Industry Overview and Trends - The thermostat industry is crucial for controlling and regulating temperature across various sectors, including industrial production, daily life, and scientific research [1] - Thermostats are primarily categorized into mechanical and electronic types, with electronic thermostats becoming the mainstream due to their speed, accuracy, and programmability [4] - The market is witnessing a shift towards smart, digital, and networked electronic thermostats, enhancing user experience while improving energy efficiency [4][5] Current Status of the Thermostat Industry - The demand for smart thermostats is increasing, driven by the growth of the smart home market and the rising automation levels in industries like food processing and pharmaceuticals [5] - The Chinese thermostat market has been expanding steadily, maintaining a high annual growth rate [5] Development Trends in the Thermostat Industry Technological Development Trends - The industry is moving towards smart automation, high-precision control, and green energy solutions, with technologies like IoT, big data, and AI enabling self-learning and adaptive regulation [6] - Advanced sensor technologies are enhancing precision for demanding environments, while energy-efficient components and algorithms are promoting sustainable development [6] Market Demand Trends - In the residential sector, the penetration rate of smart thermostats is expected to rise from 35% in 2023 to 50% by 2025, driven by consumer awareness and policies promoting smart home features [7] - The industrial sector is seeing a significant increase in customized temperature control solutions, with the market size projected to reach 8 billion yuan by 2025 [7] - Emerging sectors like electric vehicles and cold chain logistics are creating new growth opportunities for high-precision thermostats [7] Policy Direction Trends - National "dual carbon" goals and policies promoting smart transformation are creating a favorable environment for smart thermostats in energy-efficient buildings and industrial automation [8] - New regulations mandate the installation of smart temperature control systems in new residential buildings, supported by government subsidies for energy-saving solutions [8]

| 政策波动对业务带来的潜在风险。在夯实主业、提升经营管理水平的同 | | --- | | 时，公司高度重视投资者关系管理与市值管理工作。未来公司将进一步 | | 加强与资本市场的互动交流，拓宽沟通渠道，以更全面、直观的方式向 | | 投资者展现公司的核心竞争力与发展潜力，增进投资者对公司价值的认 | | 知与认同，实现公司价值与市场价值的良性互动。感谢您对公司的关注！ | 2、您好！观察到近期行业回暖趋势明显，贵司在智能显示照明、 半导体分销等核心业务领域技术优势突出。请问二季度以来，贵司高端 产品线（如 Mini LED 驱动芯片、高附加值商业照明解决方案）的客户 拓展及订单增长情况如何？此外，国家"新基建"与绿色节能政策持续 推进，太龙是否有计划加大相关领域研发投入或布局新产能，以把握政 策红利、进一步提升市场份额？期待您的解答！ 答：尊敬的投资者，您好！公司二季度以来相关业务的具体订单情 况，还请留意公司后续发布的公告及定期报告，我们会按照相关规定及 时履行信息披露义务。后续公司将持续强化经营管理效能，深度整合与 优化现有资源配置，依据业务发展布局及实际订单状况，动态、灵活地 调整产能规划与生产安排， ...

Core Insights - Vatti's innovative "high-efficiency air-cooled combustion heat exchange technology" has been recognized as "internationally leading" at a technology achievement appraisal meeting [1] - The company reported a total revenue of 6.372 billion yuan for 2024, reflecting a year-on-year growth of 2.23%, and a net profit of 485 million yuan, up 8.39% from the previous year, indicating stable growth driven by technological innovation [3] Technology and Market Performance - The retail market for water heaters in 2024 reached 53.2 billion yuan, with a year-on-year growth of 5.3%, and gas water heaters specifically saw an 8.8% increase in retail sales [4] - Vatti's new technology addresses long-standing issues in traditional water-cooled heat exchangers, such as corrosion and high surface temperatures, by implementing a "three-dimensional air absorption cooling" concept [5] - The new technology improves energy efficiency by 7.6% and increases the heat exchange rate by 26.3%, allowing for reduced gas consumption while providing more hot water [5] Innovation and Industry Impact - Vatti has developed a self-adaptive air volume control algorithm and noise reduction technology, achieving noise levels below 40 dB, which meets library-level quietness standards [6] - The project has secured 16 patent authorizations and has established a group standard for evaluating the performance of air-cooled combustion systems, enhancing Vatti's authority in the gas water heater sector [6] - As of the end of 2024, Vatti holds 4,416 national patents, with 885 new patents added, positioning the company as a leader in the industry [8] Future Outlook - Experts believe Vatti's technological breakthroughs are significant for the industry, especially during China's transition to high-quality manufacturing [10] - The company aims to become a global leader in high-end kitchen spaces, continuously enhancing the kitchen experience for Chinese families while contributing to industry advancements [10]

