Zhongtai Cryogenic(SZ:300435) Shenwan Hongyuan Securities·2026-01-09 10:40Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong expectation of outperforming the market by over 20% in the next six months [7]. Core Insights - The company is expected to achieve a net profit of between 420 million to 480 million yuan for the year 2025, representing a year-on-year increase of 638.74% to 715.70%, primarily driven by the overseas orders for deep cooling equipment entering the delivery phase [4][7]. - The company is actively expanding into the electronic gas industry, providing core equipment for global multinational corporations, including major players in the semiconductor sector such as Intel, Samsung, Micron, and TSMC [7]. - The company has successfully applied helium refrigerants in multiple helium liquefaction plants, which are relevant for advanced fields like controlled nuclear fusion and superconducting materials [7]. - The company has established a strong presence in the overseas market, exporting its products to 54 countries and regions, and has received multiple international certifications, ensuring compliance with global quality standards [7]. Financial Data and Profit Forecast - The total revenue for 2025 is projected to be 3.657 billion yuan, with a year-on-year growth rate of 34.6% [6]. - The net profit for 2025 is forecasted at 441 million yuan, with a significant recovery from a loss of 78 million yuan in 2024 [6][8]. - The earnings per share (EPS) for 2025 is estimated to be 1.14 yuan, with a projected increase to 2.13 yuan by 2027 [6]. - The company’s return on equity (ROE) is expected to improve from -2.6% in 2024 to 17.6% by 2027, indicating a strong recovery and profitability trajectory [6].