According to the research report issued by Pacific Securities, Yinlun Co., Ltd. reported a revenue of 9 billion yuan for the first half of the year, reflecting a substantial year-on-year increase of 26%. Meanwhile, its net profit attributable to shareholders climbed to 450 million yuan, marking a 3% rise from the previous year. Propelled by the burgeoning demand for AI computing infrastructure in North America, Yinlun's power and energy business witnessed remarkable growth. The company has forged strategic partnerships with Caterpillar in the AI power sector and with Modine in liquid cooling solutions, leveraging its core vehicle-grade brazed heat exchange technology to make inroads into the data center liquid cooling market. Notably, it has successfully developed core CDU components across a wide spectrum of power capacities.

In the realm of humanoid robotics, Yinlun has devised a '1+4+N' strategy, centering on the research and development of pivotal components. Projections indicate that from 2026 to 2028, the company's revenue is expected to soar to 18.78 billion yuan, 21.45 billion yuan, and 25.74 billion yuan, respectively. Correspondingly, net profits attributable to shareholders are anticipated to reach 1.11 billion yuan, 1.57 billion yuan, and 1.91 billion yuan, translating to PE ratios of 32x, 23x, and 19x, respectively. Given these promising prospects, Pacific Securities maintains its 'Buy' rating for Yinlun Co., Ltd.