Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - The company has shown a significant acceleration in revenue growth and a substantial improvement in operating profit margins. For the first three quarters of 2025, the company achieved a revenue of 2.43 billion yuan, representing a year-on-year increase of 15.20%. The net profit attributable to the parent company was 301 million yuan, up 10.53% year-on-year, while the net profit excluding non-recurring items reached 289 million yuan, marking an 18.23% increase [2][5][11] Summary by Sections Financial Performance - In Q3 2025, the company reported a revenue of 640 million yuan, a year-on-year increase of 22.29%. The net profit attributable to the parent company for the same quarter was 79.69 million yuan, up 10.94% year-on-year, and the net profit excluding non-recurring items was 76.60 million yuan, reflecting a 12.59% increase [2][5][11] - The company's gross profit margin for the first three quarters of 2025 was 27.34%, a decrease of 0.69 percentage points year-on-year. The operating profit for the same period was 327 million yuan, a year-on-year increase of 26.50%, resulting in an operating profit margin of 13.48%, which is an increase of 1.20 percentage points year-on-year [11][12] Market Position and Strategy - The company focuses on independent innovation in commercial cold chain equipment and global market expansion. It continues to optimize product research and development and services, consolidating its domestic market position while actively enhancing its overseas supply capabilities. The company has established a mature customer base in the domestic market and is deepening cooperation with leading enterprises in downstream industries [11][12] - The company is also expanding its export business, which has reached six continents, and the establishment of a production base in Indonesia is expected to enhance its global supply capabilities [11][12] Future Outlook - The company is expected to maintain strong growth momentum, with projected net profits attributable to the parent company of 390 million yuan, 449 million yuan, and 516 million yuan for 2025, 2026, and 2027, respectively. The corresponding price-to-earnings ratios are expected to be 14.78, 12.82, and 11.18 times [11][12]

Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company achieved a revenue of 1.791 billion yuan in the first half of 2025, representing a year-on-year growth of 12.86%. The net profit attributable to the parent company was 221 million yuan, up 10.38% year-on-year, and the net profit after deducting non-recurring gains and losses was 212 million yuan, reflecting a growth of 20.41% [2][4]. - In the second quarter of 2025, the company reported a revenue of 882 million yuan, which is a 19.96% increase year-on-year. The net profit attributable to the parent company reached 117 million yuan, marking a significant year-on-year growth of 36.63%, while the net profit after deducting non-recurring gains and losses was 111 million yuan, up 41.34% [2][4]. Summary by Sections Revenue Growth - The company experienced accelerated revenue growth, with a 12.86% increase in H1 2025. The commercial display cabinet segment saw a revenue increase of 12.94%, while other businesses grew by 11.41%. Domestic revenue rose by 14.38%, and overseas revenue increased by 9.38%. Direct sales grew by 17.24%, while the distribution model saw a decline of 6.44% [10]. Profitability Improvement - The company's gross margin slightly decreased by 0.85 percentage points in H1 2025. However, the operating profit increased by 22.88%, leading to an improvement in the operating profit margin by 1.06 percentage points. In Q2 2025, the gross margin increased by 0.40 percentage points, and the operating profit grew by 41.43%, with the operating profit margin improving by 2.11 percentage points [10]. Investment Outlook - The company focuses on the commercial cold chain equipment industry and has established a strong competitive advantage in the frozen display cabinet sector. The brand influence in refrigerated and supermarket display cabinets is rapidly increasing, and the company is proactively expanding into smart display cabinets, indicating significant growth potential in the future. The projected net profits for 2025-2027 are 389 million, 441 million, and 496 million yuan, respectively, with corresponding price-to-earnings ratios of 13.83, 12.21, and 10.86 [10].