Core Viewpoint - The company, Tongfei Co., Ltd. (300990.SZ), expects a significant increase in net profit for 2025, driven by the rapid growth of power electronic temperature control products [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is between 24 million and 26.8 million, representing a year-on-year growth of 56.43% to 74.68% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 23.5 million and 26.3 million, indicating a growth of 61.27% to 80.48% compared to the previous year [1] Business Strategy - The company is focused on providing systematic solutions in the industrial temperature control sector, aligning closely with its development strategy and operational goals [1] - Efforts to reduce costs and increase efficiency, strengthen accounts receivable management, and enhance market services are being prioritized [1] - Increased investment in research and development is aimed at improving comprehensive competitiveness and market share, particularly in the rapidly growing energy storage temperature control business [1]

Core Viewpoint - The company, Tongfei Co., Ltd., anticipates a significant increase in net profit for the year 2025, driven by the rapid growth of its temperature control products in the power electronics sector [1] Financial Performance - The projected net profit attributable to shareholders for 2025 is estimated to be between 24 million and 26.8 million, representing a year-on-year increase of 56.43% to 74.68% [1] - The expected net profit after deducting non-recurring gains and losses is forecasted to be between 23.5 million and 26.3 million, indicating a year-on-year growth of 61.27% to 80.48% [1] Business Strategy - The company is focused on its established development strategy and operational goals, aiming to provide comprehensive solutions in the industrial temperature control sector [1] - Efforts to reduce costs and enhance efficiency are being actively pursued, alongside strengthened management of accounts receivable [1] - The company is increasing its investment in research and development while improving market services to capitalize on domestic and international market opportunities [1] Market Position - The significant growth in the energy storage temperature control business is a key factor contributing to the rapid increase in net profit [1] - The company aims to enhance its overall competitiveness and market share through these strategic initiatives [1]

Core Viewpoint - Tongfei Co., Ltd. (300990.SZ) announced a profit forecast for 2025, expecting a net profit attributable to shareholders of 240 million to 268 million yuan, representing a year-on-year growth of 56.43% to 74.68% [1] Group 1: Financial Performance - The projected net profit for 2025 is between 240 million and 268 million yuan [1] - This represents a significant increase of 56.43% to 74.68% compared to the same period last year [1] Group 2: Business Growth Drivers - Rapid growth in power electronic device temperature control products [1] - Significant increase in energy storage temperature control business [1] - Continuous cost reduction and efficiency improvement measures [1] Group 3: Strategic Initiatives - Strengthening accounts receivable management [1] - Increasing investment in research and development [1] - Enhancing market share to drive profit growth [1]

Core Viewpoint - The company expects a net profit of 240 million to 268 million yuan for the year 2025, representing a year-on-year growth of 56.43% to 74.68% [1] Group 1: Financial Performance - The projected net profit for 2025 is significantly higher compared to the previous year, driven by rapid growth in power electronic temperature control products [1] - The anticipated increase in operating performance is attributed to the company's strategic focus on cost reduction and efficiency improvement [1] Group 2: Strategic Initiatives - The company is committed to providing comprehensive solutions in the industrial temperature control sector, aligning with its established development strategy and operational goals [1] - There is an emphasis on strengthening accounts receivable management and increasing research and development investment [1] - The company aims to enhance market services and capitalize on domestic and international market opportunities to improve overall competitiveness and market share, particularly in the energy storage temperature control business [1]

证券代码：300990 证券简称：同飞股份 公告编号：2026-006 三河同飞制冷股份有限公司 2025 年度业绩预告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或者重大遗漏。 一、本期业绩预计情况 1、业绩预告期间：2025 年 1 月 1 日至 2025 年 12 月 31 日。 2、业绩预告情况：预计净利润为正值且属于同向上升 50%以上情形 二、与会计师事务所沟通情况 本次业绩预告相关数据是公司财务部门初步测算的结果，未经会计师事务所 审计。公司已就本次业绩预告情况与会计师事务所进行预沟通，公司与会计师事 务所在业绩预告方面不存在分歧情况。 三、业绩变动原因说明 2025 年度经营业绩预计较去年同期上升，主要受电力电子装置温控产品快 1 速增长影响。报告期内，公司紧密围绕既定发展战略和经营目标，始终致力于在 工业温控领域为客户提供系统解决方案，积极主动展开降本增效，强化应收账款 管理，持续加大研发投入，深化和完善市场服务，把握境内外市场机遇，进一步 提升公司的综合竞争力与产品市场占有率，特别是储能温控业务的大幅增长，使 得公司净利润实现快速增长。 四、其他相 ...

Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Insights - The company, Tongfei Co., Ltd., specializes in industrial temperature control and is expanding into energy storage and data center liquid cooling sectors, positioning itself to benefit from these growing markets [2][3][4]. - The company has established a strong market presence with notable clients in the energy storage sector, projecting a revenue of approximately 1.18 billion yuan in 2024, reflecting a year-on-year growth of about 30% from 2022 [3]. - The company is actively investing in new facilities to support its growth, with plans to establish projects in Hebei and Suzhou, totaling an investment of approximately 900 million yuan [4]. Summary by Sections 1. Industrial Temperature Control and Product Expansion - Tongfei Co., Ltd. has been deeply engaged in the industrial temperature control sector since its establishment in 2001, focusing on technological innovation and specialized development [19]. - The company has diversified its product lines to include solutions for energy storage and data centers, with a growing international footprint in regions such as Europe, the USA, Singapore, and Thailand [2][19]. 2. Market Potential in Energy Storage and Data Centers - The energy storage industry is experiencing high demand, and the company is well-positioned to benefit from its leading market position, offering reliable temperature control products that perform well in extreme environments [3][4]. - The data center market is also expanding, with the company introducing a full suite of liquid cooling solutions, which are expected to drive new growth opportunities [4]. 3. Financial Performance and Growth Projections - The company has shown significant revenue growth, with projections indicating revenues of 2.88 billion yuan in 2025, 3.89 billion yuan in 2026, and 5.01 billion yuan in 2027, alongside net profits of 2.8 billion yuan, 4.3 billion yuan, and 5.9 billion yuan respectively [5][6]. - The revenue from liquid temperature control equipment is expected to continue to grow, driven by the rapid expansion of the energy storage market [29]. 4. Operational Efficiency and Management - The company has maintained a stable shareholding structure, which supports governance efficiency and strategic planning [45]. - The management team has extensive experience, with many executives having served for nearly a decade, contributing to the company's operational stability [51]. 5. Investment in Future Capabilities - The company is investing in new production bases to enhance its capacity, with plans to start construction on approximately 60 acres of industrial land in 2026 [4]. - The establishment of a robust service network both domestically and internationally is aimed at improving customer support and enhancing market penetration [50].

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Market Overview - The general equipment sector experienced a decline of 0.47% on January 15, with Daye Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Top Gainers in General Equipment Sector - Jingce Electronics (300567) saw a closing price of 119.00, with an increase of 8.10% and a trading volume of 185,800 shares [1] - Xinlei Co., Ltd. (301317) closed at 37.25, up 7.60%, with a trading volume of 91,100 shares [1] - Yingliu Co., Ltd. (603308) closed at 48.44, increasing by 5.83% with a trading volume of 266,700 shares [1] - Other notable gainers include Youlide (688628) at 36.92 (+5.79%), Tongfei Co., Ltd. (300990) at 91.37 (+5.34%), and Baonanchangke (688433) at 80.68 (+5.05%) [1] Top Losers in General Equipment Sector - Daye Co., Ltd. (603278) reported a significant drop of 10.03%, closing at 12.92 with a trading volume of 437,400 shares [2] - Aerospace Power (600343) also fell by 10.00%, closing at 44.09 with a trading volume of 905,600 shares [2] - Other major decliners include Luxin Investment (600783) at 31.95 (-10.00%), JuLi Sockets (002342) at 12.60 (-10.00%), and Snowman Group (002639) at 24.23 (-9.99%) [2] Capital Flow Analysis - The general equipment sector saw a net outflow of 4.127 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.994 billion yuan [2] - The sector experienced a net inflow of 134 million yuan from speculative funds [2] Individual Stock Capital Flow - Jingce Electronics (300567) had a net inflow of 244 million yuan from institutional investors, accounting for 11.41% of its trading volume [3] - New Lai Materials (300260) reported a net inflow of 162 million yuan, with a net outflow of 52.41 million yuan from speculative funds [3] - Other stocks with notable capital flows include Zongshen Power (001696) with a net inflow of 96.49 million yuan and a net outflow of 99.06 million yuan from retail investors [3]

Group 1 - The company, Tongfei Co., emphasizes its commitment to comply with relevant laws, regulations, and disclosure requirements for listed companies [2] - The company encourages investors to follow its business progress and performance through regular reports and announcements in designated media [2] - Tongfei Co. values investor relations management and maintains regular communication with investors through various channels, including performance briefings and interactive platforms [2]

Group 1 - The core viewpoint of the article highlights the advantages of liquid cooling technology, which includes efficient heat dissipation and energy saving, leading to long-term environmental and economic benefits [2]