公司披露2025 中报，25H1 公司实现营业总收入67.29 亿元，同比+6.05%，归母净利5.35 亿元，同比 +12.94%，扣非后归母净利同比+11.04%。25Q2营收/归母净利/扣非后分别同 比-0.31%/+19.69%/+15.24%。国内空调以旧换新政策推动需求释放，制冷配件业务表现稳健；净利润增 速高于营收主因信用减值损失减少。一方面，公司维持家用空调配件龙头地位，并拓展商用及海外芬 恩，另一方面，公司维持研发高投入，持续以创新驱动新能源汽零新品类、储能温控、冷链等新赛道， 以期稳步推进新兴业务发展。 公司25H1 毛利率为17.32%，同比-0.54pct。其中，25Q2 毛利率同比+0.09pct。下游竞争加剧，且原材料 价格仍处于高位，公司制冷配件、制冷设备GPM 均同比下降。25H1 公司整体期间费用率同比-0.3pct。 其中，销售/管理费用率分别同比-0.03pct/-0.69pct（受经营杠杆优化及股份支付等减少影响）。研发费 用率同比+0.24pct（继续重点投入高能效、新能源汽零品类及储能温控技术，巩固技术优势）。财务费 用率同比+0.19pct（主要受汇兑损益影响）。 ...

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6] Core Views - The company has achieved significant growth in Q1 2025, with revenue reaching 5.74 billion yuan, a year-on-year increase of 109.02% [1] - The company is actively expanding into multiple industries, including energy storage, semiconductor manufacturing, and data centers, which is expected to enhance its market presence and performance [4][3] Financial Performance - In 2024, the company reported total revenue of 2.16 billion yuan, a year-on-year increase of 17.07%, with a net profit attributable to shareholders of 153.43 million yuan, down 15.87% year-on-year [1][5] - The gross margin for 2024 was 22.06%, a decrease of 5.44 percentage points year-on-year, primarily due to intensified competition in the power electronics temperature control product sector [1] - For Q1 2025, the company achieved a net profit of 62 million yuan, reflecting a substantial year-on-year increase of 1104.89% [1] Revenue Breakdown - In 2024, the revenue from power electronics temperature control products was 1.45 billion yuan, up 21.42% year-on-year, while the revenue from CNC equipment temperature control products was 647 million yuan, an increase of 6.68% year-on-year [2] - The energy storage sector generated approximately 1.18 billion yuan in revenue in 2024, marking a year-on-year growth of about 30% [3] Future Projections - The revenue projections for 2025 to 2027 have been adjusted to 2.94 billion yuan, 3.74 billion yuan, and 4.71 billion yuan respectively, with net profits expected to reach 291.11 million yuan, 428.34 million yuan, and 524.12 million yuan [4][5] - The company is expected to maintain a strong growth trajectory, particularly in the energy storage, semiconductor equipment, and data center temperature control markets [4]