Core Insights - The company, Zhongding Co., Ltd., is focusing on strengthening its global competitiveness in the automotive core business while accelerating the development of emerging sectors such as robotics and liquid cooling systems for data centers [1][2] Group 1: Strategic Developments - Zhongding has entered a strategic partnership with Fourier to develop core components for humanoid robots and has secured projects with two liquid cooling system integrators [1] - The company is transitioning into the 4.0 era of globalization, moving from capital outflow to systematic management, technology output, and cultural integration [2] Group 2: Financial Performance - Zhongding's global revenue is projected to be CNY 17.244 billion in 2023, CNY 18.854 billion in 2024, and CNY 14.555 billion in the first three quarters of 2025 [2] Group 3: Technological Advancements - The company is leveraging its expertise in sealing systems to enhance the performance of humanoid robot joints, which require high torque output and low weight [3] - Zhongding is expanding its thermal management capabilities from automotive applications to energy storage and data center cooling, following the same physical principles and engineering logic [3] Group 4: Capital and Investment - Financial tools provided by Ningguo have supported the company's capital needs for post-acquisition factory establishment and industry chain integration [4] - The company plans to invest CNY 1.6 billion in R&D from 2024 to the first three quarters of 2025, focusing on both traditional and new business sectors [4]

证券代码： 301560 证券简称：众捷汽车 苏州众捷汽车零部件股份有限公司 投资者关系活动记录表 编号：2025-002 | 投资者关系活动 | 分析师会议 □特定对象调研 □ | | --- | --- | | 类别 □ | 媒体采访 √ 业绩说明会 | | □ | 新闻发布会 □ 路演活动 | | □ | 现场参观 | | □ | 其他 （请文字说明其他活动内容） | | 参与单位名称及 | 投资者网上提问 | | 人员姓名 | | | 时间 2025 | 年 月 日 下午 12 2 (周二) 13:30~17:05 | | 地点 | 公司通过全景网"投资者关系互动平台"（https://ir.p5w.net） | | | 采用网络远程的方式召开业绩说明会 | | 上市公司接待人 | 1、财务总监计惠 | | 员姓名 | 2、董事会秘书孙琪 | | | 投资者提出的问题及公司回复情况 | | | 公司就投资者在本次说明会中提出的问题进行了回复： | | | 1、鉴于每股收益保持稳定，但相比去年同期略有下降，公 | | | 司如何看待市场竞争力的变化?有哪些关键因素可能影响未来每 | | | 股收益的增长 ...

Core Viewpoint - The company, a leader in automotive thermal management, is expanding into new growth areas such as data centers and robotics, showing strong revenue and profit growth with a compound annual growth rate (CAGR) of 22% in revenue and 43% in net profit from 2022 to 2024 [1] Group 1: Business Expansion and Growth - The company has diversified its business into four growth curves: commercial vehicle off-road, new energy thermal management, digital and energy thermal management, and artificial intelligence and robotics [1] - The passenger vehicle segment is leading the growth, while the digital energy business is rapidly expanding, and the commercial vehicle and off-road segments are providing stable contributions [1] - The company has achieved a historical high in overseas revenue, which accounted for 24% of total revenue in the first half of 2025, with significant improvements in profitability from international operations [1] Group 2: Digital Energy and AI Cooling - The demand for liquid cooling in data centers is expected to accelerate, driven by high capital expenditures in the domestic internet sector and AI applications [2] - The company has secured 301 orders for data center liquid cooling systems, with a total capacity of 500 MW, indicating a strong market presence [2] - The digital and energy segment is projected to contribute an additional annual sales revenue of 637 million yuan after mass production [2] Group 3: Acquisition and Strategic Moves - The company plans to acquire a controlling stake in Deep Blue Co., focusing on energy storage temperature control and HVAC systems, which will enhance its capabilities in data center liquid cooling and energy storage [3] - The automotive sector is transitioning towards electrification and intelligence, increasing the thermal management value per vehicle, with the penetration rate of new energy vehicles in China expected to reach 56% in 2025 [3] Group 4: Market Position and R&D - The company has established a comprehensive product layout, including battery thermal management systems and various components, with over 1,000 effective patents and a research and development expense ratio of over 4% [4] - The company has entered the supply chains of numerous leading domestic and international clients, including major automotive manufacturers [4] - The humanoid robotics market is anticipated to grow significantly, with the company positioning itself to leverage synergies between robotics and automotive clients [4][5] Group 5: Financial Projections - The company is expected to achieve revenues of 15.211 billion yuan, 17.952 billion yuan, and 20.978 billion yuan from 2025 to 2027, with year-over-year growth rates of 19.8%, 18.0%, and 16.9% respectively [6] - The projected net profits for the same period are 973 million yuan, 1.255 billion yuan, and 1.577 billion yuan, with year-over-year growth rates of 24.2%, 29.0%, and 25.7% respectively [6]

