树欲静而风不止。 貌似远离关税冲击的特斯拉，随着特朗普对等关税风暴的升级，同样被拖进动荡的漩涡。 在4月16日当周，特斯拉股价经历了难得的"平静"，只是周三晚上，华尔街流传特斯拉自动驾驶出租车 因关税问题而搁置，特斯拉股价再度大跌。 销售目标地设厂，周边供应链配套，全球化研产销合作——汽车行业可能是人类历史上全球化分工最 广、最细的产业。而特斯拉无疑是众多车企中的佼佼者，其仰仗的中国新能源车产业底蕴，在过去约十 年时间中不断累积财富，造就了埃隆.马斯克追逐一切科幻梦想的底气。 在美国推动的逆全球化潮流中，特斯拉虽然不断对供应链布局闪转腾挪，却终究躲不过关税的乱棒加 身。关税走钢丝策略失灵 过去几十年中，在《北美自贸协定》汽车行业的免税政策下，美国汽车行业完成了产业链从美国本土， 部分向加拿大、墨西哥地区转移的进程。 事实上，在2020年《北美自贸协定》废止之前，墨西哥与其说是北美汽车"工业"重镇，不如说是汽 车"转口"重镇。 大量汽车工业成品通过《北美自贸协定》下的免税政策，由墨西哥进入美国，并在美国本土组装。其 中，美国本土的特斯拉汽车主要由美国西海岸的加州，德克萨斯两地工厂生产。 因此，特斯拉汽车的供应链 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 30.24 CNY, based on a projected PE ratio of 24 times for 2025 [2][6]. Core Views - The company's digital energy business is experiencing rapid growth, continuously acquiring new projects, which is expected to become a new growth driver [1][10]. - The financial forecasts have been adjusted, with EPS estimates for 2025, 2026, and 2027 set at 1.26 CNY, 1.63 CNY, and 2.02 CNY respectively, reflecting a positive growth trajectory [2][10]. - The company achieved a revenue of 12.70 billion CNY in 2024, a year-on-year increase of 15.3%, with a net profit of 784 million CNY, up 28.0% [10]. Financial Summary - **Revenue Forecasts**: Projected revenues for 2025, 2026, and 2027 are 15.28 billion CNY, 18.14 billion CNY, and 21.50 billion CNY, respectively, indicating growth rates of 20.3%, 18.8%, and 18.5% [4][10]. - **Profitability Metrics**: The company's gross margin is expected to improve from 20.1% in 2024 to 21.7% by 2027, while net profit margins are projected to rise from 6.2% to 7.9% over the same period [4][10]. - **Earnings Per Share (EPS)**: EPS is forecasted to grow from 0.94 CNY in 2024 to 2.02 CNY in 2027, reflecting a strong upward trend in profitability [4][10]. - **Valuation Ratios**: The company’s PE ratio is expected to decrease from 24.6 in 2024 to 11.4 in 2027, indicating an attractive valuation as earnings grow [4][10].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The company achieved a revenue of 12.7 billion yuan in 2024, representing a year-on-year increase of 15%, and a net profit attributable to the parent company of 780 million yuan, up 28% year-on-year [1] - The digital energy business saw significant growth, with revenue from passenger vehicles reaching 7.1 billion yuan, a 31% increase year-on-year, while the digital and energy management segment achieved 1 billion yuan in revenue, up 47% year-on-year [1][3] - The company is expanding into the digital energy and robotics sectors, with expectations of a rapid market growth in data center temperature control and a projected revenue increase of 950 million yuan from new digital energy projects [3] Financial Performance - The company's gross profit margin for 2024 was 20.1%, a decrease of 1.5 percentage points year-on-year, while the net profit margin improved by 0.7 percentage points to 7.0% [2] - In Q4 2024, the gross profit margin was 20.2%, with a net profit margin of 6.1%, impacted by asset impairment provisions [2] - The company forecasts net profits of 1.05 billion yuan, 1.36 billion yuan, and 1.67 billion yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 18, 14, and 12 times [3] Market Outlook - The global new energy vehicle sales are expected to reach 17.53 million units in 2024, a 22% increase year-on-year, with significant growth in the Chinese market [1] - The Chinese data center market is projected to exceed 400 billion yuan by 2025, growing at 25% year-on-year, providing a substantial opportunity for the company's digital energy segment [1][3]

