YINLUN(SZ:002126) Guohai Securities·2024-03-14 16:00Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1][2]. Core Views - The company has received a significant order for a large cooling module from a renowned international machinery company, expected to generate an additional annual revenue of approximately 280 million yuan once fully operational [1]. - The company is accelerating its transformation by increasing R&D investments in "digital and energy thermal management," focusing on various sectors including ultra-high voltage power transmission, geothermal power generation, energy storage, wind power generation, hydrogen production and storage, chemicals, central air conditioning, household heat pump air conditioning, and data centers [2]. - The company has established a strong competitive position in non-automotive sectors, with notable orders from well-known clients such as AUX, Tongfei, Inveck, and Sungrow [2]. Financial Forecasts - The company is projected to achieve total operating revenue of 10.877 billion, 13.672 billion, and 17.025 billion yuan for the years 2023, 2024, and 2025, respectively, with year-on-year growth rates of 28%, 26%, and 25% [2][4]. - The net profit attributable to the parent company is expected to be 617 million, 847 million, and 1.123 billion yuan for the same years, with growth rates of 61%, 37%, and 33% [2][4]. - The earnings per share (EPS) are forecasted to be 0.77, 1.05, and 1.40 yuan for 2023, 2024, and 2025, respectively, corresponding to price-to-earnings (P/E) ratios of 24, 17, and 13 times [2][4]. Market Performance - As of March 13, 2024, the company's stock has outperformed the CSI 300 index, with a 1-month performance of 6.4%, a 3-month performance of 1.6%, and a 12-month performance of 35.7% compared to the index's -10.9% over the same period [2].