Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a slight year-on-year revenue increase of 0.6% for the first three quarters of 2025, totaling 674 million yuan, while the net profit attributable to shareholders decreased by 27.7% to 85 million yuan [4] - The third quarter of 2025 saw a revenue of 242 million yuan, reflecting a year-on-year increase of 4.5% and a quarter-on-quarter increase of 2.3%, but the net profit dropped by 31.1% year-on-year and 23.0% quarter-on-quarter [4] - The company is facing short-term profit pressure due to geopolitical uncertainties affecting high-margin overseas business, leading to a downward revision of profit forecasts for 2025-2027 [4] - The company is actively expanding into emerging sectors such as robotics, drones, and air suspension, which are expected to improve profitability in the long term [6] Financial Summary - For 2025, the company is projected to achieve a revenue of 1.083 billion yuan, with a year-on-year growth of 14.2%, and a net profit of 133 million yuan, reflecting a year-on-year decline of 17.6% [7] - The gross margin is expected to be 26.7% in 2025, down from 29.8% in 2023, while the net margin is projected to be 12.3% [7] - The price-to-earnings ratio (P/E) for 2025 is estimated at 34.2 times, decreasing to 19.3 times by 2027 [7] Emerging Business Developments - The company has invested in a subsidiary of Jianghuai Automobile, focusing on the liquid cooling pipeline sector, which is anticipated to enhance market integration and expand into high-growth areas such as automotive and data centers [5] - The company is experiencing increased sales, management, and R&D expense ratios due to business expansion, which is exerting short-term pressure on operations [6]

Core Insights - The company focuses on technological research and quality improvement of its core products, particularly in liquid cooling pipeline products [1] - The company is expanding its presence in automotive fluid pipelines, data center liquid cooling, and energy storage liquid cooling sectors [1] - The liquid cooling server pipeline products have achieved V0 level standards and obtained UL certification in the United States [1] - The company aims to leverage its innovation advantages to optimize product performance and service systems, enhancing technical collaboration with existing clients to boost market competitiveness in the liquid cooling pipeline sector [1]