银轮股份2023年报点评：乘用车业务放量，全年业绩增速亮眼

Investment Rating - The report maintains a "Buy" rating for Yinlun Co., Ltd. (002126) with a target price of 24.48 CNY, up from the previous target of 24.25 CNY [1][2]. Core Insights - The company reported a significant increase in net profit, with a year-on-year growth of 60% and a non-recurring net profit growth of 90% for 2023. The growth is attributed to the expansion of passenger vehicle business and enhanced overseas scale effects, indicating a potential for continued high-speed growth in performance [1][2]. - The passenger vehicle business generated revenue of 54.3 billion CNY, reflecting a 51% year-on-year increase, and accounted for 49.3% of total revenue, up 6.9 percentage points year-on-year [1][2]. - The company is experiencing rapid growth in its digital and energy thermal management business, with revenue of approximately 7.0 billion CNY, marking a 37% increase [1][2]. Summary by Sections Financial Performance - The company achieved a net profit of 1.69 billion CNY in 2023, a year-on-year increase of 59.7%, with a non-recurring net profit of 5.8 billion CNY, up 90.4% [1][2]. - The gross profit margin for 2023 was reported at 21.6%, an increase of 1.7 percentage points year-on-year, while the net profit margin was 6.4%, up 1.1 percentage points year-on-year [1][2]. Revenue and Growth Projections - Revenue for 2023 was reported at 11,018 million CNY, with projections of 13,480 million CNY for 2024 and 16,304 million CNY for 2025, indicating a strong growth trajectory [2]. - The company expects to benefit from the expansion in the household heat pump sector and the growing demand for AI and data center liquid cooling solutions [1][2]. Valuation Metrics - The report provides a PE ratio of 24.20 for 2023, projected to decrease to 17.47 in 2024 and further to 13.29 in 2025, suggesting an improving valuation outlook [2]. - The company's return on equity (ROE) is projected to rise from 11.2% in 2023 to 15.4% by 2025, reflecting enhanced profitability [2].