Financial Performance - In 2024, the company achieved total revenue of CNY 1.297 billion, a year-on-year decrease of 16.02% [1] - Revenue from the HVAC/R sector was CNY 816.62 million, down 31.78% year-on-year [1] - Revenue from the new energy vehicle thermal management sector reached CNY 453.21 million, an increase of 47.23% year-on-year [1] - The net profit attributable to ordinary shareholders was CNY 168.26 million, a decline of 22.24% year-on-year [1] - R&D expenses amounted to CNY 128.34 million, an increase of 29.61% year-on-year [2] Market Trends and Strategic Outlook - The HVAC/R heat pump market is experiencing a downturn due to high inventory levels, but recovery is expected as European demand stabilizes [3] - The company anticipates growth in the heat pump sector as European markets recover and new applications in commercial sectors expand [3] - The new energy vehicle sector is in a rapid growth phase, with an expanding product line and increasing customer base [5] Product Development and Innovation - The company is focusing on enhancing its product line in the commercial air conditioning sector, leveraging core technologies like power electronics and variable frequency drive [4] - In the new energy vehicle sector, the company is expanding its thermal management and intelligent control product offerings, aiming for a comprehensive product matrix [5] - The automation segment is expected to see growth as products move from testing to market readiness, particularly in variable frequency drives and servo products [6] Investment and Expansion Plans - As of the end of 2024, the investment progress for the new energy vehicle electronics and smart manufacturing base was 67.10%, while the R&D testing center was at 34.26% [7] - The company is actively developing a production base in Thailand to enhance local delivery capabilities and support global market expansion [7] - The company plans to distribute a cash dividend of CNY 3.5 per 10 shares, totaling CNY 33.01 million, while also considering reinvestment in core business areas [8]

国泰海通证券股份有限公司 关于上海儒竞科技股份有限公司 | 保荐人名称：国泰海通证券股份有限公司 被保荐公司简称：儒竞科技 | | --- | | （以下简称"国泰海通"或"保荐人"） | | 保荐代表人姓名：宋轩宇 联系电话：021-23185919 | | 保荐代表人姓名：祁亮 联系电话：021-23185920 | | 现场检查人员姓名：宋轩宇、马意华、柯雨旸 | | 现场检查对应期间：2024 年度 | | 现场检查时间：2025 年 4 月 18 日、2025 年 4 月 21 日-2025 年 4 月 23 日 | | 一、现场检查事项 现场检查意见 | | （一）公司治理 是 否 不适用 | | 现场检查手段：查阅了上市公司最新章程、三会议事规则及会议材料，取得上市公司董 | | 事、监事、高级管理人员名单及其变化情况，取得上市公司关联方清单，查阅关于公司 | | 控股股东、实际控制人、董事、监事、高级管理人员的信息披露文件及相关变更决策文 | | 件，查看上市公司生产经营场所，对上市公司高级管理人员进行访谈。 | | 1.公司章程和公司治理制度是否完备、合规  | | 2.公司章程和股东大会 ...

国泰海通证券股份有限公司 关于上海儒竞科技股份有限公司 2024 年度持续督导跟踪报告 | 保荐人名称：国泰海通证券股份有限公司 | 被保荐公司简称：儒竞科技 | | --- | --- | | 保荐代表人姓名：宋轩宇 | 联系电话：021-23185919 | | 保荐代表人姓名：祁亮 | 联系电话：021-23185920 | 一、保荐工作概述 | 项目 | 工作内容 | | --- | --- | | 1.公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 无 | | 2.督导公司建立健全并有效执行规章制度的情况 | | | （1）是否督导公司建立健全规章制度（包括但不限于防止关 | | | 联方占用公司资源的制度、募集资金管理制度、内控制度、内 | 是 | | 部审计制度、关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3.募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 每月一次 | | （2）公司募集资金项目进展是否与信息披露文件一致 | 是 | | 4.公司治理督导情况 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Business Segments Summary 1. **HVAC/R Sector** - Revenue in 2024 was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points [5] - The decline was attributed to the inventory destocking cycle in the European heat pump industry, but the long-term development logic remains unchanged [5] - New growth points include precision air conditioning, medical cold chain, and logistics cold chain applications [5] 2. **New Energy Vehicle Thermal Management** - Revenue in 2024 was 453 million yuan, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [5] - The company is expanding from cabin and battery thermal management to intelligent control of electric motors, enhancing its product line [5] 3. **Servo Drive and Control Systems** - Revenue in 2024 was 27 million yuan, down 31.77% year-on-year [5] - The company continues to invest in technology development and brand building in niche application industries and robotics [5] Financial Summary and Valuation Metrics - The company expects net profits attributable to shareholders for 2025 and 2026 to be 270 million yuan and 389 million yuan, respectively, with an additional forecast for 2027 at 545 million yuan [4][7] - Earnings per share (EPS) are projected to be 2.86 yuan, 4.12 yuan, and 5.78 yuan for 2025, 2026, and 2027, respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 26.7, 18.5, and 13.2 for the years 2025, 2026, and 2027, respectively [4][7]

