YINLUN(SZ:002126) Guolian Minsheng Securities·2026-03-06 11:28Investment Rating - The report maintains a "Recommended" rating for the company [3]. Core Insights - The company has achieved a breakthrough in its gas generator business, with a projected annual sales of approximately $130 million starting from Q4 2026 due to a new project with a renowned international machinery company [2]. - The company is expected to see significant revenue growth driven by its third growth curve, focusing on digital and energy thermal management, with anticipated revenues of 148.4 billion, 182.3 billion, and 214.3 billion yuan for 2025, 2026, and 2027 respectively [9]. - The company has successfully expanded its overseas operations, achieving 790 million yuan in revenue in North America for H1 2025, and has secured multiple projects in the automotive sector, indicating strong demand for its products [9]. Financial Forecasts - Revenue projections for the company are as follows: - 2024: 12,702 million yuan - 2025: 14,835 million yuan - 2026: 18,227 million yuan - 2027: 21,431 million yuan - The growth rates for these years are projected at 15.3%, 16.8%, 22.9%, and 17.6% respectively [3][10]. - Net profit attributable to shareholders is forecasted to be: - 2024: 784 million yuan - 2025: 921 million yuan - 2026: 1,128 million yuan - 2027: 1,373 million yuan - The corresponding growth rates for net profit are 28.0%, 17.6%, 22.5%, and 21.7% [3][10]. Valuation Metrics - The earnings per share (EPS) estimates are: - 2024: 0.93 yuan - 2025: 1.09 yuan - 2026: 1.33 yuan - 2027: 1.62 yuan - The price-to-earnings (PE) ratios are projected to be 55, 47, 38, and 32 for the respective years [3][10]. - The price-to-book (PB) ratios are expected to decline from 7.0 in 2024 to 4.7 in 2027 [3][10]. Strategic Developments - The company is focusing on expanding its product offerings in the new energy sector, with a growing customer base that includes major players in the automotive industry [9]. - The strategic plan includes a clear roadmap for growth, leveraging its strengths in thermal management and expanding into digital energy and storage solutions [9].