Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [2]. Core Insights - The company's performance in the first half of 2025 showed a revenue of 1.302 billion yuan, a year-on-year decrease of 4.79%, while the net profit attributable to the parent company was 135 million yuan, an increase of 9.14% [2][10]. - The decline in revenue was primarily due to a drop in the gas segment's income and an increase in sales expenses [2][10]. - The gross margin for equipment sales significantly improved to 42.28%, reflecting strong cost optimization capabilities and technological advantages in core areas such as plate-fin heat exchangers and natural gas liquefaction [10]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.368 billion yuan, with a projected year-on-year growth rate of 24% [4]. - The net profit forecast for 2025 is 403 million yuan, with a projected growth rate of 38% for 2026 and 47.4% for 2027 [4]. - The earnings per share (EPS) for 2025 is estimated at 1.05 yuan, with a projected PE ratio of 17 for 2025 [4][10]. Market Data - As of August 25, 2025, the closing price was 17.56 yuan, with a market capitalization of 6.476 billion yuan [5]. - The company has a price-to-book ratio of 2.2 and a dividend yield of 1.14% [5]. Business Development and Market Position - The company is actively expanding into the electronic gas industry, supplying core equipment to major global corporations such as Intel and Samsung [10]. - The company has successfully exported its products to 54 countries and regions, establishing a strong presence in high-barrier overseas markets [10]. - The company maintains good relationships with leading domestic and international enterprises, enhancing its brand reputation and industry barriers [10]. Profitability and Investment Outlook - The deep-cooling equipment business is expected to provide stable profits and cash flow, with the electronic specialty gas business driving growth [10]. - The report adjusts the profit forecast for 2025-2026 downwards due to impairment provisions, but maintains a "Buy" rating based on a comparative analysis with similar companies in the industry [10].