YINLUN(002126) 国盛证券·2024-07-09 04:02Investment Rating - The report maintains a "Buy" rating for Yinlun Co Ltd (002126 SZ) [4] Core Views - Yinlun Co Ltd is expected to achieve a net profit attributable to the parent company of 4 0-4 2 billion yuan in H1 2024, a year-on-year increase of 40%-47% [2] - The company is expanding into new thermal management application fields such as data centers, energy storage, and heat pumps, leveraging its automotive thermal management technology [3] - Yinlun Co Ltd has achieved a breakthrough in data center server liquid cooling business and is growing its energy storage and supercharging liquid cooling unit business [3] - The company is actively exploring other application scenarios, including computing power and artificial intelligence, laying a solid foundation for medium- and long-term development [3] - The report forecasts net profit attributable to the parent company of 8 8/11 4/14 0 billion yuan for 2024-2026, with corresponding P/E ratios of 16/12/10 times [4] Financial Performance and Projections - In 2024H1, the company expects a net profit attributable to the parent company of 4 0-4 2 billion yuan, up 40%-47% YoY, and a non-GAAP net profit of 3 5-3 7 billion yuan, up 35%-43% YoY [2] - For Q2 2024, the company estimates a net profit attributable to the parent company of 2 1-2 3 billion yuan, a YoY increase of 31%-43% and a sequential increase of 8%-19% [15] - The company's revenue target for 2024 is 13 billion yuan, aiming for 13 5 billion yuan, with a net profit margin of over 6% [16] - The report projects revenues of 13 675/16 282/18 808 million yuan for 2024-2026, with YoY growth rates of 24 1%/19 1%/15 5% [5] - Net profit attributable to the parent company is expected to be 881/1 139/1 403 million yuan for 2024-2026, with YoY growth rates of 44 0%/29 2%/23 2% [5] - EPS is forecasted to be 1 06/1 38/1 70 yuan for 2024-2026 [5] - ROE is projected to increase from 11 5% in 2023A to 16 5% in 2026E [5] Business Development and Strategy - Yinlun Co Ltd is leveraging its thermal management technology to expand into emerging fields such as energy storage, power transformation, supercharging, and data centers [3] - The company has secured new projects expected to generate over 6 1 billion yuan in annual revenue, with international orders accounting for 42% [16] - Yinlun Co Ltd is focusing on cost reduction and efficiency improvement measures, including global operational excellence, to enhance profitability [16] - The company is benefiting from increased overseas capacity utilization, which has improved overall profitability and offset rising freight and raw material costs [15] Market and Industry Context - The company's performance is supported by strong domestic new energy vehicle sales and overseas revenue growth [15] - In Q2 2024, domestic new energy vehicle retail sales reached 2 35 million units, up 32% sequentially, while Tesla delivered 440,000 units, up 14% sequentially [15] - The report highlights the company's ability to capitalize on favorable industry trends, including the growing demand for thermal management solutions in data centers and energy storage [3]