COTRAN(SZ:300731) China Post Securities·2026-03-18 07:06Investment Rating - The report assigns a "Buy" rating for the company, marking its first coverage [1]. Core Insights - The company is deeply integrated with major domestic manufacturers in traditional polymer materials and is expanding its overseas customer base. In the telecommunications sector, it has strengthened partnerships with leading companies like Huawei and ZTE, achieving a revenue of 64.32 million yuan in the first half of 2025, a year-on-year increase of 14.24% [4]. - In the power sector, the company has developed three product lines and achieved stable revenue of 80.44 million yuan in the first half of 2025. In the automotive sector, it has deepened strategic cooperation with major clients like Chery, generating revenue of 89.25 million yuan, up 9.79% year-on-year [4]. - The home appliance thermal management business remains stable, while the liquid cooling plate business for electric vehicles has seen explosive growth, with revenue from high-frequency welded liquid cooling plates increasing by 303.61% year-on-year in the first half of 2025 [5]. - The establishment of a wholly-owned subsidiary, Chuangyuan Zhihuo, has allowed the company to enter the AI liquid cooling market, focusing on data center cooling components. The subsidiary is actively integrating into the supply chains of leading industry players [6]. - The company plans to acquire a 51% stake in Dongguan Zhaoke to enhance its thermal interface materials (TIMs) offerings, which have gained traction in both domestic and international markets [7]. Financial Projections - The company is projected to achieve revenues of 1.309 billion yuan, 2.418 billion yuan, and 3.537 billion yuan for the years 2025, 2026, and 2027, respectively. Correspondingly, the net profit attributable to the parent company is expected to be 39 million yuan, 129 million yuan, and 243 million yuan [8]. - The revenue growth rates are forecasted at 36.59% for 2025, 84.79% for 2026, and 46.26% for 2027 [10].