YINLUN(SZ:002126)2024-08-28 03:31Investment Rating - The investment rating for the company is "Buy" (maintained) [3] Core Views - The company reported a revenue of 6.152 billion yuan for the first half of 2024, representing a year-on-year increase of 16.9%, and a net profit attributable to shareholders of 403 million yuan, up 41.1% year-on-year [3] - The second and third growth curves are accelerating, contributing to record-high revenues, with the passenger vehicle segment achieving a revenue of 3.182 billion yuan, a year-on-year increase of 36.7% [3] - The company is enhancing its global layout, with significant improvements in profitability and accelerated acquisition of international customer orders, achieving a revenue of 706 million yuan in North America, up 50.67% year-on-year [3] - Organizational adjustments are being made to strengthen internationalization and digital intelligence development potential, including the establishment of new committees and a dedicated AI product department [3] Financial Summary - Total revenue for 2024 is projected to be 13.122 billion yuan, with a year-on-year growth rate of 19.1% [4] - The net profit attributable to shareholders is expected to reach 832 million yuan in 2024, reflecting a year-on-year growth of 35.9% [4] - The gross profit margin for the first half of 2024 is 21.2%, an increase of 0.7 percentage points year-on-year [3] - The company’s earnings per share for 2024 is projected to be 1.00 yuan [4] Market Data - The closing price of the stock is 14.95 yuan, with a market capitalization of 11.635 billion yuan [5] - The price-to-earnings ratio is projected to be 15x for 2024 [4] Growth Projections - The company is expected to achieve net profits of 1.068 billion yuan and 1.345 billion yuan in 2025 and 2026, respectively, with corresponding growth rates of 28.4% and 25.9% [4]