Ge Long Hui·2025-12-02 07:40Core Viewpoint - The report from Zheshang Securities highlights Yinlun's leadership in automotive thermal management and its expansion into new growth areas such as data centers and robotics [1] Business Structure - The company's passenger vehicle segment is performing strongly, leading the market [1] - The digital energy business is experiencing rapid growth, while the commercial vehicle and non-road segments maintain stable contributions [1] - The robotics business is positioned for future benefits due to anticipated market expansion [1] Industry Position - As a veteran in domestic thermal management, the company is expected to benefit from the increasing penetration of new energy vehicles in the passenger car sector [1] - The commercial vehicle and non-road segments are likely to see industry recovery and breakthroughs with overseas clients [1] Future Growth Potential - The company is leveraging its extensive experience and technological reserves in its core business to expand into emerging fields such as AI liquid cooling and embodied intelligent robotics [1] - This strategic expansion is aimed at ensuring sustainable development in the future [1] Investment Rating - The company has been given a "Buy" rating based on its strong market position and growth prospects [1]