Investment Rating - The report maintains a rating of "Buy" for the company with a target price of 6.85 CNY, while the current price is 5.83 CNY [5][11]. Core Views - The implementation of the new refrigerator energy efficiency standards is expected to accelerate the demand for VIP boards, with the company's acquisition of Maikolon enabling a complete integration of the supply chain from fiberglass cotton to VIP core materials and VIP boards, leading to significant growth in performance in 2026-2027 [2][11][15]. Financial Summary - The company’s projected revenues for 2025-2027 are 1.59 billion CNY, 2.08 billion CNY, and 2.79 billion CNY, reflecting year-on-year growth rates of 7.67%, 31.20%, and 33.81% respectively [17][20]. - The net profit attributable to the parent company is expected to be 112 million CNY, 171 million CNY, and 252 million CNY for the same period, with year-on-year growth rates of 23.70%, 52.30%, and 47.40% respectively [17][20]. - The earnings per share (EPS) are projected to be 0.11 CNY, 0.17 CNY, and 0.25 CNY for 2025, 2026, and 2027 respectively [17][20]. Industry Insights - The new energy efficiency standards for refrigerators will be officially implemented on June 1, 2026, with a significant upgrade in efficiency ratings, which will likely lead to a shift towards VIP boards as the preferred solution for manufacturers [16][33]. - The report estimates that the market for VIP boards could expand by 36-45 billion CNY under conservative assumptions and 63-72 billion CNY under optimistic scenarios, depending on the penetration rates of the new energy efficiency standards [38][39]. Company Strategy - The company has successfully integrated its supply chain by acquiring a 49% stake in Maikolon, which specializes in VIP boards, thereby enhancing its competitive edge and cost advantages in the market [11][44]. - The integration is expected to improve the overall gross margin of the supply chain to approximately 26%, with a net profit margin of around 10% [11][16]. Product Development - The company focuses on developing a range of products centered around clean air and energy efficiency, leveraging its expertise in ultra-fine fiber cotton and other materials [25][27]. - The clean air segment is anticipated to recover and grow following the removal of historical burdens, while the energy-efficient segment is expected to see significant growth due to new applications in household appliances and aviation [15][27].

Investment Rating - The industry investment rating is "Overweight" [5] Core Viewpoints - The 2025 version of the refrigerator national standard promotes the industry's transition towards high efficiency, large space, and smart technology [5] - The new national standard significantly raises energy consumption limits and efficiency levels for refrigerators, which will lead to a substantial increase in the demand for VIP boards [2][5] Summary by Sections Industry Overview - The new national standard for household refrigerators will be implemented on June 1, 2026, tightening the first-level energy efficiency threshold from a comprehensive energy efficiency index of ≤50% to ≤20% [1] - The introduction of a comprehensive energy consumption evaluation system and a volume utilization rate correction factor will enhance the effective volume of refrigerators [1] Market Potential - The current penetration rate of VIP boards in China's refrigerator market is only 3%, indicating significant room for growth [3] - Assuming a 50% penetration rate of VIP boards by 2028, the potential market for VIP boards in China could reach 14.753 billion yuan, with a CAGR of 19.42% from 2018 to 2028 [3] Key Companies - Saitex New Materials is identified as a leading company in the VIP board sector, holding over 30% market share in the domestic cold chain sales field [4] - Zaiseng Technology is one of the first companies to produce VIP board core materials, with a production capacity of 10,700 tons as of June 2022 [4]