Core Viewpoint - The company is facing significant challenges in its financial performance due to a downturn in the photovoltaic industry, resulting in a substantial decrease in revenue and net profit for the year 2024 [8][20]. Company Overview - The company reported a total revenue of 1,303,780.89 million yuan for 2024, a decrease of 43.68% year-on-year [8]. - The net profit attributable to shareholders was -213,368.56 million yuan, representing a year-on-year decline of 242.10% [8]. - The weighted average return on equity was -36.07%, down by 57.22 percentage points compared to the previous year [8]. Business Segments - The company operates in two main segments: equipment manufacturing and clean energy, with the former providing stability and the latter driving growth [8]. - The equipment manufacturing segment has achieved breakthroughs in heat pumps, heat exchangers, and air cooling, while the clean energy segment has made significant investments in photovoltaic and hydrogen energy technologies [8][20]. Market Conditions - The photovoltaic industry is experiencing a downturn, with the company’s component business achieving some performance breakthroughs despite the overall industry losses [8][20]. - The global photovoltaic market is projected to continue growing, with an expected addition of nearly 530 GW of new installations in 2024, despite a slowdown in growth rates [24][25]. Regulatory Environment - The company is subject to various regulations, including the newly implemented "Water Conservation Ordinance," which emphasizes the importance of water-saving technologies in industrial applications [23][20]. - The government has set ambitious targets for energy savings and carbon reduction, which are expected to drive demand for energy-efficient equipment and services [21][20]. Future Outlook - The company is well-positioned to benefit from the increasing demand for energy-saving and water-saving technologies, particularly in sectors such as power generation, petrochemicals, and metallurgy [20][24]. - The ongoing development of hydrogen energy is recognized as a crucial strategy for achieving carbon neutrality, with significant policy support expected to enhance the industry’s growth prospects [26][27].

