YINLUN(002126) 华西证券·2025-04-29 15:17Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a steady revenue growth of 15.05% year-on-year, with operating income reaching 3.416 billion yuan and a net profit attributable to shareholders of 212 million yuan, up 10.89% year-on-year [2] - The company's profitability continues to improve, driven by effective cost control, with a significant reduction in financial expenses by 88.46% year-on-year [3] - The company is accelerating its overseas business expansion, achieving a 50.47% year-on-year increase in self-operated business revenue in North America, and a 31.29% year-on-year increase in revenue from its European segment [4] - The company has achieved historic breakthroughs with key clients across its three business lines, with new projects expected to generate an additional annual revenue of approximately 9.073 billion yuan [5] - The company is proactively exploring emerging fields such as robotics, having secured 10 patents in this area and making significant progress in key component development [6][7] Summary by Sections Financial Performance - In Q1 2025, the company achieved an operating income of 3.416 billion yuan, a year-on-year increase of 15.05%, and a net profit of 212 million yuan, up 10.89% [2] - The company's cost management has improved, with sales, management, and R&D expense ratios decreasing year-on-year [3] Business Expansion - The company is enhancing its global manufacturing footprint, with new facilities in North America, Southeast Asia, and Europe, contributing to significant revenue growth in these regions [4] - The North American segment achieved self-operated business revenue of 19.646 million USD, a 50.47% increase year-on-year [4] Growth Opportunities - The company has secured over 300 new projects, with expected annual revenue contributions from various business segments, including digital energy and new energy vehicles [5] - The company is strategically positioning itself in the robotics sector, focusing on key customer collaborations and technology advancements [6][7] Earnings Forecast - The company is projected to achieve revenues of 16.030 billion yuan, 18.883 billion yuan, and 21.574 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding net profits of 1.048 billion yuan, 1.251 billion yuan, and 1.503 billion yuan [8]