YINLUN(SZ:002126) Soochow Securities·2025-08-28 06:57Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's Q2 2025 performance met expectations, with a revenue of 37.51 billion yuan, a year-on-year increase of 17.89%, and a quarter-on-quarter increase of 9.81%. The net profit for Q2 2025 was 2.29 billion yuan, reflecting a year-on-year growth of 8.30% and a quarter-on-quarter growth of 7.79% [7] - The company is focusing on the growth of its new energy vehicle thermal management business, with a comprehensive product layout in this field. It is also expanding its global research and development capabilities and enhancing its international market presence [7] - The profit forecast for 2025-2027 has been adjusted to 10.02 billion yuan, 12.47 billion yuan, and 15.31 billion yuan, respectively, with corresponding EPS of 1.20 yuan, 1.49 yuan, and 1.83 yuan [7] Financial Performance Summary - In H1 2025, the company achieved total revenue of 71.68 billion yuan, a year-on-year increase of 16.52%, and a net profit of 4.41 billion yuan, up 9.53% year-on-year [7] - The gross margin for Q2 2025 was 18.75%, slightly down by 1.03 percentage points quarter-on-quarter. The expense ratio for the same period was 10.42%, down by 0.33 percentage points [7] - The company’s total revenue projections for 2023 to 2027 are 11,018 million yuan, 12,702 million yuan, 15,346 million yuan, 18,236 million yuan, and 21,381 million yuan, respectively, with corresponding net profits of 612.14 million yuan, 783.53 million yuan, 1,002.00 million yuan, 1,247.13 million yuan, and 1,530.52 million yuan [1][8]