YINLUN(SZ:002126) 车中旭霞·2025-09-07 04:46Core Viewpoint - Yinlun Co., Ltd. (002126.SZ) is positioned as a leader in thermal management, with accelerated expansion into digital energy and robotics sectors, showcasing a robust growth trajectory in revenue and profit [2][4][6]. Financial Performance - In H1 2025, the company achieved revenue of 7.17 billion yuan, a year-on-year increase of 16.5%, and a net profit of 440 million yuan, up 9.5% year-on-year [6][7]. - Q2 2025 revenue reached 3.75 billion yuan, reflecting a 17.9% year-on-year growth and a 9.8% quarter-on-quarter increase, with net profit at 230 million yuan, up 8.3% year-on-year [6][7]. - The growth in revenue and profit is attributed to the recovery in commercial vehicle sales and rapid expansion in digital energy business [6][7]. Segment Analysis - The commercial vehicle and non-road business generated 2.43 billion yuan in H1 2025, a 3.9% increase year-on-year, while the digital energy business saw revenue of 690 million yuan, up 58.9% [7][11]. - The passenger vehicle segment reported revenue of 3.83 billion yuan, a 20.5% increase year-on-year, with significant contributions from new energy vehicle thermal management products [7][11]. International Operations - North American operations generated 790 million yuan in revenue in H1 2025, with net profit of 30 million yuan, while the European segment is expected to turn profitable by year-end [11][16]. - The company’s Mexico plant achieved breakeven in Q4 2023, focusing on thermal management products for North American clients [11][16]. Product Development and Innovation - The company is expanding its product portfolio from components to integrated modules, enhancing its competitive edge [15]. - In the digital energy sector, the company is developing solutions for data centers and energy storage, with a strategic client base established [4][15]. Future Growth Prospects - The company anticipates new orders in 2024 to contribute approximately 9.073 billion yuan in annual sales, with a strong pipeline of over 300 projects [3][4]. - The stock incentive plan aims for revenue targets of at least 15 billion yuan and net profit of no less than 1.05 billion yuan by 2025 [13][14].