轻型商用制冷设备是专为商业场所（如超市、餐饮店、便利店、咖啡厅等）设计的制冷产品，主要包括商用冷藏柜、商用冷冻柜、商用 冰箱和商用制冰机。这类设备相较于家用产品，强调耐用性、连续运行稳定性及空间利用率，同时兼具节能环保特性，是商业运营中保 障食材保鲜、提升服务效率的核心基础设施。 01 轻商型制冷设备行业目前发展现状 市场需求持续增长 随着城市化进程加快、消费者对食品安全和新鲜度要求的提高，轻商型制冷设备的需求日益增多。餐饮、零售、便利店、超市等商业场 所对高效、节能、智能的制冷设备有着强烈需求。 市场竞争日益激烈 随着全球对碳排放和能源消耗的关注，轻商型制冷设备正朝着高效节能方向发展。 轻商型制冷设备的市场竞争非常激烈，既有国内外国际大企业如海尔，Carrier Commercial Refrigeration在国内外具有较高知名度，同时 也有很多中小型企业通过价格竞争、产品创新和服务差异化抢占市场份额。 产品差异化与定制化 针对不同客户的需求，轻商型制冷设备逐渐向个性化和定制化发展。比如，根据商户的实际场地、冷藏需求，定制相应的制冷设备，满 足特定的行业需求。 02 轻商型制冷设备发展趋势 节能环保 智能 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expectation that the company's stock price will outperform the benchmark index by more than 20% in the next 6-12 months [1][6]. Core Insights - The company, Jieshun Technology, has shown significant transformation results in 2024, with innovative business growth driven by its marketing service network and industry data technology innovations, particularly in the "Smart + Energy-saving" parking sector [1][4]. - Despite a decline in revenue and net profit in 2024, the company is expected to benefit from the broad market potential in the smart parking industry, which is supported by the integration of AI technology and the push for green, low-carbon economic development in China [9][4]. Summary by Sections Financial Performance - In 2024, Jieshun Technology reported revenue of RMB 1.579 billion, a decrease of 4.01% year-on-year, and a net profit of RMB 31 million, down 72.04% year-on-year. The first quarter of 2025 saw revenue of RMB 305 million, an increase of 27.52% year-on-year, and a net profit of RMB 2 million, up 110.96% year-on-year [4][9]. - The company’s innovative business segment achieved a total revenue of RMB 671 million in 2024, growing 18.70% year-on-year, and accounted for 42.48% of the company's main business revenue [9]. Revenue and Profit Forecast - The report forecasts revenues for 2025, 2026, and 2027 to be RMB 1.86 billion, RMB 2.17 billion, and RMB 2.48 billion respectively, with net profits expected to be RMB 120 million, RMB 143 million, and RMB 180 million respectively [6][8]. - The earnings per share (EPS) are projected to be RMB 0.18, RMB 0.22, and RMB 0.28 for the years 2025, 2026, and 2027, respectively [6][8]. Market Position and Competitive Advantage - Jieshun Technology has established a leading sales service network across China, with over 50 subsidiaries and joint ventures, enhancing its market penetration and customer service capabilities [9]. - The company is increasing its research and development investment, which reached 9.77% of revenue in 2024, to strengthen its competitive edge in the smart parking solutions market [9].

[Table_Title] Q1 大幅减亏，经营性现金流持续为正 报告要点 [Table_Summary] 双良节能发布 2024 年年报及 2025 年一季报，2024 年公司实现收入 130.38 亿元，同比下降 44%；归母净利-21.34 亿元；其中，2024Q4 实现收入 26.91 亿元，同比下降 38%；归母净利 -7.94 亿元。2025Q1 实现收入 20.79 亿元，同比减少 51%；归母净利-1.61 亿元。 分析师及联系人 丨证券研究报告丨 公司研究丨点评报告丨双良节能（600481.SH） [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 邬博华 曹海花 王耀 任佳惠 SAC：S0490514040001 SAC：S0490522030001 SAC：S0490524120006 SAC：S0490524070005 SFC：BQK482 双良节能（600481.SH） cjzqdt11111 [Table_Title2] Q1 大幅减亏，经营性现金流持续为正 [Table_Summary2] 事件描述 双良 ...

