YINLUN(SZ:002126) Guoyuan Securities·2024-04-10 16:00Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected stock price increase of over 20% in the next six months [4][18]. Core Views - The company's performance in 2023 met expectations, with revenue reaching 10.897 billion yuan, a year-on-year increase of 28.5%, and a net profit attributable to shareholders of 609.65 million yuan, up 59.0% year-on-year [13]. - The company has seen significant growth across its three main business segments, driven by the rapid development of the new energy vehicle market and increased demand in commercial vehicles [13]. - The company has achieved overall profitability in the North American region as of Q1 2024, reflecting successful global operations and localization strategies [13]. Financial Summary - Revenue Forecast: The company is projected to achieve revenues of 10.897 billion yuan in 2023, 13.420 billion yuan in 2024, and 16.584 billion yuan in 2025, with year-on-year growth rates of 28.51%, 23.15%, and 23.57% respectively [5][13]. - Net Profit Forecast: The net profit attributable to shareholders is expected to be 609.65 million yuan in 2023, 806.48 million yuan in 2024, and 1.04673 billion yuan in 2025, with corresponding year-on-year growth rates of 59.06%, 32.28%, and 29.79% [5][13]. - Earnings Per Share: The basic earnings per share are projected to be 0.76 yuan in 2023, 1.00 yuan in 2024, and 1.30 yuan in 2025 [5][13]. - Price-to-Earnings Ratio: The estimated P/E ratios are 23.36 for 2023, 17.66 for 2024, and 13.61 for 2025 [5][13].