YINLUN(002126) CAITONG SECURITIES·2024-10-18 08:03Investment Rating - The investment rating for the company is "Accumulate" (maintained) [1] Core Views - The company is expected to achieve a net profit attributable to shareholders of 600-610 million yuan for the first three quarters of 2024, representing a year-on-year growth of 34.1%-37.5% [2] - The third quarter of 2024 is projected to see a net profit of 190-210 million yuan, with a year-on-year increase of 21.5%-31.0% [2] - The growth in performance is attributed to the company's focus on improving operational efficiency through OPACC (Operating Profit After Capital Costs) and enhancing organizational structure and lean management [2] - The company has made significant progress in its third curve business, receiving a notice of designation from a European automotive manufacturer for its new energy vehicle thermal management products, expected to generate an annual sales increase of approximately 56 million yuan starting in 2026 [2] - The company forecasts net profits of 832 million, 1.167 billion, and 1.501 billion yuan for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 17.95, 12.80, and 9.95 [2] Financial Performance Summary - The company anticipates revenue growth rates of 20.99%, 25.47%, and 17.79% for the years 2024, 2025, and 2026 respectively [3] - The projected net profit growth rates are 35.96%, 40.21%, and 28.65% for the same years [3] - The earnings per share (EPS) is expected to be 1.00, 1.40, and 1.80 yuan for 2024, 2025, and 2026 respectively [3] - The return on equity (ROE) is projected to increase to 13.17%, 15.96%, and 17.49% over the next three years [3] - The company’s total assets are expected to grow from 186.19 billion yuan in 2024 to 248.28 billion yuan in 2026 [6]