Core Viewpoint - The report highlights that Rujing Technology (儒竞科技) is expected to face challenges in 2024 due to a downturn in the heat pump market, but it maintains a "buy" rating as new growth opportunities arise in automotive thermal management and other sectors [2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.297 billion yuan, a decrease of 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year [2]. - The first quarter of 2025 showed a revenue of 351 million yuan, an increase of 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year [2]. - Revised profit forecasts for 2025 and 2026 are 270 million yuan and 389 million yuan respectively, with an additional forecast of 545 million yuan for 2027 [2]. Business Segments - In the HVAC/R sector, 2024 revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, a decrease of 3.19 percentage points [3]. - The automotive thermal management segment saw a revenue of 453 million yuan in 2024, an increase of 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [3]. - The servo drive and control systems segment reported a revenue of 27 million yuan in 2024, down 31.77% year-on-year [3]. Growth Opportunities - The company is expanding its product line in the automotive sector, moving from cabin and battery thermal management to intelligent control of electric motors [3]. - Emerging applications in precision air conditioning, medical cold chain, and logistics cold chain are expected to provide new growth points [3]. - Established partnerships with well-known manufacturers like Copeland, McQuay, Ariston, and Haier are anticipated to benefit the company as the industry develops [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Summary by Sections Business Segments - **HVAC/R Segment**: In 2024, revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points. The decline was attributed to the heat pump industry's destocking cycle, but the long-term growth logic remains unchanged [5] - **New Energy Vehicle Thermal Management**: Revenue reached 453 million yuan in 2024, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points. The company is expanding from cabin and battery thermal management to intelligent control of electric motors [5] - **Servo Drive and Control Systems**: Revenue was 27 million yuan in 2024, down 31.77%. The company continues to invest in technology development and brand building in niche applications and robotics markets [5] Financial Summary and Valuation Metrics - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 2.15 billion yuan, 2.98 billion yuan, and 3.87 billion yuan, respectively, with year-on-year growth rates of 65.7%, 38.6%, and 29.8% [7] - **Net Profit Forecast**: Projected net profits for 2025, 2026, and 2027 are 270 million yuan, 389 million yuan, and 545 million yuan, respectively, with year-on-year growth rates of 60.4%, 44.0%, and 40.2% [7] - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 2.86 yuan, 4.12 yuan, and 5.78 yuan, respectively [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to see a recovery in its heat pump business, with a focus on automation and new growth areas in the electric vehicle thermal management and robotics sectors [4] - The company reported a revenue of 1.297 billion in 2024, a decrease of 16% year-on-year, but showed a positive trend in Q1 2025 with a revenue of 0.351 billion, an increase of 19% year-on-year [1][4] - The forecast for net profit for 2025-2027 is 2.6 billion, 3.5 billion, and 4.1 billion respectively, indicating growth rates of 55%, 35%, and 17% [4] Financial Summary - The total revenue for 2023 was 1.545 billion, with a year-on-year decrease of 4.3%, while the projected revenue for 2025 is 1.737 billion, reflecting a growth of 33.9% [3] - The net profit attributable to the parent company for 2024 was 168 million, down 22.2% year-on-year, but is expected to rise to 260 million in 2025, a growth of 54.6% [3] - The gross margin is projected to stabilize around 25% for the coming years, with a slight increase to 25.5% in 2026 and 2027 [3] - The company's P/E ratio is expected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a decline in revenue and net profit for 2024, with total revenue of 1.297 billion yuan, down 16% year-on-year, and a net profit of 168 million yuan, down 22% year-on-year. However, the first quarter of 2025 shows signs of recovery with a revenue increase of 19% year-on-year to 351 million yuan and a net profit increase of 23% year-on-year to 50 million yuan [1][4] - The company is focusing on the automation sector and expects its heat pump business to recover. The revenue from the new energy vehicle thermal management business grew significantly by 47.23% year-on-year [4] - The company is investing in robotics and industrial automation, aiming for technological innovation and market expansion, which may create new growth points [4] - There are signs of recovery in the European heat pump export market, which is expected to positively impact the company's business and profits [4] Financial Summary - The company’s total revenue is projected to increase from 1.297 billion yuan in 2024 to 1.737 billion yuan in 2025, representing a growth of 33.9% [3] - The net profit attributable to the parent company is expected to rise from 168 million yuan in 2024 to 260 million yuan in 2025, reflecting a growth of 54.6% [3] - The gross margin is expected to stabilize around 25% for the coming years [3] - The company’s P/E ratio is projected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3] - The estimated net profits for 2025, 2026, and 2027 are 260 million yuan, 350 million yuan, and 409 million yuan respectively, with year-on-year growth rates of 54%, 34.8%, and 16.8% [4]

Core Viewpoint - Rujing Technology (301525) reported strong financial performance for Q1 2025, with significant year-on-year increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for Q1 2025 reached 351 million yuan, a year-on-year increase of 19.42% compared to 294 million yuan in Q1 2024 [1] - Net profit attributable to shareholders was 52.86 million yuan, up 22.53% from 43.14 million yuan in the same period last year [1] - Gross margin improved to 25.79%, reflecting a 10.02% increase year-on-year, while net margin rose to 15.06%, up 2.6% [1] - Operating expenses totaled 11.23 million yuan, accounting for 3.2% of revenue, which is a significant increase of 126.4% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.56 yuan, a rise of 21.74% from 0.46 yuan [1] - The company's return on invested capital (ROIC) was reported at 4.8%, indicating a relatively low capital return rate [3] - The net profit margin for the previous year was 12.97%, suggesting high added value in products or services [3] Asset and Liability Management - Cash and cash equivalents decreased to 22.39 billion yuan, down 9.90% from the previous year [1] - Accounts receivable increased to 423 million yuan, a rise of 27.96% year-on-year [1] - Interest-bearing liabilities decreased significantly to 8.40 million yuan, down 34.62% [1] Market Position and Investor Sentiment - Rujing Technology has attracted significant interest from various funds, with notable new positions taken by several funds in Q1 2025 [4] - The largest holding fund, Guotai Intelligent Equipment Stock A, has a scale of 894 million yuan and has shown a year-on-year increase of 8.69% [4]

关于上海儒竞科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 目 录 | | 页 次 | | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 审核说明 | 1-2 | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | 3 | 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-8887 ...