Hanbell(SZ:002158) Xin Lang Cai Jing·2025-10-21 12:36Core Insights - The company's main revenue source is compressor products, while vacuum products are experiencing short-term revenue decline due to the photovoltaic industry's oversupply [1] - The company focuses on two core segments: compressors and vacuum pumps, with compressors further divided into refrigeration and air compression series [1] - The refrigeration product matrix is extensive, and data center construction is expected to drive refrigeration demand [1] - The company has established a partnership with important clients like Dongyuan Electric, which is expanding into the AI business, potentially benefiting the company as a major supplier of compressors [2] - The air compression products are essential for various industries, with a strategic focus on oil-free compressors for high-purity applications [2] - The vacuum products are primarily used in the photovoltaic and semiconductor industries, with potential growth in other sectors like lithium batteries and pharmaceuticals [3] - The company anticipates a significant increase in net profit from 7.14 billion to 9.34 billion from 2025 to 2027, with a "recommended" rating [4] Segment Summaries Compressor Products - Compressor products generated revenue of 1.077 billion with a growth of 12.21% in the first half of 2025 [1] - The refrigeration segment includes commercial central air conditioning compressors, frozen and refrigerated compressors, and heat pump compressors [1] - The company’s compressors are increasingly used in data centers, with growth in screw and magnetic levitation centrifugal compressors expected in 2025 [1] Vacuum Products - Vacuum product revenue was 276 million, showing a decline of 60.12% due to the oversupply in the photovoltaic sector [1] - The company is expanding its vacuum product applications into semiconductors and other industries, with initial supply agreements with domestic chip manufacturers [3] - The semiconductor industry’s growth is expected to drive future demand for vacuum products [3] Air Compression Products - Air compression products are critical for various sectors, including pharmaceuticals and electronics, with a focus on expanding oil-free compressor applications [2] - The company is actively developing oil-free compressors, which are essential for industries requiring high air quality [2]