Investment Rating - The investment rating for the company is "Outperform" (maintained) [3] Core Views - The company has sufficient orders in the marine and nuclear power sectors, with a total order backlog of 5.07 billion yuan as of December 31, 2024 [4] - The company has launched mass production of its battery thermal protection system and has increased R&D investment, with R&D expenses reaching 26.91 million yuan in 2024, a year-on-year increase of 34.21% [5] - The company is expected to benefit from the release of production capacity from future fundraising projects, maintaining a positive outlook despite recent adjustments to profit forecasts [3][4] Financial Performance Summary - In Q1 2025, the company achieved revenue of 125 million yuan, a year-on-year increase of 7.11%, while net profit attributable to the parent company was 11.07 million yuan, down 14.84% year-on-year [3] - For the full year 2024, the company reported revenue of 529 million yuan, a growth of 4.06% year-on-year, and a net profit of 54.66 million yuan, a decline of 9.76% year-on-year [3] - The company forecasts net profits of 58 million yuan, 74 million yuan, and 87 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.79, 1.01, and 1.19 yuan per share [3][6] Order and Market Outlook - The company has a strong order pipeline, particularly in the nuclear power sector with 141 million yuan in orders, and marine projects scheduled for production as far out as 2027 [4] - The cooling system segment generated revenue of 109 million yuan in 2024, up 5.54% year-on-year, while the ventilation fan segment achieved revenue of 409 million yuan, up 3.59% year-on-year [4] R&D and Innovation - The company holds 136 patents, including 22 invention patents, and has developed key products such as the EC centrifugal fan without a volute, which is used in efficient and reliable applications [5] - The mass production of the battery thermal protection system is aimed at vehicles powered by hydrogen fuel cells and power batteries, indicating a strategic focus on innovative solutions [5]
克莱特（831689）：北交所信息更新：电池热保障系统量产，船用与核电领域产品订单充足