Core Viewpoint - Silver Wheel Co., Ltd. reported a revenue increase of 15.28% year-on-year for 2024, with a total revenue of 12.702 billion yuan and a net profit of 784 million yuan, reflecting a 28.0% increase compared to the previous year [1][4] Financial Performance - The total revenue for 2024 reached 12.702 billion yuan, up from 11.018 billion yuan in 2023, marking a 15.28% increase [4] - The net profit attributable to shareholders was 784 million yuan, compared to 612 million yuan in 2023, representing a 28.0% increase [4] - The fourth quarter revenue was 3.497 billion yuan, a 15.57% increase year-on-year, with a net profit of 179 million yuan, up 6.4% [1] - The gross profit margin decreased to 20.12%, down 2.05% year-on-year, while the net profit margin improved to 7.04%, an increase of 10.71% [4] - Total operating expenses were 917 million yuan, accounting for 7.22% of revenue, a decrease of 8.2% year-on-year [4] Accounts Receivable and Cash Flow - Accounts receivable increased to 4.637 billion yuan, up 15.92% from 4.001 billion yuan in 2023, with accounts receivable accounting for 591.87% of net profit [1][5] - Cash and cash equivalents increased to 2.187 billion yuan, a 13.95% increase from 1.919 billion yuan [4] - Operating cash flow per share was 1.44 yuan, reflecting a 26.05% increase year-on-year [4] Future Outlook - The company aims for a revenue target of no less than 15 billion yuan and a net profit target of at least 1.05 billion yuan for 2025, as per the disclosed stock option incentive plan [7]

二、前10名无限售条件股东持股情况 前十大流通股东累计持有： 15316.45万股，累计占流通股比： 19.54%，较上期变化： -374.33万股。 | 名称 持有数量(万股) | | 占总股本比例 (%) | 增减情况(万 股) | | --- | --- | --- | --- | | 基本养老保险基金一零零三组合 | 3407.36 | 4.35 | -87.37 | | 宁波正晟企业管理合伙企业(有限合伙) | 3200.00 | 4.08 | 不变 | | 全国社保基金一一六组合 | 1471.22 | 1.88 | -468.52 | | 全国社保基金四零六组合 | 1437.55 | 1.83 | 212.26 | | 徐小敏 | 1390.40 | 1.77 | 不变 | | 全国社保基金一零一组合 | 988.20 | 1.26 | 18.16 | | 香港中央结算有限公司 | 942.98 | 1.20 | 新进 | | 中国石油天然气集团公司企业年金计划-中国工商银行 股份有限公司 | 870.16 | 1.11 | -47.45 | | 基本养老保险基金八零八组合 | 843.06 ...

上调目标价至 28.92 元，维持公司增持评级。维持2024-2026 年的EPS 预测1.02/1.34/1.63 元，参考可比 公司给予公司2025 年21.58 倍PE，考虑到公司在新能源汽车等领域的项目定点较为充足，以及北美产能 持续释放等因素，上调目标价至28.92 元（原为24.25 元），维持增持评级。 北美产能持续释放，预计加征关税对公司的影响有限。公司在墨西哥、美国、瑞典、波兰等建有研发分 中心和生产基地，自2023 年以来，公司在北美区域的产能持续释放，北美区域属地化配套比例持续提 高。据公司在深交所互动易平台公布的信息，公司从国内出口至美国地区的收入约占总营收的6%-7%， 预计关税等国际贸易因素变化对公司海外收入的影响较为有限。 本报告导读： 公司北美产能持续释放，预计关税变化对收入的影响有限。公司亦持续开拓新项目定点，获得北美和欧 洲等客户新能源汽车相关项目定点，收入有望持续增长。 投资要点： 董事长提议回购股份，有助于进一步增强信心。2025 年4 月8 日，公司董事长提议回购公司股份，用于 股权激励或员工持股计划，回购股份的资金总额不低于人民币5000 万元，不高于人民币1 亿元 ...

