Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [6]. Core Views - The company specializes in heat exchangers and heat exchange systems, with a diversified and highly integrated approach driving new growth opportunities [6]. - The company has experienced a short-term revenue and profit decline due to raw material price pressures, but is expected to rebound in 2025 [6]. - The report highlights strong growth potential in various sectors, including wind energy, energy storage, AI-driven data centers, and hydrogen energy [6]. Summary by Sections 1. Deepening in Heat Exchange Equipment and Expanding into Emerging Fields - The company has been focused on the research and development of plate-fin heat exchangers and systems since its establishment in 2007, gradually penetrating emerging fields [6][9]. - The company has a concentrated and stable shareholding structure, with the actual controllers holding 50.79% of the shares [9][10]. - The management team has extensive industry experience, with most members having over ten years of tenure [11]. 2. Multiple Business Areas with Sustained High Demand - The company anticipates significant growth in wind energy installations, with expected domestic land and offshore wind installations reaching 100GW and 13-15GW respectively by 2025 [6][34]. - The global energy storage market is projected to grow substantially, with new installations expected to reach 245GWh and 335GWh in 2025 and 2026 respectively [6][44]. - The demand for data centers is expected to rise, with the traditional IDC market in China projected to exceed 250 billion yuan by 2028, growing at a CAGR of 12.6% from 2024 to 2028 [6][50]. - The hydrogen energy market is also expected to expand, with a projected increase in hydrogen fuel vehicle sales as costs decline [6][52]. - Demand in sectors such as air compressors, engineering machinery, and rail transit is expected to remain stable, with significant growth in the engineering machinery market anticipated [6][55][62]. 3. Expanding the Supply Chain and Diversifying Business - The company is actively diversifying its product offerings and enhancing integration to create new growth points, particularly in renewable energy and data center sectors [6][64]. - The acquisition of Jufeng Aluminum strengthens the company's supply chain advantages and upstream integration [6][64]. - The company maintains a competitive edge with a stable gross margin and is expanding its production capacity to meet market demands [6][64]. 4. Earnings Forecast and Investment Recommendations - The report forecasts the company's net profit for 2024, 2025, and 2026 to be 0.35 billion yuan, 0.50 billion yuan, and 0.70 billion yuan respectively, with a significant rebound expected in 2025 [6][6].
方盛股份：专精换热器及换热系统，多元化+高集成化助力新增长