公司深耕制冷行业，长期以来业绩表现优秀。公司主营业务涵盖低温冷冻、中央空调、环保制热、能化 装备、精密铸件、智慧服务、氢能装备等产业集群。2005 年至2024 年公司营业收入从9.09 亿元增长至 66.35 亿元，增长6 倍左右，年复合增长率达11.03%。归母净利润从0.44 亿元增长至6.28 亿元，增长13 倍左右，年复合增长率达15.02%。2025 年三季度公司营业收入为48.25 亿元，同比增长-2.45%，归母净 利润为4.28 亿元，同比增长-9.68%。 公司在IDC 领域覆盖国内外龙头客户，技术优势突出。公司旗下顿汉布什公司和冰轮换热技术公司为数 据中心乃至液冷系统提供一次侧冷源装备和热交换装置等冷却装备。国内已成功服务了国家超级计算广 州中心（天河二号）、中国移动（贵州）大数据中心、中国联通西安数据中心等诸多项目。在海外与多 家本土专业集成商合作，服务了北美、澳洲、东南亚、中东诸多项目。 工业全域热控战略加速落地，技术与市场协同发力。公司方案聚焦工业热控主战场，依托"高温度、大 温差、宽温域"的热泵核心技术，深度融合多源多级系统集成技术，实现场景全覆盖、能源全兼容、技 术全链路布局， ...

Investment Rating - The report does not specify an explicit investment rating for the company [1] Core Insights - The company reported a total operating revenue of 3.118 billion yuan in H1 2025, a year-on-year decrease of 6.92%. The net profit attributable to the parent company was 266 million yuan, down 19.71% year-on-year [1] - The company's overseas business sales increased by over 30%, indicating a successful implementation of its "going global" strategy despite a slowdown in domestic downstream demand [4][5] - The company is actively expanding into the data center market, which is expected to provide new growth opportunities. Its products have been recognized in the national green data center technology product catalog [4][5] - The company is developing a comprehensive industrial thermal control solution, focusing on energy efficiency and low-carbon technologies, aligning with national dual carbon strategies [5] Financial Summary - For 2025, the company is projected to achieve operating revenues of 6.971 billion yuan, with a growth rate of 5.1%. The net profit attributable to the parent company is expected to be 665 million yuan, reflecting a growth rate of 5.8% [7] - Key financial metrics for 2023A to 2027E include: - Total operating revenue: 7,495 million yuan (2023A), 6,635 million yuan (2024A), 6,971 million yuan (2025E), 7,932 million yuan (2026E), 9,011 million yuan (2027E) - Net profit attributable to the parent company: 659 million yuan (2023A), 628 million yuan (2024A), 665 million yuan (2025E), 762 million yuan (2026E), 923 million yuan (2027E) - Gross margin: 25.3% (2023A), 27.6% (2024A), 26.6% (2025E), 27.5% (2026E), 28.9% (2027E) [6][7]