YINLUN(002126) 华创证券·2024-08-27 07:57Investment Rating - Strong Buy (Maintained) with a target price of 21.71 RMB, current price is 14.87 RMB [1] Core Views - Q2 performance met expectations, with revenue of 3.18 billion RMB, up 18% YoY and 7% QoQ [1] - Net profit for Q2 was 210 million RMB, up 33% YoY and 10% QoQ [1] - Overseas operations improved significantly, with North America revenue up 51% YoY and Europe revenue up 91% YoY [2] - The company has accelerated its third-curve business, securing over 130 new projects, expected to generate 4.14 billion RMB in annual sales [2] - Organizational restructuring has been implemented to focus on AI-related businesses, including chip heat exchange and humanoid robotics [2] - The company maintains its strategic focus on overseas expansion and diversified business layout despite market concerns over overseas policy risks [2] Financial Performance - H1 2024 revenue reached 6.15 billion RMB, up 17% YoY [1] - Gross margin for H1 2024 was 21.2%, up 0.6 percentage points YoY [1] - Net profit for H1 2024 was 400 million RMB, up 41% YoY [1] - Net profit margin for H1 2024 was 6.5%, up 1.1 percentage points YoY [1] - Forecasted net profit for 2024-2026 is 850 million RMB, 1.1 billion RMB, and 1.3 billion RMB, respectively, with YoY growth rates of 38%, 30%, and 18% [2] Business Development - The company has made breakthroughs in digital and energy thermal management, securing strategic clients in energy storage, low-altitude, and data center sectors [2] - International and domestic revenue distribution is approximately 46% and 54%, respectively, with passenger vehicles, commercial vehicles, and digital energy contributing 63%, 23%, and 14% [2] - The company has restructured its organization to focus on AI-related businesses, including chip heat exchange and humanoid robotics [2] Market and Industry Context - The rise of Chinese autonomous and new energy brands has driven rapid growth in domestic auto parts companies, with leading companies surpassing foreign brands in market share [2] - The company is well-positioned to capitalize on the global opportunities and challenges in the automotive industry [2]