YINLUN(SZ:002126) INDUSTRIAL SECURITIES·2024-08-29 13:15Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company's performance in H1 2024 shows significant growth driven by the expansion of the new energy passenger vehicle business and improvements in the sales structure of commercial vehicles [2][6]. - The revenue for H1 2024 reached 6.15 billion yuan, a year-on-year increase of 16.9%, outperforming the automotive industry's growth rates of 4.9% in production and 6.1% in sales [2][6]. - The net profit attributable to shareholders for H1 2024 was 400 million yuan, reflecting a year-on-year increase of 41.1%, indicating that profit growth outpaced revenue growth [2][6]. Summary by Sections Financial Performance - H1 2024 revenue was 6.15 billion yuan, with a net profit of 400 million yuan, and a significant increase in the net profit margin to 6.6% [5][6]. - The company's comprehensive gross margin for H1 2024 was 21.2%, up 0.7 percentage points year-on-year [6]. - The revenue from the passenger vehicle segment reached 3.18 billion yuan, a year-on-year increase of 36.4%, accounting for 51.7% of total revenue [2][6]. Business Segments - The new energy passenger vehicle business is in the order fulfillment stage, with profitability expected to improve due to scale effects and customer upgrades [7][10]. - The commercial vehicle segment saw a decline in revenue to 2.34 billion yuan, down 1.5% year-on-year, while the digital and energy thermal management business grew by 23.5% to 440 million yuan [2][6]. Regional Performance - North America showed a revenue increase of 50.7% year-on-year, contributing 710 million yuan, with a net profit margin of 2.5% [6]. - The European market also improved, with revenue of 85.58 million yuan, marking a 90.7% increase year-on-year, although it still reported a loss [6]. Future Outlook - The company is expected to maintain strong growth, with projected net profits of 864 million yuan, 1.156 billion yuan, and 1.412 billion yuan for 2024, 2025, and 2026 respectively [4][10]. - The report highlights the potential of the third curve business in the new energy industrial sector, which is anticipated to become a new growth point for profitability [7][10].