YINLUN(SZ:002126) Orient Securities·2024-08-28 02:03Investment Rating - The report maintains a "Buy" rating for the company with a target price of 17.85 CNY [4][2] Core Views - The company's performance met expectations with a revenue of 6.152 billion CNY in the first half of the year, representing a year-on-year growth of 16.9%. The net profit attributable to the parent company was 403 million CNY, up 41.1% year-on-year [1] - The company has successfully acquired over 130 new international client orders, which are expected to generate an additional annual sales revenue of approximately 4.143 billion CNY upon reaching full production [1] - The overseas operations have significantly improved profitability, with the North America segment achieving a revenue of 706 million CNY, a year-on-year increase of 50.7% [1] Financial Performance Summary - The company's revenue for 2022 was 8.48 billion CNY, projected to grow to 11.018 billion CNY in 2023, and further to 13.646 billion CNY in 2024, reflecting a year-on-year growth of 29.9% [3] - The net profit attributable to the parent company is expected to rise from 612 million CNY in 2023 to 868 million CNY in 2024, indicating a growth rate of 41.8% [3] - The gross margin for the first half of the year was 21.2%, an increase of 0.7 percentage points year-on-year, while the operating cash flow net amount reached 354 million CNY, a significant increase of 114.2% year-on-year [1][3]