YINLUN(002126) 东吴证券·2024-07-09 06:00Investment Rating - The report maintains a "Buy" rating for the company [12] Core Viewpoints - The company is expected to achieve a net profit attributable to shareholders of 400 million to 420 million yuan in the first half of 2024, representing a year-on-year growth of 40.12% to 47.12% [11] - The second quarter of 2024 is projected to yield a net profit of 208 million to 228 million yuan, with a year-on-year increase of 30.82% to 43.40% and a quarter-on-quarter growth of 8.33% to 18.75% [11] - The strong performance is attributed to ongoing cost reduction and efficiency enhancement measures, improved operations at overseas factories, and increased market share and order volume across various business segments [11] Financial Forecasts - Total revenue is forecasted to reach 13.51 billion yuan in 2024, with a year-on-year growth of 22.63% [6] - The net profit attributable to shareholders is projected to be 849.37 million yuan in 2024, reflecting a year-on-year increase of 38.75% [6] - The earnings per share (EPS) for 2024 is estimated at 1.03 yuan, with a price-to-earnings (P/E) ratio of 16.54 [6][12] Business Development - The company is focusing on the development of its new energy thermal management business, leveraging its four core advantages: technology, products, layout, and customers [2] - The company has established a comprehensive product layout in the new energy thermal management sector and is expanding its presence in both industrial and civilian markets [2] - The international development strategy includes enhancing production and technical service platforms in overseas markets to better serve global customers [2]