cambodiaseagames|银轮股份(002126)：1Q24业绩稳健增长 稳步推进全球属地化建设
Event: the company released its quarterly report of 2024, and 1Q24 achieved a total revenue of 29.Cambodiaseagames. 700 million yuan, compared with the same period last year + 16Cambodiaseagames0.2%, realizing the net profit of 190 million yuan (+ 50.9%) and deducting the non-return net profit of 180 million yuan (+ 62.3%). The operating performance grew steadily, and the profit end performed well compared with the same period last year. 1Q24 focuses on the four main lines of product development: "energy saving, discharge, intelligence and safety", focusing on oil, water, gas and refrigerant rooms.CambodiaseagamesThe R & D, production and sales of heat exchangers, automotive air conditioners and other thermal management products and products related to the post-processing exhaust system achieved a total operating income of 2.97 billion yuan (+ 16.2%) and a return net profit of 190 million yuan (+ 50.9%). Realize deduction of non-return net profit of 180 million yuan (+ 62.3%). In terms of profit margin, 1Q24's gross profit margin was 21.6%, up 1.4pc from a year earlier, and net profit was 7.1%, up 1.6pct from a year earlier. In terms of the period expense rate, 1Q24's sales expense rate is 2.4% (+ 0.2pct), management expense rate is 5.3% (+ 0.1pct), R & D expense rate is 4.6% (+ 0.1pct), financial expense rate is 0.9% (- 0.6pct), and the overall period expense rate is 13.2%, a decrease of 0.3pct compared with the same period last year. The R & D technology capability continues to break through, and the new energy thermal management business is on the rise. 1Q24 concentrates its superior resources to build a global R & D system, and its product R & D strategy focuses on new energy vehicle thermal management, electric control related to thermal management system, electric and intelligent product development, fuel vehicle heat exchanger products and modules, and expand new areas of heat pipe, such as intelligent driving and photovoltaic energy storage. Specifically: (1) in commercial vehicles and off-road traditional thermal management modules and components, through the standard peer similar product performance, continue to implement product innovation iteration to improve product performance. (2) in the aspect of new energy for commercial vehicles, the independent development capability of new energy products for commercial vehicles has been built around the strategy of new energy products. BTMS, TMS and waterway integration modules have all completed a breakthrough of 0 to 1. At present, a series of development of heat exchangers for new energy of commercial vehicles and the development of battery and electric drive heat management system have been completed. (3) in the aspect of new energy for passenger cars, around the strategy of "1x 4N", deep ploughing thermal management, through the iteration of core components technology, continue to reduce costs, break through a number of international key customers and get fixed points. (4) increase R & D investment in digital and energy, set up professional R & D team, focus on thermal management products such as data center, liquid cooling overcharge and energy storage, and have set up a studio to actively explore the fourth curve business developed by the company. We will optimize the organizational structure and continue to promote global localization. Closely centering on the requirements of "change and innovation, cost reduction and efficiency, open source income generation, and data speech", the company comprehensively deepens reform and innovation, adjusts and optimizes the organizational structure, forms a new organizational structure with three major business departments, three functional departments, three offices, two overseas war zones and two major departments (referred to as "33322") as the trunk, initiatively implements an incentive mechanism for outstanding benefits, and formulates an outline for speeding up international development. A new PSEA international development index is proposed to further promote the construction of a global localized manufacturing base for new energy thermal management business. Domestically, the Yibin factory in Sichuan and the Xi'an factory in Shaanxi have been put into production, and are now actively preparing for the construction of the Hefei plant in Anhui Province.CambodiaseagamesOverseas, the Mexican plant in North America, the new plant in Poland in Europe, and the Morton reprocessing plant in the United States have all achieved batch delivery. Among them, the first phase of the Mexican plant turned from loss to profit in the fourth quarter of 2023. At present, the second phase of the plant in Mexico is under construction and production line layout. With the continuous production of factories at home and abroad, the global layout of the company has been further improved, opening up a new pattern of development. Maintain the "highly recommended" investment rating. With the adjustment of macroeconomic policies and the sustained recovery of the economy, the new energy vehicle industry is growing rapidly, domestic commercial vehicle demand is recovering, overseas commercial vehicle off-road customer orders continue to increase, industrial and civil business expansion is smooth, and business income has increased significantly compared with the same period last year. It is estimated that the net profit of return to the mother in 24-26 years will be 8.5xxxxxxxxxxxxxxxxxxxxxx respectively, maintaining the "highly recommended" investment rating. Risk tips: automotive industry development is not as expected risk; raw material price fluctuation risk; project promotion is not as expected risk. [disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
[disclaimer] this article only represents the views of a third party and does not represent the position of Hexun. Investors operate accordingly, at their own risk.
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