Core Viewpoint - The company reported a strong performance in H1 2025, with revenue and net profit growth driven by robust sales in the digital energy sector and a solid increase in new energy vehicle sales [1][2]. Financial Performance - In H1 2025, the company achieved revenue of 7.17 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 440 million yuan, up 10% year-on-year [1]. - In Q2 2025, revenue reached 3.75 billion yuan, reflecting an 18% year-on-year increase and a 10% quarter-on-quarter increase; net profit was 230 million yuan, up 8% year-on-year and quarter-on-quarter [1]. - The overall gross margin for H1 2025 was 19%, down 2 percentage points year-on-year, while the net profit margin was 6%, down 0.4 percentage points year-on-year [2]. Business Segments - Passenger Vehicles: Domestic new energy vehicle sales reached 6.94 million units, exceeding 40% year-on-year growth; revenue from this segment was 3.8 billion yuan, accounting for 53% of total revenue, with a gross margin of 15% [1]. - Commercial Vehicles: Domestic commercial vehicle sales were 2.12 million units, up 3% year-on-year; revenue from this segment was 2.4 billion yuan, accounting for 34% of total revenue, with a gross margin of 24% [1]. - Digital Energy: The segment saw a significant increase, with new renewable energy installations reaching 300 million kilowatts, a 99% year-on-year growth; revenue was 700 million yuan, accounting for 10% of total revenue, with a remarkable 59% year-on-year growth [1]. Cost Management and Efficiency - The company has focused on internal cost reduction and efficiency improvement, with a total expense ratio of 10.4% in Q2 2025, down 0.3 percentage points quarter-on-quarter, benefiting from reductions in management, R&D, and financial expenses [2]. Market Opportunities - The global liquid cooling market for data centers is expected to grow from 3 billion USD to 8 billion USD from 2025 to 2030, with a compound annual growth rate exceeding 20%; the company has developed a comprehensive range of liquid cooling products [2]. - The company has initiated several new projects in the digital and energy sectors, anticipating an additional annual revenue of 600 million yuan upon mass production [3]. Profit Forecast and Valuation - The company forecasts net profits attributable to shareholders of 980 million yuan, 1.26 billion yuan, and 1.6 billion yuan for 2025, 2026, and 2027, respectively, with corresponding price-to-earnings ratios of 32, 25, and 20 times [3].

证券研究报告 | 半年报点评 gszqdatemark 2025 08 27 年 月 日 银轮股份（002126.SZ） 经营稳健向上，第三、四发展曲线接力成长 事件：公司发布 2025H1 业绩报告。2025H1，公司营收 71.7 亿元，同比 +17%；归母净利润 4.4 亿元，同比+10%。2025Q2，公司营收 37.5 亿 元，同比+18%，环比+10%；归母净利润 2.3 亿元，同比+8%，环比+8%。 公司经营稳健向上，数字能源业务高增长。分业务看，2025H1，1）乘用 车：国内新能源车销量达 694 万台，同比超 40%。公司业务收入 38 亿元， 占比 53%，同比+20%，毛利率 15%，同比-2pct；2）商用车及非道路： 国内商用车销量 212 万台，同比+3%。公司业务收入 24 亿元，占比 34%， 同比+4%，毛利率 24%，同比+1pct；3）数字能源：全国可再生能源新 增装机 3 亿千瓦，同比+99%，且中国 2025 年 80%绿电要求倒逼能效升 级，叠加 AI 算力年增 200%+，液冷变为生存项。公司业务收入 7 亿元， 占比 10%，同比+59%，呈高增长趋势。 内 ...