YINLUN(002126) 国金证券·2025-02-24 06:49Investment Rating - The report gives the company a "Buy" rating with a target price of 39.90 RMB, based on a valuation of 30 times the estimated earnings for 2025 [3]. Core Viewpoints - The company is a leading player in the domestic automotive thermal management industry, expanding its product matrix to cover all application scenarios, including data centers and energy storage [1][2]. - The commercial vehicle business is gradually recovering, with robust growth expected in the new energy commercial vehicle segment [1][2]. - The digital and robotics sectors are anticipated to reshape the company's growth trajectory, with significant revenue growth projected from these areas [2][3]. Summary by Sections Company Overview - The company has over 40 years of experience and has become a leader in the automotive thermal management sector, entering the market with the successful development of internal combustion engine plate heat exchangers [11]. - The product matrix includes thermal management products for commercial vehicles, passenger vehicles, new energy vehicles, and digital energy applications, focusing on energy saving, emission reduction, and safety [12][15]. Automotive Sector - The commercial vehicle market is expected to recover by 2025, with a projected growth rate of approximately 6.5%, driven by equipment upgrades and replacement [26][29]. - The passenger vehicle market is also expected to grow, with a projected sales volume of 27.55 million units in 2024, reflecting a year-on-year increase of 6% [34]. Digital and Robotics Business - The digital and energy business is projected to generate revenues of 1.1 billion RMB in 2024, growing at a rate of 51% year-on-year [2]. - The company has developed thermal management technologies for robotics, leveraging its automotive expertise to create a strong foundation for this new growth area [2]. Profit Forecast and Valuation - The company is expected to achieve net profits of 612 million RMB in 2023, with a compound annual growth rate (CAGR) of 20% from 2020 to 2023 [19]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are projected to be 1.00 RMB, 1.33 RMB, and 1.69 RMB, respectively [3][6].