YINLUN(SZ:002126) Guoyuan Securities·2024-09-11 10:03Investment Rating - The report maintains a "Buy" rating for the company [3][5]. Core Views - The company has achieved profitability in North America and is expected to continue increasing its overseas revenue share, which rose from 22.4% at the end of 2023 to 26.3% by mid-2024, with a target of over 40% by 2028 [1][2]. - The company is accelerating the development of its third curve business, focusing on strategic products and projects in digital and energy thermal management, with significant achievements in establishing partnerships with major clients [2]. Financial Projections - Projected revenues for 2024, 2025, and 2026 are 132.69 billion, 158.77 billion, and 189.30 billion CNY, respectively, with corresponding net profits of 8.95 billion, 11.09 billion, and 13.64 billion CNY [3][4]. - The expected earnings per share for the same years are 1.11, 1.38, and 1.70 CNY, with price-to-earnings ratios of 14.86, 11.98, and 9.75 [3][4].