中泰股份(300435)：业绩超预期 设备出海价值凸显

Core Viewpoint - The company reported strong financial performance for Q3 2025, driven by increased exports of deep cooling equipment, exceeding market expectations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.115 billion yuan, a year-on-year increase of 5.13%, and a net profit attributable to shareholders of 336 million yuan, up 77.07% year-on-year [1][2]. - In Q3 2025 alone, the company recorded revenue of 813 million yuan and a net profit of 201 million yuan, representing year-on-year growth of 26.20% and 203.79%, respectively [1][2]. Business Development - The company is actively expanding into the electronic gas industry, providing core equipment for multinational corporations, including those in the controlled nuclear fusion sector [2]. - It supplies high-density plate-fin heat exchangers for major electronic gas projects for clients such as Intel, Samsung, Micron, and TSMC [2]. - The company has successfully applied helium refrigerants in multiple helium liquefaction plants, targeting high-tech fields like controlled nuclear fusion and superconducting materials [2]. Technological Capability - The company has established itself as a leader in the design and manufacturing of plate-fin heat exchangers, exporting to 54 countries and regions, and has received multiple international certifications such as ASME, CE, and KGSC [3]. - It has developed the capability to produce rare gases like krypton, neon, xenon, and helium, becoming one of the few companies in China with such capabilities [2][3]. Market Position - The company maintains strong relationships with industry leaders such as PetroChina, CNOOC, Air Liquide, and Air Products, enhancing its brand reputation and industry barriers [3]. - The deep cooling equipment business is stable and contributes consistent profits and cash flow, while the electronic specialty gas business provides dual growth drivers [3]. Profit Forecast and Investment Rating - The company’s profit forecasts for 2025-2027 are 403 million yuan, 556 million yuan, and 820 million yuan, respectively, with current stock prices reflecting a PE ratio of 21, 15, and 10 times for the respective years [3]. - The investment rating is maintained at "Buy" [3].