Yinlun Shares (002126): Accumulate a thousand miles!New Energy Thermal Management Re-Orders

Yinlun Shares (002126): Accumulate a thousand miles!New Energy Thermal Management Re-Orders
New energy thermal management is next.The company’s latest general-purpose BEV3 new energy water cooling plate order is expected to be produced from November 2022, and the corresponding sales revenue during the life cycle is calculated3.7.5 billion yuan.The company’s new energy thermal management and thermal management products have continuously made breakthroughs and have been supporting Ningde Times, BYD, Geely, Guangzhou Automobile, Yutong and other companies.In the future, the penetration rate of products such as water-cooled plates and battery coolers 武汉夜生活网 will continue to increase, the sales of alternative new energy vehicles will grow rapidly, and the space for thermal management revenue will be broad. Benefiting from fuel-saving prospects EGR supporting passenger cars.The company’s passenger car EGR products have been fixed, and it is expected to start supporting Guangzhou Automobile 2 in the next two years.0TM and 1.5TG engine platform, order amount calculation4.1.8 billion.EGR products are expected to be widely used in the commercial vehicle National Six emission upgrade. Most trucks will increase EGR to reduce emissions.With the implementation of the National Sixth Standard, the company’s EGR products are expected to usher in rapid growth. Category expansion and customer expansion help thermal management leaders take off.The company has been deeply involved in the 都市夜网 field of thermal management for 60 years, and has formed a strong product competitiveness and customer relationship in the field of traditional thermal management in China.From commercial vehicles to low-end passenger cars to high-end brands.Steady development has helped the company to become a leading company in the field of thermal management. It is expected that future revenue growth will continue to exceed the industry. Investment suggestion: We expect net profit attributable to mothers to be 3 in 2019 and 2020 respectively.8, 4.5 ‰, corresponding to the current estimate of only 15 times, maintain the “Buy” rating. Risk warning: Passenger car sales continue to be sluggish; National Six emissions upgrades are less than expected.