YINLUN(SZ:002126) Minsheng Securities·2024-10-30 06:55Investment Rating - The report maintains a "Recommended" rating for the company [1][3]. Core Views - The company reported a revenue of 9.21 billion yuan for the first three quarters of 2024, a year-on-year increase of 15.2%, and a net profit attributable to shareholders of 600 million yuan, up 36.2% year-on-year [1]. - The third quarter of 2024 saw a revenue of 3.05 billion yuan, reflecting an 11.8% year-on-year growth, although it decreased by 4.0% compared to the previous quarter [1]. - The company's gross margin for Q3 2024 was 17.7%, down 4.2 percentage points year-on-year, while the net margin increased by 1.0 percentage points year-on-year to 7.8% [1]. - The growth in revenue is attributed to the expansion in the new energy vehicle thermal management business and the release of orders in digital and energy sectors [1]. - The company has made significant progress in its globalization strategy, with its Mexican factory achieving breakeven in Q4 2023 and expected profitability in North America starting in 2024 [1]. - The new energy thermal management business is rapidly growing, with a continuous expansion of clients including major players in the North American market and domestic manufacturers [1]. - The company anticipates significant performance growth from its third growth curve, focusing on digital and energy thermal management, with several key projects expected to ramp up production in 2024 [1]. - Revenue projections for 2024-2026 are estimated at 13.31 billion, 16.01 billion, and 18.94 billion yuan, with net profits of 840 million, 1.09 billion, and 1.35 billion yuan respectively [1][4]. Financial Summary - For 2024, the company is projected to have a PE ratio of 19, decreasing to 15 and 12 in 2025 and 2026 respectively [2][5]. - The expected earnings per share (EPS) for 2024, 2025, and 2026 are 1.01 yuan, 1.31 yuan, and 1.63 yuan respectively [2][5]. - The company's total assets are projected to grow from 16.16 billion yuan in 2023 to 25.06 billion yuan by 2026 [5].