Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.16 billion yuan in 2024, representing a year-on-year increase of 17.07%. However, the net profit attributable to the parent company was 153 million yuan, a decrease of 15.87% year-on-year. Notably, the revenue for Q4 2024 was 787 million yuan, up 51.65% year-on-year, and the net profit for the same quarter was 84 million yuan, exceeding the total net profit of the first three quarters combined [1]. - In Q1 2025, the company reported a revenue of 574 million yuan, a significant increase of 109.02% year-on-year, and a net profit of 62 million yuan, marking a staggering increase of 1104.89% year-on-year [1]. - The company anticipates substantial growth in revenue from data centers and semiconductor temperature control solutions [2]. Financial Performance Summary - In 2024, the company's liquid temperature control equipment revenue reached 1.466 billion yuan, a year-on-year increase of 20.65%, with a gross margin of 21.22%, down 3.93 percentage points year-on-year. The revenue from energy storage temperature control was approximately 1.176 billion yuan, up 30% year-on-year [2]. - The company has expanded its client base in the semiconductor manufacturing equipment sector, including notable clients such as Northern Huachuang and Jing Sheng Machinery [2]. - The financial projections for the company indicate expected net profits of 288 million yuan, 425 million yuan, and 608 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 87.6%, 47.7%, and 43.1% [4][5]. Key Financial Metrics - The company's revenue for 2023 was 1.845 billion yuan, with a projected revenue of 3.404 billion yuan for 2025, indicating a growth rate of 57.6% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.91 yuan, with an expected increase to 1.70 yuan in 2025 [5]. - The net profit margin for 2024 is projected to be 7.1%, with expectations of improvement in subsequent years [10].

Group 1: Company Overview - The company is focused on providing system solutions in the industrial temperature control sector, aligning with national strategies for energy conservation and emission reduction, indicating a positive development outlook [3] - The main applications of the company's products include CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices, which ensures safety and reliability in operations [4] Group 2: Financial Performance - In 2024, the company achieved a revenue of CNY 216,007.44 million, representing a year-on-year growth of 17.07% [8] - The net profit attributable to shareholders was CNY 15,342.77 million, a decrease of 15.87% compared to the previous year [8] - The total cash dividend for 2024 was CNY 84,699,440.00, accounting for 55.20% of the net profit attributable to shareholders [5] Group 3: Market Position and Strategy - The company is experiencing a long-term growth cycle in the industrial temperature control industry, driven by technological advancements and increasing demand for product updates and energy efficiency [4][6] - The company plans to enhance its market share in the data center sector by investing in liquid cooling technologies, which are becoming a preferred solution for temperature control [7] Group 4: Challenges and Future Outlook - The overall gross profit margin decreased by 4.27 percentage points due to intensified competition in the power electronics temperature control product market [8] - The company is committed to increasing R&D investment and optimizing product structure to stabilize and improve profit margins [9]