YINLUN(002126) Guohai Securities·2024-05-01 09:00Investment Rating - The investment rating for the company is "Buy (Maintain)" [17][19]. Core Views - The company is expected to achieve significant revenue growth, with projected total revenues of 13.68 billion, 16.90 billion, and 19.78 billion yuan for 2024, 2025, and 2026 respectively, reflecting year-on-year growth rates of 24%, 23%, and 17% [19]. - The net profit attributable to the parent company is forecasted to be 877 million, 1.14 billion, and 1.43 billion yuan for the same years, with year-on-year growth rates of 43%, 30%, and 25% [19]. - The earnings per share (EPS) are projected to be 1.07, 1.39, and 1.73 yuan, corresponding to price-to-earnings (PE) ratios of 19, 14, and 11 times [19]. Financial Performance Summary - The company reported a net profit of 192 million yuan in Q1 2024, representing a year-on-year increase of 50.9% and a quarter-on-quarter increase of 13.6% [24][35]. - The gross margin for Q1 2024 was 21.56%, an increase of 1.38 percentage points year-on-year [35]. - The company has a total market capitalization of approximately 16.26 billion yuan and a circulating market capitalization of about 15.29 billion yuan [25]. Growth Potential - The company is actively expanding its third curve business in digital and energy thermal management, leveraging its automotive thermal management technology to enter new markets such as energy storage and data centers [25]. - The company has secured various projects, including liquid cooling systems for energy storage and photovoltaic inverters, indicating a strong pipeline for future growth [25].