300435，净利润预增！

Core Viewpoint - Zhongtai Co., Ltd. expects a significant increase in net profit for the third quarter and the first three quarters of 2025, driven by increased domestic and overseas orders and a rise in overseas revenue [2][3]. Financial Performance - The company forecasts a net profit attributable to shareholders of 325 million to 355 million yuan for the first three quarters, representing a year-on-year growth of 71.36% to 87.19% [2][3]. - For the third quarter, the expected net profit is between 190 million to 220 million yuan, showing a year-on-year increase of 187.60% to 233.01% [2][3]. - The impact of non-recurring gains and losses on net profit is estimated to be around 10 million yuan [3]. Business Segments - Zhongtai Co., Ltd. operates in two main segments: deep-cooling equipment manufacturing and gas operation [6]. - The deep-cooling equipment manufacturing segment focuses on chemical energy deep-cooling technology devices, with core products like cold boxes and aluminum plate-fin heat exchangers achieving world-class standards [6]. - The gas operation segment began in 2019 with the acquisition of Shandong Zhongyi Gas and has expanded into large-scale gas operations and rare gas operations [6]. Revenue Breakdown - In the first half of 2025, the company reported total revenue of 1.302 billion yuan, with the equipment sales segment contributing 583 million yuan, a year-on-year increase of 12.83% [7][8]. - The gross margin for the equipment sales segment was 42.28%, reflecting a 12.83% increase compared to the previous year [7][8]. - The gas operation segment generated 644 million yuan in revenue, a decline of 18.64% year-on-year, with a gross margin of 5.06% [8]. Order Backlog - As of June 30, 2025, Zhongtai Co., Ltd. had an order backlog of 2.442 billion yuan in equipment sales, with nearly 40% of these orders coming from overseas [9].