YINLUN(002126) 民生证券·2025-02-13 12:23Investment Rating - The report maintains a "Recommended" rating for the company [6][8]. Core Views - The company has made significant progress in its globalization efforts, securing multiple overseas projects in the automotive sector, particularly in the new energy vehicle market [4][5]. - The company is expected to see substantial revenue growth driven by its new energy thermal management business and the expansion of its product offerings [6][7]. Summary by Relevant Sections Event Overview - The company's wholly-owned subsidiary, YINLUN TDI, LLC, has received a designated agreement from a well-known North American automotive brand for a new energy vehicle radiator project, expected to generate approximately $60 million in sales over its lifecycle starting in 2027 [3]. Globalization Progress - In 2023, the company has continued to secure overseas orders, including projects for aluminum oil coolers and air conditioning boxes from various international automotive manufacturers. The new orders are projected to add approximately 4.14 billion yuan in annual sales revenue, with international orders accounting for 46% [4]. New Energy Thermal Management Business - The company has expanded its customer base in the new energy sector, including major clients like BYD and international automotive brands. The new energy vehicle business has shown rapid growth, with increasing market share and new orders for various cooling systems and modules [5]. Third Growth Curve - The company has established a digital and energy thermal management division since 2021, focusing on liquid cooling systems for data centers and energy storage. Significant project breakthroughs are expected to contribute to revenue growth starting in 2024 [5]. Financial Forecast - The company is projected to achieve revenues of 13.01 billion yuan in 2024, 15.71 billion yuan in 2025, and 18.59 billion yuan in 2026, with net profits of 822 million yuan, 1.07 billion yuan, and 1.33 billion yuan respectively. The earnings per share (EPS) are expected to be 0.99 yuan, 1.28 yuan, and 1.59 yuan for the same years [6][7].