YINLUN(002126) 国信证券·2024-04-30 10:00Investment Rating - The investment rating for the company is "Buy" [3][59] Core Views - The company achieved a revenue of 2.969 billion yuan in Q1 2024, representing a year-on-year growth of 16.2% and a quarter-on-quarter decline of 1.86%. The net profit attributable to shareholders was 192 million yuan, up 50.8% year-on-year and 13.6% quarter-on-quarter [2][73] - The company's new energy vehicle (NEV) business has seen exponential growth, doubling each year from 2021 to 2023, with NEV revenue accounting for 33% of total revenue in 2023 [2][25] - The company has successfully improved its profitability, with a gross margin of 21.56% in Q1 2024, up 1.38 percentage points year-on-year, and a net profit margin of 7.10%, up 1.62 percentage points year-on-year [2][29] - The company has accelerated its overseas expansion, with its Mexico plant achieving breakeven in Q4 2023 and new orders expected to generate over 6.106 billion yuan in annual sales revenue [2][57] Summary by Sections Financial Performance - In Q1 2024, the company reported a revenue of 2.969 billion yuan, a year-on-year increase of 16.2%, and a net profit of 192 million yuan, reflecting a 50.8% year-on-year growth [2][73] - The company forecasts net profits of 841 million yuan, 1.08 billion yuan, and 1.288 billion yuan for 2024, 2025, and 2026 respectively, with corresponding earnings per share of 1.02 yuan, 1.31 yuan, and 1.57 yuan [2][40] Business Segments - The NEV business has shown significant growth, with sales volume increasing from 2.89 million units in 2020 to 1.851 million units in 2023, and revenue from this segment growing from 289 million yuan to 3.584 billion yuan over the same period [2][25] - The commercial vehicle segment benefited from the increased penetration of natural gas heavy trucks, with Q1 2024 sales reaching 45,300 units, a year-on-year increase of 136% [2][6] Operational Efficiency - The company has implemented cost reduction and efficiency improvement measures, resulting in a net profit margin exceeding 7% in Q1 2024 [2][29] - The company has a robust order backlog, with new orders expected to contribute over 6.106 billion yuan in annual sales revenue, of which 2.588 billion yuan comes from international orders [2][57]