FLAC(SZ:002536) Soochow Securities·2025-10-26 14:23Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Insights - The company's revenue for Q1-Q3 2025 reached 3.237 billion yuan, a year-on-year decrease of 7.38%, while the net profit attributable to shareholders was 287 million yuan, an increase of 7.54% year-on-year. The net profit after deducting non-recurring gains and losses was 304 million yuan, up 16.66% year-on-year [7] - The establishment of a wholly-owned subsidiary, Hangyi Technology, marks further progress in the IDC liquid cooling sector, focusing on non-automotive liquid cooling pump R&D, production, and sales [7] - The company has received a project designation for a thermal management integrated module from SAIC Motor, with expected sales revenue exceeding 400 million yuan over the project lifecycle [7] - The company is increasing its investment in its Thailand factory, which began production in June 2025, aiming to expand its global business scale [7] Financial Summary - Revenue forecast for 2023A is 4.095 billion yuan, with a year-on-year growth of 25.69%. The forecast for 2024A is 4.723 billion yuan, with a growth of 15.34%, and for 2025E is 5.025 billion yuan, with a growth of 6.39% [1] - The net profit attributable to shareholders is forecasted to be 261.77 million yuan for 2023A, with a significant year-on-year increase of 211.14%. The forecast for 2024A is 329.62 million yuan, with a growth of 25.92%, and for 2025E is 430.42 million yuan, with a growth of 30.58% [1] - The latest diluted EPS is projected to be 0.46 yuan for 2023A, increasing to 0.57 yuan for 2024A and 0.75 yuan for 2025E [1] - The company's P/E ratios for 2025-2027 are projected to be 30, 21, and 17 respectively, reflecting a favorable valuation outlook [7]