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银轮股份(002126):业绩符合预期,拓展布局勾勒未来发展蓝图
GOLDEN SUN SECURITIES· 2025-04-20 03:42
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]
国民技术发布高性能MCU 赋能人形机器人与数字能源
Zhong Zheng Wang· 2025-04-17 04:05
Core Viewpoint - The company showcased its innovative products and solutions at the 2025 Munich Shanghai Electronics Show, highlighting the launch of the N32H7 series high-performance MCU, which is the first domestic Arm Cortex M7+M4 dual-core heterogeneous MCU [1] Group 1: Product Development - The N32MCU product family has rapidly developed to include 36 MCU product series and over 240 product models [1] - The newly launched N32H785/785EC/787/788/760/762/765/765EC series MCUs are characterized by strong power, high precision, and reliability, suitable for various applications in industrial control, robotics, and new energy sectors [2] Group 2: Application Areas - The MCUs are critical for robotics, enabling the processing of sensor data and sending commands to actuators, thus driving motors and robotic arms [1] - The N32H7 and N32H4 series MCUs are utilized in humanoid robot servo motor control, allowing for designs with multiple degrees of freedom [3] Group 3: Industry Solutions - The company presented a 5000W digital power application solution and various BMS protection boards for different applications, including portable BMS for vehicles and drones [4] - The showcased products demonstrate high reliability, stability, and integration, enhancing industrial control efficiency and competitiveness across various sectors [4]
储能82.4%!特朗普的关税风暴,钠电池、液流电池成新武器,中国收割新兴市场,全球能源迎变局
鑫椤储能· 2025-04-07 02:41
| -广告 | | --- | 关注公众号,点击公众号主页右上角" ··· ",设置星标 "⭐" ,关注 鑫椤储能 资讯~ 据全球液流电池网获悉, 当地时间4月2日,美国总统特朗普宣布了全球瞩目的"对等关税", 特朗普政府将 针对所有贸易伙伴征收不同水平的关税, 拟对中国加征34%关税 , 对欧盟、越南、中国台湾地区、日 本、印度、韩国、泰国、瑞士、印度尼西亚、马来西亚、柬埔寨等贸易伙伴征收20%到49%不等的关税, 对任何贸易伙伴的最低对等税率也为10%。 (图源东吴证券) 叠加此前2月、3月连续加码的20%关税,以及针对储能电池的25%301条款关税(2026年生效),中国储 能产业遭受系统性冲击。 储能电池综合税率飙升至 82.4% ,创下中美贸易摩擦以来的最高纪录。 一、关税政策的多重绞杀 美国市场占中国储能电池出口的25%,2024年出口额达153亿美元。此次关税政策大概率出现: 成本崩盘 : 1GWh储能系统成本激增2.5亿元,企业利润率从8%暴跌至不足5%; 供应链断裂 : 东南亚中资工厂对美出口环比下降40%,库存周期延长至6个月; 技术替代加速 : 特斯拉超级工厂电池断供警报拉响,美国本土企 ...
拓邦股份(002139):收入回归双位数增长 机器人和AI整机等创新业务值得期待
Xin Lang Cai Jing· 2025-03-31 00:33
Core Viewpoint - In 2024, the company "restarts growth," with operating revenue exceeding 10 billion yuan for the first time, achieving a year-on-year growth rate returning to double digits, and overall profitability and operational efficiency significantly improved, enhancing operational health [1] Group 1: Financial Performance - In 2024, the company achieved operating revenue of 10.501 billion yuan, a year-on-year increase of 16.78%, and a net profit attributable to shareholders of 671 million yuan, up 30.25% year-on-year [2][3] - The company reported a net profit margin of 6.39%, an increase of 0.66 percentage points year-on-year, and a comprehensive gross margin of 22.97%, up 0.66 percentage points [7] Group 2: Business Growth and Strategy - The company's core business segments, including tools and home appliances, achieved operating revenue of 7.981 billion yuan in 2024, with a year-on-year growth of 25.48%, and both segments saw revenue growth rates exceeding 20% [4] - The company is focusing on a "two-step" strategy to enhance customer demand and optimize component product capabilities while deepening core technologies to create new growth opportunities [3] Group 3: Innovation and Future Outlook - The company has established a product platform in the robotics field, including servo drives and motors, and has successfully delivered samples to over 10 leading industry enterprises for humanoid robot applications [5] - The digital energy and smart automotive sectors are expected to open up broad long-term growth opportunities, despite a decline in revenue for digital energy due to falling market prices [4] Group 4: Global Expansion - The company accelerated its international market presence, with overseas manufacturing platform output exceeding 2.2 billion yuan, growing over 70%, benefiting from its global layout in countries like Vietnam, India, Romania, and Mexico [8]
46页深度 | 银轮股份:热管理先行者,数字能源、机器人新领域加速拓展【国信汽车】
车中旭霞· 2025-03-24 14:29
新能源热管理空间广阔,订单保障持续成长 银轮股份系列 车中旭霞 深度报告: 《银轮股份(002126.SZ)公司深度- 热管理先行者,数字能源、机器人新领域加速拓展》-20250324 相关点评: 《银轮股份(002126.SZ)-2024年三季报点评-三季度净利率提升,海外经营体盈利有望持续改善》-20241031 《银轮股份(002126.SZ)-2024年中报点评-盈利能力持续改善,海外拓展有望提速 》-202 40828 《银轮股份(002126.SZ)-2024年一季报点评-盈利能力持续改善,海外加速拓展 》-20240430 《银轮股份(002126.SZ)-2023年年报点评-盈利能力持续改善,海外加速拓展 》-20240418 《银轮股份(002126.SZ)2023年三季报点评-盈利能力持续改善,热管理产品多点开拓》-20231028 《银轮股份(002126.SZ)2023年中报点评-降本增效盈利能力提升,热管理产品多点开拓》-20230827 《银轮股份(002126.SZ)-中报净利润预增113%-128%,热管理产品多点开拓》-20230711 《银轮股份(002126.SZ)-一季 ...