YINLUN(SZ:002126) Southwest Securities·2024-08-29 04:11Investment Rating - The investment rating for the company is "Buy" (maintained) [1][2]. 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 of 403 million yuan, up 41.1% year-on-year, aligning with previous forecasts [1]. - The gross margin improved to 21.2%, an increase of 0.6 percentage points year-on-year, while the net margin reached 7.2%, up 1 percentage point year-on-year [1]. - The company has successfully deepened organizational reforms, leading to a continuous increase in net profit margins and a decrease in expense ratios [1]. - The company has secured over 130 new projects, which are expected to contribute an additional annual sales revenue of approximately 4.143 billion yuan once fully operational [1]. - The proportion of passenger vehicle orders has increased, with passenger vehicle orders accounting for 63% of total orders, while international orders made up 46% of total orders [1][2]. Summary by Sections Financial Performance - In Q2 2024, the company achieved a revenue of 3.182 billion yuan, a year-on-year increase of 17.6% and a quarter-on-quarter increase of 7.2% [1]. - The net profit for Q2 2024 was 211 million yuan, reflecting a year-on-year increase of 33.3% and a quarter-on-quarter increase of 10.4% [1]. - The company forecasts an EPS of 0.74, 1.00, 1.26, and 1.53 yuan for the years 2024 to 2026, with corresponding PE ratios of 15, 12, and 10 [2]. Business Development - The company is accelerating the development of its third curve business, particularly in energy storage thermal management, with significant projects secured from major clients [1]. - The new organizational structure aims to enhance governance and operational efficiency, transitioning from a 33322 model to a 44332 model [2]. Market Position - The company has strengthened its international competitiveness, with significant revenue growth from North America (50.7% year-on-year) and Europe (90.7% year-on-year) [2]. - The company is expected to maintain a compound annual growth rate (CAGR) of 27.4% in net profit over the next three years [2].