Financial Performance - In Q3 2025, the company achieved a revenue of CNY 1.72 billion, a year-on-year increase of 6.88%, and a net profit attributable to shareholders of CNY 160 million, up 13.54% [3] - For the first three quarters, total revenue was CNY 4.83 billion, a decline of 2.45% year-on-year, with a net profit of CNY 428 million, down 9.68% [3] Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, operating in a temperature range of -271°C to 200°C [3] - Key product categories include screw compressors, centrifugal compressors, absorption chillers, piston compressors, and industrial heat pumps [3] Market Applications - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth [4] Data Center Solutions - The company’s subsidiaries provide cooling equipment for data centers, including evaporative condensers and heat exchange devices [4][6] - Notable projects include collaborations with major data centers across China and partnerships with local integrators in North America, Australia, and Southeast Asia [5][6] Nuclear Power Sector - The company is actively involved in the nuclear power industry, focusing on core applications such as nuclear island cooling and heat recovery [6][7] - Recent projects include supplying cooling systems for several nuclear power stations in China [7] Thermal Management Innovations - The company is advancing in thermal management technologies, particularly through its subsidiary, which specializes in industrial heat pumps and waste heat recovery systems [8] - The company has been recognized for its innovative technologies, including awards for its absorption heat exchangers and low-temperature heat recovery systems [8] Joint Ventures and Collaborations - The company collaborates with Yantai Modern Ice Wheel Heavy Industry, focusing on gas-fired power generation waste heat boilers and partnerships with global firms like GE and Siemens [8]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of 44.46 CNY [3][6]. Core Insights - The company plans to acquire Deep Blue Co., which is expected to enhance its data center liquid cooling layout and increase profitability [2][10]. - The financial forecasts for EPS from 2025 to 2027 are projected to be 1.14 CNY, 1.51 CNY, and 1.93 CNY respectively, with a maintained average PE valuation of 39 times for comparable companies in 2025 [3]. - The acquisition of Deep Blue Co. will strengthen the company's capabilities in controllers and drivers, particularly in the data center liquid cooling sector, which is anticipated to contribute positively to revenue and profit growth [10]. Financial Summary - The company's revenue is projected to grow from 11,018 million CNY in 2023 to 21,502 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.5% [5][11]. - Operating profit is expected to increase from 816 million CNY in 2023 to 2,107 million CNY in 2027, with a notable growth rate of 67.7% in 2023 [5][11]. - The net profit attributable to the parent company is forecasted to rise from 612 million CNY in 2023 to 1,631 million CNY in 2027, with a growth rate of 59.7% in 2023 [5][11]. - The gross margin is projected to improve slightly from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to increase from 5.6% to 7.6% over the same period [5][11].

Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88%. The net profit attributable to shareholders was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, the total revenue was 4.83 billion CNY, showing a decline of 2.45% year-on-year, while the net profit attributable to shareholders decreased by 9.68% to 428 million CNY [3] Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with key products including compressors and heat exchangers, operating within a temperature range of -271°C to 200°C [3] - Products are widely used in various sectors such as food processing, cold chain logistics, industrial refrigeration, and special air conditioning for data centers and nuclear power [4] Product Applications - The company’s products are applied in data centers, including liquid cooling systems, with notable projects in collaboration with major data centers across China [5][6] - In the nuclear power sector, the company has developed technologies for nuclear island cooling and heat recovery, supporting several nuclear power stations in China [7] Heat Management and Energy Efficiency - The company is actively involved in heat management solutions, focusing on industrial heat pumps and waste heat recovery technologies, which align with national carbon neutrality goals [9] - The heat management segment has benefited from urban renewal and heat network upgrades, with technologies aimed at reducing energy consumption and carbon emissions in high-energy industries [9] Research and Development - The company has partnered with Xi'an Jiaotong University to develop solid oxide fuel cell (SOFC) technologies, achieving significant advancements in output characteristics and integration methods [10] - The R&D efforts have led to the development of various patented technologies and products recognized for their energy efficiency and environmental benefits [8]

Core Viewpoint - The company is actively involved in military-civilian integration projects, providing cooling system solutions for high-altitude low-temperature environments and various natural conditions required for aircraft [1] Group 1: Military Applications - The company participates in the construction of large wind tunnels and climate environment testing facilities, contributing to the simulation of high-altitude low-temperature environments [1] - The company has undertaken the icing wind tunnel and CTW wind tunnel projects, filling a gap in domestic large wind tunnel and climate environment testing capabilities [1] - These projects address critical challenges in national defense and military applications, enhancing the company's role in supporting the defense industry [1] Group 2: Data Center Liquid Cooling - The company possesses technical reserves in the area of liquid cooling for data centers, indicating potential for future developments in this sector [1]

