YINLUN(SZ:002126) Guolian Minsheng Securities·2026-03-06 13:30Investment 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 from its third growth curve, which includes digital and energy thermal management, driven by increasing power demands in North America [9]. - The financial forecasts indicate a steady increase in revenue and net profit from 2024 to 2027, with projected revenues of 12.7 billion, 14.8 billion, 18.2 billion, and 21.4 billion yuan respectively, and net profits of 784 million, 921 million, 1.1 billion, and 1.4 billion yuan [3][10]. Financial Projections - Revenue growth rates are forecasted at 15.3% for 2024, 16.8% for 2025, 22.9% for 2026, and 17.6% for 2027 [3][10]. - The net profit attributable to shareholders is expected to grow at rates of 28.0%, 17.6%, 22.5%, and 21.7% for the respective years [3][10]. - Earnings per share (EPS) are projected to increase from 0.93 yuan in 2024 to 1.62 yuan in 2027, with corresponding price-to-earnings (PE) ratios decreasing from 55 to 32 [3][10]. Business Expansion - The company is expanding its power energy segment, focusing on diesel and gas generator businesses, which are expected to see significant growth due to increasing demand in data centers and energy supply [9]. - The company has successfully secured orders from major clients in the new energy sector, including BYD and other emerging automotive manufacturers, indicating a strong market presence and growth potential [9].