上调目标价至 28.92 元，维持公司增持评级。维持2024-2026 年的EPS 预测1.02/1.34/1.63 元，参考可比 公司给予公司2025 年21.58 倍PE，考虑到公司在新能源汽车等领域的项目定点较为充足，以及北美产能 持续释放等因素，上调目标价至28.92 元（原为24.25 元），维持增持评级。 北美产能持续释放，预计加征关税对公司的影响有限。公司在墨西哥、美国、瑞典、波兰等建有研发分 中心和生产基地，自2023 年以来，公司在北美区域的产能持续释放，北美区域属地化配套比例持续提 高。据公司在深交所互动易平台公布的信息，公司从国内出口至美国地区的收入约占总营收的6%-7%， 预计关税等国际贸易因素变化对公司海外收入的影响较为有限。 本报告导读： 公司北美产能持续释放，预计关税变化对收入的影响有限。公司亦持续开拓新项目定点，获得北美和欧 洲等客户新能源汽车相关项目定点，收入有望持续增长。 投资要点： 董事长提议回购股份，有助于进一步增强信心。2025 年4 月8 日，公司董事长提议回购公司股份，用于 股权激励或员工持股计划，回购股份的资金总额不低于人民币5000 万元，不高于人民币1 亿元 ...

Summary of Conference Call Company Overview - **Company Name**: 高岚股份 (GaoLan Co., Ltd.) - **Industry**: Power electronics and thermal management systems - **Established**: 2001 - **Core Business**: Development, design, production, and sales of pure water cooling equipment and control systems for power electronics [1][2] Key Points and Arguments Business Segments - **Traditional Water Cooling**: Includes direct water cooling, new energy power generation water cooling, flexible AC water cooling, and high-power electrical traditional water cooling [1][2] - **New Energy Vehicle Thermal Management**: Acquired Dongguan GuiXiang in 2019, focusing on thermal management for power batteries and automotive electronics [2] - **Information and Communication Thermal Management**: Managed by a subsidiary, offering various cooling solutions [3] - **Energy Storage Division**: Recently established, focusing on liquid cooling products for energy storage systems [4] Financial Performance - **2021 Revenue**: Approximately 1.679 billion CNY (around 267 million USD) with a net profit of approximately 64.5 million CNY (around 10.2 million USD) [4] - **Q1 2022 Revenue**: Approximately 423 million CNY (around 66.5 million USD) with a net profit of approximately 8.2 million CNY (around 1.3 million USD) [5] - **Revenue Breakdown**: - Power battery thermal management products: 466.6 million CNY (around 73.5 million USD) in 2021 - New energy vehicle electronic products: 350 million CNY (around 55 million USD) in 2021 [5] Market Dynamics - **Impact of COVID-19**: The pandemic affected project timelines and revenue recognition, particularly in the first half of the year [6][14] - **Competitive Landscape**: The company has a strong market position with a 70% market share in high-pressure water cooling systems, serving major clients like State Grid and Southern Power Grid [10][11] Challenges and Strategies - **Cost Pressures**: Rising raw material costs and increased market competition have led to a decline in gross margins [14][15] - **Innovation and R&D**: The company is focusing on new product development and supply chain optimization to mitigate cost pressures [15] - **Market Expansion**: Actively pursuing opportunities in energy storage and data center cooling solutions, with a target revenue of 100 million CNY (around 15.7 million USD) from new segments [27][31] Future Outlook - **Growth Potential**: The company anticipates continued growth in the new energy vehicle and data center markets, with a focus on enhancing production capacity and technological capabilities [9][31] - **Strategic Planning**: The company does not have a long-term rigid plan but aims to adapt to market changes and opportunities as they arise [26] Additional Important Information - **Client Relationships**: Strong relationships with major clients and a solid reputation in the industry contribute to the company's stability [11][19] - **Production Capacity**: The company has achieved high production capacity utilization rates, with significant profit margins in its battery thermal management products [9][20] - **Market Trends**: The shift towards liquid cooling solutions is expected to grow as the market for energy storage and data centers expands [24][32] This summary encapsulates the key insights from the conference call, highlighting the company's operations, financial performance, market challenges, and future strategies.

Core Viewpoint - The company possesses strong customer resources and market development capabilities, which are crucial for its growth in the automotive parts industry [2][3]. Group 1: Customer Resources and Market Development - The company has accumulated a wealth of high-quality customer resources, primarily consisting of globally recognized large multinational automotive parts enterprises, which provides stable orders and cash flow [2]. - The high customer certification barriers create a long-term competitive advantage, and the development of new customers will provide new growth points for future sales revenue [3]. Group 2: Design and Manufacturing Capabilities - The company has extensive experience in tooling design and manufacturing, significantly enhancing its fixture manufacturing capabilities through the establishment of a wholly-owned subsidiary [4]. - The company actively participates in early design and development work for new products with customers, providing a one-stop service from design to mass production [5][6]. Group 3: Response Speed and Product Quality - The company has a rapid customer response capability, which is essential for meeting customer demands and reducing product development cycles [6]. - The company has achieved world-class product quality through advanced technology, high automation levels, and strict quality management systems, earning various customer honors [7]. Group 4: Cost Control and Team Stability - The company maintains a cost advantage over foreign automotive parts manufacturers and continuously reduces costs while improving quality through lean production and smart manufacturing [8]. - The company emphasizes talent development, particularly in technical and management roles, ensuring a stable and professional team that supports long-term development [9].