Ge Long Hui A P P·2025-10-30 07:01Core Viewpoint - The report from Guoyuan Securities indicates that Yinlun Co., Ltd. achieved a net profit attributable to shareholders of 230 million yuan in Q3 2025, representing a year-on-year increase of 14.48% and a quarter-on-quarter increase of 0.68% [1] - For the first nine months of 2025, the company reported a net profit of 672 million yuan, reflecting a year-on-year growth of 11.18% [1] Business Performance - The thermal management business has expanded its boundaries, demonstrating effective multi-business collaboration [1] - In the data center sector, the company has developed a comprehensive liquid cooling product matrix covering both inside and outside server cabinets, including megawatt-level immersion cooling equipment and precision air conditioning combined with cooling towers, with some products gradually ramping up production while others are in the validation stage [1] - The customer layout has achieved a breakthrough with a "3+3+N" strategy, and project cooperation is progressing positively [1] Technological Advancements - The company has successfully passed the "ASPICE Level 2 Certification," which signifies a standardized and efficient automotive electronic software development process, highlighting improvements in both technology and management capabilities [1] - This certification is expected to inject strong momentum into the long-term development of the automotive business [1] Investment Rating - Due to the recent significant increase in stock price and a reduction in short-term safety margins, the investment rating has been adjusted from "Buy" to "Hold," while the long-term logic and fundamental assessment remain unchanged [1]