YINLUN(002126) Soochow Securities·2024-08-27 00:03Investment Rating - The report maintains a "Buy" rating for the company [1][3] Core Views - The company achieved a revenue of 6.152 billion yuan in the first half of 2024, representing a year-on-year growth of 16.90%, and a net profit attributable to shareholders of 403 million yuan, up 41.13% year-on-year [2] - In Q2 2024, the company reported a revenue of 3.182 billion yuan, a year-on-year increase of 17.55% and a quarter-on-quarter increase of 7.17%, with a net profit of 211 million yuan, reflecting a year-on-year growth of 33.34% and a quarter-on-quarter growth of 10.37% [2] - The company's Q2 gross margin slightly decreased to 20.92%, impacted by rising aluminum and shipping costs [2] - The company is focusing on global development, enhancing its R&D capabilities in the field of new energy thermal management, and has established a comprehensive product layout in this area [3] Financial Forecasts - The company is projected to achieve net profits of 849 million yuan, 1.113 billion yuan, and 1.371 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.03 yuan, 1.34 yuan, and 1.66 yuan [3] - The projected P/E ratios for 2024, 2025, and 2026 are 14.49, 11.06, and 8.98 respectively [3] - The company’s total revenue is expected to grow from 11.018 billion yuan in 2023 to 18.759 billion yuan in 2026, with a compound annual growth rate of approximately 15.22% [9]