YINLUN(SZ:002126) Guohai Securities·2025-08-28 06:33Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's H1 2025 performance shows a significant increase in revenue and net profit, driven by robust growth across various business segments, particularly in commercial vehicles and passenger vehicles [4][7] - The dual drivers of growth are identified as "server liquid cooling" and "robotic joints," which are expected to provide strong momentum for future growth [7] Summary by Sections Financial Performance - In H1 2025, the company achieved revenue of 7.168 billion yuan, a year-on-year increase of 16.52%, and a net profit attributable to the parent company of 441 million yuan, up 9.53% year-on-year [4][7] - For Q2 2025, the company reported revenue of 3.751 billion yuan, with a quarter-on-quarter increase of 17.89% and a year-on-year increase of 9.81%. The net profit for Q2 was 229 million yuan, reflecting a quarter-on-quarter increase of 8.3% and a year-on-year increase of 7.79% [4][7] Business Segments - The commercial vehicle and non-road business segments generated revenue of 2.4 billion yuan, with a gross margin of 24.2%, while the passenger vehicle segment achieved revenue of 3.8 billion yuan, with a gross margin of 14.94% [7] - The company has established a comprehensive product layout in the data center sector, including various liquid cooling solutions, and is making progress in customer expansion [7] Future Projections - The company is expected to achieve revenues of 15 billion yuan, 17.1 billion yuan, and 19.4 billion yuan in 2025, 2026, and 2027, respectively, with year-on-year growth rates of 18%, 14%, and 14% [7][9] - Net profit forecasts for the same period are 1.049 billion yuan, 1.303 billion yuan, and 1.557 billion yuan, with growth rates of 34%, 24%, and 19% [9][10]