YINLUN(SZ:002126) Changjiang Securities·2025-09-26 11:19Investment Rating - The report gives a "Buy" rating for the company [15]. Core Views - The company is a leader in automotive thermal management in China, expanding into digital energy and robotics, with significant growth potential in these areas [5][13]. - The company has seen a substantial increase in net profit, projected to reach 9.6 billion yuan in 2025, with a corresponding PE ratio of 36.4x [5][13]. Summary by Sections Company Overview - The company has over 40 years of experience in automotive thermal management and is focusing on business expansion and globalization [8]. - It has developed four major growth curves: commercial vehicles, passenger vehicles, digital energy, and robotics [8]. Automotive Sector - The transition to new energy vehicles is driving upgrades in thermal management systems, with significant growth in both passenger and commercial vehicle segments [9]. - The domestic market for passenger vehicle thermal management is expected to reach 166.3 billion yuan by 2030, with a projected revenue of 51.1 billion yuan in 2024, reflecting a CAGR of 105.0% from 2020 to 2024 [9]. Digital Energy - The company is expanding its thermal management solutions from automotive applications to data centers and energy storage, with a projected market space of 10.3 billion yuan in 2024 [10]. - The global demand for liquid cooling solutions in data centers is expected to create a supply gap, with the company positioned to capitalize on this trend [10]. Robotics - The company is entering the robotics sector with a focus on embodied intelligence, which is expected to open up long-term growth opportunities [11]. International Expansion - The company has established R&D and production bases in the US, Mexico, Sweden, and Poland, with overseas revenue projected to reach 32.9 billion yuan in 2024 [12]. - The international business is entering a profitable phase, with North America expected to turn profitable in 2024 and Europe in 2025 [12]. Financial Performance - The company's revenue has grown from 2.2 billion yuan in 2021 to a projected 7.8 billion yuan in 2024, with a CAGR of 52.6% [8][41]. - The company’s net profit for the first half of 2025 is expected to be 4.4 billion yuan, reflecting a year-on-year growth of 9.5% [8][41]. Investment Recommendations - The report emphasizes the company's leadership in automotive thermal management and the growth potential in digital energy and robotics, supporting the "Buy" rating [5][13].