YINLUN(SZ:002126) Soochow Securities·2024-04-09 16:00Investment Rating - The investment rating for the company is "Buy" (maintained) [1][15]. Core Views - The company has four core advantages: technology, products, layout, and customers, which support the rapid development of its new energy thermal management business. The company is focusing on building a global R&D system and has a comprehensive product layout in the new energy thermal management sector, with a strategy for early layout in industrial and civilian markets [2]. - The company has achieved significant revenue growth in 2023, with total revenue reaching 10.897 billion yuan, a year-on-year increase of 28.51%, and a net profit attributable to shareholders of 609 million yuan, up 58.89% year-on-year. The first quarter of 2024 is expected to see a net profit of 1.90 to 2.00 billion yuan, representing a year-on-year growth of 49.66% to 57.54% [14][15]. Financial Summary - The company's operating cash flow for 2023 is projected to be 1,704 million yuan, with a net increase in cash of 534 million yuan. The earnings per share (EPS) for 2023 is estimated at 0.74 yuan, with a price-to-earnings (P/E) ratio of 23.35 [5][15]. - The total revenue forecast for 2024 is 13.596 billion yuan, with a net profit of 849.31 million yuan, and the EPS is expected to reach 1.03 yuan [6][15]. - The company's asset-liability ratio is projected to be 61.55% in 2023, with a net asset value per share of 6.37 yuan [4][5].