银轮股份：业绩符合预期，海外基地大幅减亏

Investment Rating - The report maintains a "Buy" rating for the company, with a target price set to achieve a relative return of over 20% within six months [5][13]. Core Insights - The company reported a revenue of 6.152 billion yuan for the first half of 2024, representing a year-on-year increase of 16.90%. The net profit attributable to the parent company was 403 million yuan, up 41.13% year-on-year, while the net profit excluding non-recurring items was 364 million yuan, reflecting a 40.78% increase [1]. - The gross margin for the first half of 2024 was 21.23%, an increase of 0.68 percentage points year-on-year, and the net margin was 7.21%, up 1.07 percentage points year-on-year [1]. - The North American operations achieved a revenue of 706 million yuan, a significant year-on-year growth of 50.67%, and turned profitable with a net profit of 18 million yuan. The European operations saw revenues of 86 million yuan, a 90.70% increase, although they still reported a net loss of 7.41 million yuan, albeit a significant reduction in losses [1]. Financial Performance Summary - For the second quarter of 2024, the company reported revenues of 3.182 billion yuan, a year-on-year increase of 17.55% and a quarter-on-quarter increase of 7.17%. The net profit attributable to the parent company was 211 million yuan, a year-on-year increase of 33.34% and a quarter-on-quarter increase of 10.37% [1]. - The company’s operating expenses ratio was 8.32% in the second quarter, with sales, management, and financial expense ratios at 2.82%, 5.25%, and 0.26%, respectively [1]. - The company is projected to achieve net profits of 840 million yuan, 1.09 billion yuan, and 1.36 billion yuan for the years 2024, 2025, and 2026, respectively, with corresponding P/E ratios of 15, 11, and 9 times [3]. Business Development - The company has accelerated its international customer orders, particularly in the passenger vehicle sector, securing contracts for cooling modules and battery cooling plates from notable North American and European automotive manufacturers [2]. - In the digital and energy sectors, the company has made significant progress by securing projects with major clients such as BYD and Ariston, indicating a strong growth trajectory in its third curve business [3].