Summary of the Conference Call for Yinlun Co., Ltd. Company Overview - **Company**: Yinlun Co., Ltd. - **Industry**: Manufacturing, specifically in cooling systems and components for vehicles and data centers Key Points and Arguments Global Expansion and Production Capacity - Yinlun has established a significant global presence with production bases in the US, Mexico, Southeast Asia, and Europe to adapt to international trade changes and ensure supply chain stability [2][4] - The company anticipates a production value of **$30 million** in North America by 2025, with the Mexican factory expected to generate **900 million RMB** and the new Polish factory projected to earn **160 million RMB** [2][3] Impact of Tariffs - The impact of US tariffs is manageable for Yinlun, as the company is expanding production capabilities in the US and Mexico to mitigate tariff challenges while maintaining market share [2][6] - Despite potential tariff increases in Mexico, the company is prepared to ensure order acquisition and enhance competitiveness through its overseas layout [4][12] Robotics and Data Center Business - Yinlun has begun mass supplying small modules in the humanoid robot sector and aims to become a supplier of rotary actuator assemblies, targeting core customers in North America and domestically, including TAPSI, DPIH, PCI, and Amazon [2][17] - In the data center business, the focus is on large server clients, with developments in cooling towers and diesel generators, expecting revenue realization this year [2][30] Revenue and Market Share - In 2024, overseas revenue reached over **800 million RMB**, accounting for **44%** of total revenue, with a target of increasing this to **60-78 billion RMB** by 2028 [4][34] - The company’s Mexican factories primarily supply the US market, with expected revenues of **600 million RMB** for both 2024 and 2025 [20] Future Plans and Market Adaptation - Plans include expanding production capacity in the Houston area and further developing facilities in Mexico and Southeast Asia, with a new research center in Frankfurt to support European market growth [7][32] - The company is adapting to potential tariff changes by ensuring flexibility in production capacity and optimizing the supply chain to meet market demands [12][22] Additional Important Insights - The company has a cautious outlook on the potential for further tariff increases from Mexico, noting that some products may be exempt due to local production limitations [8][21] - Yinlun's global layout allows it to respond effectively to political and tariff disruptions, maintaining competitiveness despite potential challenges [32] - The company is optimistic about the growth of its overseas business, which is seen as a significant opportunity for domestic enterprises to expand internationally [34][37] Conclusion Yinlun Co., Ltd. is strategically positioned to navigate the complexities of international trade and tariffs through its global manufacturing footprint. The company is focused on expanding its market share in robotics and data centers while ensuring adaptability to changing market conditions. The outlook for overseas revenue growth remains strong, providing a solid foundation for future investments and business development.

Key Recommendations - Tactical asset allocation views have been adjusted, downgrading US Treasury bonds to benchmark and US dollar to underweight, while maintaining an overweight position in gold [1][2] - Chip manufacturer Chipbond is expected to benefit significantly from the adoption of advanced CoWoS-L packaging solutions for high-performance GPUs, requiring more LDI direct-write lithography technology [1][6] - The demand for domestic AI computing chips is anticipated to accelerate due to improvements in hardware performance and software architecture iterations [1][8] - Jinbo Biotech's major product, Wei Yimei, is still in a rapid growth phase, and the commercialization of new gel products is expected to contribute to performance growth [1][11] - The home appliance sector is expected to benefit from the successful implementation of the old-for-new policy in 2024, with continued policy support in 2025 [1][14] - The coal industry is projected to see a price rebound in April, coinciding with the summer peak demand in June, leading to a preference for more certain dividend assets amid increased market volatility [1][17] Company-Specific Insights - Chipbond maintains an "overweight" rating with a target price of 116.55 CNY, despite lowering EPS forecasts for 2024-2026 due to overseas progress falling short of expectations [5][6] - The company is positioned to benefit from the increasing demand for LDI direct-write lithography equipment as domestic CSP manufacturers ramp up capital expenditures [6] - Jinbo Biotech's new gel product, which is the first injectable recombinant type III humanized collagen gel approved, is expected to enhance its market presence and growth potential [11][12] Industry Trends - The electronic components industry is witnessing a surge in demand for domestic AI computing infrastructure, driven by the release of new products like the CloudMatrix 384 super node [8][9] - The home appliance sector is experiencing a positive trend in retail sales, with a year-on-year increase of 11.7% in February 2025, indicating a recovery in consumer demand [15] - The coal industry is approaching a fundamental turning point, with expectations of price stabilization and potential increases due to supply and demand dynamics [17][19]

