再升科技（603601）：无尘空调增长动力强劲，公司账面资金充裕

Investment Rating - The report maintains a "Buy" rating for the company [6] Core Views - The company reported a revenue of 658 million yuan for H1 2025, a year-on-year decline of 12.29%, with a net profit attributable to shareholders of 60.29 million yuan, down 20.84% year-on-year [1] - The company's cash flow situation is strong, with a net operating cash flow of 149 million yuan, an increase of 92.55% year-on-year, and cash and cash equivalents amounting to 730 million yuan, a significant increase of 125.89% year-on-year [4] - The company is focusing on the dust-free air conditioning segment, which has shown strong growth, with revenue from this segment increasing by 42.59% year-on-year, particularly driven by a 52.07% increase in the "Comfort Dust-Free Air Conditioning" product line [2] Financial Performance Summary - The company's comprehensive gross margin for H1 2025 was 23.51%, an increase of 0.61 percentage points year-on-year, with a net profit margin of 9.57%, down 1.54 percentage points year-on-year [3] - The company expects net profits attributable to shareholders to be 90 million yuan, 140 million yuan, and 170 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding P/E ratios of 70X, 46X, and 39X [4][5]