Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company has expanded its product line in heat exchange products, resulting in a revenue growth of 14% year-on-year for the first half of 2025 [5] - The company achieved a revenue of 198 million yuan in H1 2025, with a net profit attributable to shareholders of 47.1 million yuan [8] - The company is focusing on diversifying its applications in the automotive sector and has successfully developed products for energy storage, home air conditioning, and industrial equipment [8] Financial Performance - For H1 2025, the company's revenue from the condenser business grew by 13% year-on-year, with a gross margin of 36.45% [8] - The company reported a total revenue of 1.98 billion yuan in H1 2025, with a net profit of 47.1 million yuan [8] - The company expects net profits for 2025-2027 to be 97 million, 118 million, and 145 million yuan respectively, corresponding to a price-to-earnings ratio of 25.3, 20.8, and 16.9 times [8][9] Market Expansion - The company has seen a year-on-year revenue increase of 12.51% from overseas markets and 16.13% from domestic markets in H1 2025 [8] - The company is actively expanding its sales network in Southeast Asia and Europe while strengthening its domestic market presence [8] - The company holds 65 patents and has established a technical cooperation relationship with Harbin Institute of Technology [8]