YINLUN(SZ:002126) Yong Xing Zheng Quan·2025-10-31 10:29Investment Rating - The report maintains a "Buy" rating for the company [5][8]. Core Insights - The company achieved steady revenue growth, with a revenue of approximately 11.057 billion yuan for the first three quarters of 2025, representing a year-on-year increase of about 20.12%. The net profit attributable to shareholders was approximately 672 million yuan, up about 11.18% year-on-year [1]. - The company is actively expanding its overseas market presence, with overseas revenue accounting for approximately 25.94% in the first half of 2025, up from about 22.42% in 2023. However, profit growth has slowed due to the impact of declining automotive sales and ongoing tariffs [2]. - The company is broadening its thermal management business boundaries, with significant progress in the digital energy and embodied intelligence sectors. New projects in the digital and energy segments are expected to generate an additional annual sales revenue of 637 million yuan once mass production begins [4]. Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of approximately 3.890 billion yuan, a year-on-year increase of about 27.38% and a quarter-on-quarter increase of about 3.69%. The net profit attributable to shareholders was approximately 230 million yuan, up about 14.48% year-on-year and 0.68% quarter-on-quarter [1][3]. - The gross margin for Q3 2025 was approximately 19.39%, an increase of about 1.65 percentage points year-on-year, while the net profit margin was approximately 6.94%, a decrease of about 0.88 percentage points year-on-year [3]. Future Projections - Revenue projections for 2025 to 2027 are approximately 15.015 billion yuan, 17.857 billion yuan, and 21.376 billion yuan, representing year-on-year growth rates of about 18.2%, 18.9%, and 19.7%, respectively. Net profit projections for the same period are approximately 932 million yuan, 1.238 billion yuan, and 1.572 billion yuan, with growth rates of about 19.0%, 32.8%, and 27.0% [5][7]. - The company's stock price corresponds to a price-to-earnings (PE) ratio of approximately 34.33 times, 25.86 times, and 20.36 times for the years 2025 to 2027 [5].