Group 1 - The "K-Robotics Alliance" has been officially established in South Korea, gathering over 40 industry, academic, and research institutions, with a total investment expected to exceed 1 trillion KRW (approximately 51.2 billion RMB) [1] Group 2 - On April 15, Inks launched the world's smallest 20-degree-of-freedom dexterous hand, EC-DexHand-5F, breaking the "impossible triangle" of size, degree of freedom, and performance, attracting significant attention from the Pi team [2] - Recently, a national standard for "Dynamic Stability Testing Methods for Industrial Robots," led by Yujian Robotics, has been officially released, marking the first international standard for testing the dynamic stability of industrial robots [2] - Recently, Cloud Whale Intelligence completed a financing round of 100 million USD, led by Tencent and the Beijing Robotics Industry Development Investment Fund, with participation from Sci-Fi Fund and Mingshi Venture Capital, and has officially initiated a Pre-IPO financing round [2] Group 3 - On April 14, the robotics sector continued to rebound, with the frameless motor and screw sectors showing significant gains: top three sectors by increase were frameless motor (+3.32%), screw (+2.34%), and equipment (+1.98%) [3] - Top three individual stock gains were: Buke Co., Ltd. (+7.36%), Fuda Co., Ltd. (+6.27%), and Landai Technology (+6.21%) [3] Group 4 - The company continues to recommend firms with high certainty and solid fundamentals, noting that many companies in the market have already adjusted significantly, providing high cost-performance ratios [4] - The company emphasizes the importance of companies with low valuations relative to reasonable market values and high certainty in the growth of their robotics business [4] - The company highlights potential catalysts from key players in the industry such as Tesla, Figure, Huawei, and Xiaomi, including the upcoming robotics marathon on April 19 and developments in dexterous hands [4] - Silver Wheel Co., Ltd. is noted for its strong development history, capturing industry opportunities and serving major clients, with expectations for its robotics business to continue exceeding forecasts [4]

Core Viewpoint - The China Securities Index for automotive parts has shown a mixed performance, with a recent increase but a significant decline over the past month [1][2] Group 1: Index Performance - The China Securities Automotive Parts Index rose by 0.49% to 904.3 points, with a trading volume of 30.114 billion yuan [1] - Over the past month, the index has decreased by 15.30%, while it has increased by 0.83% over the last three months and has declined by 1.01% year-to-date [1] Group 2: Index Composition - The index comprises 100 listed companies involved in automotive systems, interior and exterior parts, automotive electronics, and tires [1] - The top ten weighted companies in the index are: Huichuan Technology (10.59%), Fuyao Glass (9.07%), Sanhua Intelligent Control (5.81%), Top Group (3.46%), Sailun Tire (3.44%), Desay SV (2.96%), Huayu Automotive (2.75%), Bertly (2.49%), Shuanghuan Transmission (2.2%), and Yinlun Co. (2.11%) [1] - The index is primarily composed of companies listed on the Shenzhen Stock Exchange (53.44%) and the Shanghai Stock Exchange (46.56%) [1] Group 3: Industry Breakdown - The industry composition of the index shows that consumer discretionary accounts for 77.34%, industrials for 14.41%, information technology for 5.32%, communication services for 2.41%, and materials for 0.52% [2] Group 4: Index Adjustment and Funds - The index samples are adjusted biannually, with changes implemented on the next trading day following the second Friday of June and December [2] - Public funds tracking the automotive parts index include various funds from Bosera, E Fund, Tianhong, and Huaxia [2]