YINLUN(002126) 东吴证券·2024-05-06 11:30Investment Rating - The report maintains a "Buy" rating for Yinlun Holdings (002126) [1][11] Core Views - The company's Q1 2024 performance met expectations, with a revenue of 2.969 billion yuan, a year-on-year increase of 16.22%, and a net profit attributable to shareholders of 192 million yuan, a year-on-year increase of 50.85% [1][10] - The company has four core advantages in its new energy thermal management business: technology, products, layout, and customers, which support rapid development [2] Financial Forecast and Valuation - The forecast for net profit attributable to shareholders for 2024-2026 is 849 million yuan, 1.113 billion yuan, and 1.371 billion yuan, respectively, with corresponding EPS of 1.03 yuan, 1.35 yuan, and 1.67 yuan [11] - The P/E ratios for 2024-2026 are projected to be 19.14, 14.61, and 11.86, respectively [11] Revenue and Profitability - The total revenue for 2022 was 8.48 billion yuan, with projections of 11.02 billion yuan for 2023, 13.51 billion yuan for 2024, 16.28 billion yuan for 2025, and 18.76 billion yuan for 2026, reflecting a growth rate of 29.93% in 2023 and 22.63% in 2024 [1][11] - The gross margin for Q1 2024 was 21.56%, showing a year-on-year increase of 1.38 percentage points [10] Cost and Expenses - The company reported a total expense ratio of 13.19% for Q1 2024, a decrease of 0.65 percentage points from the previous quarter [10]