Core Viewpoint - Ice Wheel Environmental Technology Co., Ltd. has shown significant growth in Q3, with a year-on-year revenue increase of 6.88% to 1.72 billion yuan, while facing challenges in the first three quarters due to industry-wide impacts, resulting in a 2.45% decline in revenue to 4.83 billion yuan [2][5]. Performance Summary - Q3 revenue reached 1.72 billion yuan, up 6.88% year-on-year - Q3 net profit attributable to shareholders was 160 million yuan, up 13.54% year-on-year - Cumulative revenue for the first three quarters was 4.83 billion yuan, down 2.45% year-on-year - Cumulative net profit for the first three quarters was 428 million yuan, down 9.68% year-on-year - The low-temperature refrigeration segment saw a slight decline, while special air conditioning and thermal management segments experienced growth, driving overall performance [2]. Business Layout - Ice Wheel Environmental focuses on energy and power sectors, providing system solutions and lifecycle services - Key products include various types of compressors, absorption chillers, industrial heat pumps, energy storage devices, and heat exchangers, covering a temperature range from -271°C to 200°C [3][4]. Application Areas - Products are utilized in various core scenarios: - Commercial refrigeration systems: food freezing, cold chain logistics, vacuum freeze-drying, ice venues - Industrial refrigeration systems: energy/chemical process cooling, aerospace wind tunnels, building aggregate cooling - Commercial comfort air conditioning: rail transit, commercial real estate, public venues - Industrial special air conditioning: data centers, nuclear power plants, metallurgy, petrochemicals, electronics factories - Other areas: waste heat recovery, gas compression and liquefaction, energy storage systems, new energy equipment, industrial intelligent control [4]. Key Segment Progress - Data Center Liquid Cooling: Leading technology with products included in the national directory - Nuclear Power: Comprehensive coverage with a focus on core scenarios, serving multiple nuclear power stations and supplying the world's first commercial fourth-generation high-temperature gas-cooled reactor - Thermal Management: Driven by policies, with a strong technological foundation and a focus on industrial heat pumps [5][6][8]. R&D Developments - Breakthroughs in SOFC technology for distributed energy applications, with unique output characteristics and integration technology, laying a foundation for long-term development in the new energy sector [9].

Group 1: Financial Performance - The company achieved a revenue of 1.72 billion CNY in Q3 2025, representing a year-on-year growth of 6.88% [3] - The net profit attributable to shareholders for Q3 2025 was 160 million CNY, up 13.54% year-on-year [3] - For the first three quarters, total revenue was 4.83 billion CNY, a decline of 2.45% compared to the previous year, with a net profit of 428 million CNY, down 9.68% [3] Group 2: Business Operations and Product Offerings - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers [3] - Products operate within a temperature range of -271°C to 200°C, including various types of compressors and cooling systems [3] - The low-temperature refrigeration segment saw a slight decline in revenue, while the special air conditioning and thermal management segments experienced growth [4] Group 3: Market Applications - The company's products are widely used in food processing, cold chain logistics, industrial refrigeration, and commercial air conditioning [4] - Specific applications include data centers, nuclear power plants, and various industrial cooling systems [4][6] - The company has established a strong presence in the data center market, providing cooling equipment and solutions [5][6] Group 4: International Presence and Collaborations - The company collaborates with local integrators in North America, Australia, Southeast Asia, and the Middle East, maintaining a high market demand [6] - Dunham-Bush, a subsidiary, has successfully served numerous data center projects across China and internationally [5][6] - The company is recognized for its innovative cooling technologies, including those for nuclear power applications, and has a significant number of domestic and international case studies [6]

Investment Rating - The investment rating for the company is "Accumulate" (首次) [5] Core Views - The company is recognized as a national-level "small giant" in data center cooling technology, with a revenue of 279 million yuan in Q1-Q3 2025, representing a year-on-year growth of 61% [5] - The company focuses on efficient cooling technology and provides a full lifecycle of services for data center infrastructure products, including immersion phase change liquid cooling and cold plate liquid cooling solutions [5][8] - The company aims to expand its market presence in Southeast Asia and has established a subsidiary in Singapore to explore overseas markets [8] Financial Performance - The company achieved a revenue of 506 million yuan in 2024 and a net profit of 61.42 million yuan [5] - Revenue projections for 2025 are estimated at 794 million yuan, with a net profit of 67 million yuan, reflecting a significant recovery from previous years [7] - The company has a market share of 61.30% in the liquid cooling infrastructure market, maintaining its leading position for three consecutive years [8] Product Development - The company has launched the C7000-F phase change cold plate liquid cooling solution, transitioning domestic liquid cooling from laboratory to production line [5] - The company is actively involved in setting industry standards, including the first national standard for green data centers and a general specification for quick connectors in liquid cooling data centers [5][6] Market Trends - The demand for liquid cooling solutions is driven by stricter energy efficiency requirements for data centers, with PUE values for cold plate liquid cooling dropping to a minimum of 1.15 [6] - The internet industry accounts for 46.3% of the domestic liquid cooling server market, indicating a strong demand for these technologies [5] Future Outlook - The company is expected to see a net profit of 67 million yuan in 2025, with projections of 151 million yuan and 201 million yuan for 2026 and 2027, respectively [7][8] - The company plans to enhance product value and profitability through R&D investments and the establishment of production bases [8]