal management business is experiencing rapid growth, with continuous expansion of its product offerings [1]. - The third growth curve is set to ramp up, with a continuous increase in orders [1]. - The company is projected to have revenues of 136.1 billion yuan, 163.1 billion yuan, and 193.0 billion yuan for 2024, 2025, and 2026 respectively, with net profits of 8.52 billion yuan, 10.46 billion yuan, and 12.62 billion yuan [1]. Financial Summary - The company’s total revenue is forecasted to grow from 11,018 million yuan in 2023 to 19,297 million yuan in 2026, with a compound annual growth rate of approximately 18.35% [7]. - The net profit attributable to shareholders is expected to increase from 612 million yuan in 2023 to 1,262 million yuan in 2026, reflecting a growth rate of 20.6% [7]. - Earnings per share (EPS) are projected to rise from 0.74 yuan in 2023 to 1.52 yuan in 2026 [7]. - The company’s price-to-earnings (PE) ratio is expected to decrease from 23 in 2023 to 11 in 2026, indicating a more attractive valuation over time [7].