Investment Rating - The investment rating for the company is "Buy" (maintained) [2][8] Core Insights - The company is experiencing growth driven by emerging businesses and globalization, with overseas revenue contributing significantly to overall performance [4][6] - Continuous investment in R&D is enhancing the company's technological barriers and product iterations, positioning it as a leader in the electric heating components sector [5] - The company has established strong customer relationships and a solid supply chain, which enhances its resilience against market risks [6] Summary by Relevant Sections Financial Performance - The company forecasts revenues of 20.98 billion, 23.13 billion, and 25.26 billion yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.81, 0.93, and 1.04 yuan [7][10] - The projected growth rates for revenue are 9.0% in 2025, 10.3% in 2026, and 9.2% in 2027 [10] Market Position - The company has a strong presence in overseas markets, with over 50% of its revenue coming from international operations, particularly in Europe, the Americas, and Asia [4] - The company is focusing on high-growth markets in Latin America and Southeast Asia, with significant increases in exports of heat pumps and electric heating components for electric vehicles [4] R&D and Innovation - R&D expenses for the first half of 2025 were 53.98 million yuan, reflecting a year-on-year increase of 13.20%, indicating a commitment to technological innovation [5] - The company has successfully expanded the application of its thick-film electric heating components into the electric vehicle thermal management systems, showcasing its adaptability to market trends [5]
热威股份（603075）：新兴业务引领增长，全球化驱动长期价值