Overview - The food pump industry in China is experiencing significant growth due to rising living standards and increasing demand for food pumps, particularly in emerging sectors like plant-based and functional foods. The market size is projected to reach 10.265 billion yuan in 2024, with a year-on-year growth of 8.42%, and centrifugal pumps accounting for over 50% of the market share [1][14]. Industry Background - The food industry has stringent hygiene and safety requirements, prompting the government to implement and refine regulations and standards. This has led to increased investments in product hygiene design, material selection, and production process control, enhancing overall industry quality. Additionally, government support for technological innovation and industry upgrades is fostering a favorable environment for the food pump sector [6]. Industry Chain - The upstream of the food pump industry includes suppliers of stainless steel, engineering plastics, rubber, and components like motors, control systems, bearings, and seals. These materials must possess corrosion resistance and hygiene characteristics to meet the food industry's specific requirements. The midstream involves the research, development, and manufacturing of food pumps, while the downstream consists of demand markets, primarily food and beverage production companies, catering services, and food storage and logistics [9]. Market Demand - The largest demand for food pumps in China comes from food and beverage production companies, including dairy, beverage, alcohol, seasoning, meat processing, and baked goods. These companies utilize food pumps to transport various raw materials, semi-finished products, and finished goods, such as milk, juice, sauces, and chocolate paste, facilitating processes like transfer, mixing, and filling. The food and beverage industry is projected to have 43,000 large-scale enterprises with a revenue of 9,065.25 billion yuan and a total profit of 643.17 billion yuan in 2024, providing substantial growth opportunities for the food pump industry [12]. Competitive Landscape - The food pump industry in China comprises state-owned enterprises, private companies, and foreign enterprises. Notably, private companies, including Tianjin Huaman Pump Industry Group Co., Ltd., Hebei Hengsheng Pump Industry Co., Ltd., and others, account for over 60% of the market, making them the main players. However, the overall brand concentration in the industry remains low, particularly in county-level markets, indicating a fragmented market structure [16]. Development Trends - The future of the food pump industry in China will see increased automation and intelligence, leveraging IoT, big data, and cloud computing technologies. Food pumps will achieve higher precision, performance, and automation control, enabling automatic adjustments based on production needs and facilitating remote monitoring and fault diagnosis. Additionally, there will be a focus on developing low-noise, low-energy, and corrosion-resistant food pumps, aligning with environmental protection and sustainable development goals [23].

证券研究报告·行业跟踪周报·建筑装饰 建筑装饰行业跟踪周报 增量政策持续出台，关注开工端实物量落 地 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2024 年我国对外承包工程业务完成营业额同比增长 3.1%，新签合同金额同比增长 1.1%，创历史新高，对外投资平稳发 展；近期美国加征关税以及贸易摩擦升级，后续外交博弈、贸易摩擦 或加剧，一带一路战略推进或加码，预期未来中欧合作、东盟地区合 作有望更加密切。近期习近平主席对越南、马来西亚和柬埔寨三国进 行了国事访问，达成了上百项合作成果，基建合作仍是重要形式，海 外工程需求景气度有望保持，海外工程业务有望受益，后续预计逐渐 兑现到订单和业绩层面。建议关注国际工程板块，个股推荐中材国 际、上海港湾，建议关注中工国际、北方国际、中钢国际等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、装配式建筑、节能降碳以及新能源相关的基建细分领 域景气度较高，有相关转型布局的企业有望受益，建议关注装配式建 筑方向的鸿路钢构、华阳国际等；半导体洁净室景气度有望延续，关 注亚翔集成、柏诚股份等。 ◼ ...

证券研究报告·行业跟踪周报·建筑装饰 增量政策持续出台，关注开工端实物量落 地 增持（维持） [Table_Tag] [投资要点 Table_Summary] （2）出海方向：2024 年我国对外承包工程业务完成营业额同比增长 3.1%，新签合同金额同比增长 1.1%，创历史新高，对外投资平稳发 展；近期美国加征关税以及贸易摩擦升级，后续外交博弈、贸易摩擦 或加剧，一带一路战略推进或加码，预期未来中欧合作、东盟地区合 作有望更加密切。近期习近平主席对越南、马来西亚和柬埔寨三国进 行了国事访问，达成了上百项合作成果，基建合作仍是重要形式，海 外工程需求景气度有望保持，海外工程业务有望受益，后续预计逐渐 兑现到订单和业绩层面。建议关注国际工程板块，个股推荐中材国 际、上海港湾，建议关注中工国际、北方国际、中钢国际等。 （3）需求结构有亮点，新业务增量开拓下的投资机会：部分专业制造 工程细分领域、装配式建筑、节能降碳以及新能源相关的基建细分领 域景气度较高，有相关转型布局的企业有望受益，建议关注装配式建 筑方向的鸿路钢构、华阳国际等；半导体洁净室景气度有望延续，关 注亚翔集成、柏诚股份等。 ◼ 风险提示：地产信用风 ...