YINLUN(SZ:002126) Minsheng Securities·2025-02-13 11:59Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Viewpoints - The company has achieved significant breakthroughs in overseas orders, particularly in the electric vehicle sector, with a projected sales revenue of approximately $0.6 billion from a new North American customer for a heat exchanger project starting in 2027 [3][4]. - The company's new energy thermal management business is experiencing rapid growth, with a diverse customer base including major players in North America and China, leading to an increase in market share [5]. - The establishment of a digital and energy thermal management division is expected to contribute significantly to the company's performance starting in 2024, with new projects in data center cooling and energy storage [5][6]. Financial Projections - Revenue projections for 2024, 2025, and 2026 are estimated at 130.1 billion, 157.1 billion, and 185.9 billion respectively, with net profits of 8.2 billion, 10.7 billion, and 13.3 billion [6][7]. - The earnings per share (EPS) are forecasted to be 0.99, 1.28, and 1.59 for the years 2024, 2025, and 2026, respectively [6][7]. - The price-to-earnings (PE) ratios are projected to be 23, 18, and 14 for the years 2024, 2025, and 2026, respectively, based on the closing price of 22.59 yuan per share on February 13, 2025 [6][7].