Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [5]. Core Views - The company is recognized as a national-level "little giant" in heat exchangers, diversifying into the new energy sector, with production lines expected to enhance capacity in 2025 [5][9]. - The company is focusing on accelerating R&D in diversified fields, particularly in cooling systems, which are crucial for achieving national "dual carbon" goals [6][7]. - The company has established partnerships with several universities to drive innovation and maintain a competitive edge in the market [7]. Summary by Relevant Sections Market Performance - As of June 27, 2025, the closing price is 25.48 yuan, with a total market capitalization of 2,230.77 million yuan and a circulating market value of 626.32 million yuan [3]. Financial Performance - In 2024, the company achieved revenue of 347 million yuan, a year-on-year increase of 1.10%, with a net profit of 29.81 million yuan [8]. - The forecast for 2025 estimates revenue to reach 435 million yuan, reflecting a growth rate of 25.28% [8]. R&D and Product Development - The company invested 15.26 million yuan in R&D in 2024, a 9.08% increase from 2023, and holds 105 patents, including 19 invention patents [6]. - The focus areas for R&D include integrated thermal management products and new cooling systems for various applications [6][9]. Growth Drivers - The company anticipates recovery in orders from the wind power and waste heat recovery sectors, with new growth expected from energy storage, hydrogen energy, and data centers [7][9]. - The introduction of new products and partnerships with well-known clients in the energy sector is expected to drive future growth [9]. Profitability Forecast - The projected net profits for 2025-2027 are 48 million yuan, 61 million yuan, and 74 million yuan respectively, with corresponding EPS of 0.55 yuan, 0.69 yuan, and 0.85 yuan [8][9].
方盛股份（832662）：换热器国家级“小巨人”多元化布局新能源赛道，2025年募投产线投产强化产能