Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved stable revenue year-on-year in Q3 2025, focusing on the ramp-up of soft hoses in the nuclear power market and the development of HPP equipment [5][7] - The rubber hose business is expected to expand into new markets such as nuclear power, data centers, and marine engineering, with new products being developed and tested [7] - The HPP ultra-high pressure sterilization equipment is gaining traction, with new orders in the juice beverage sector and plans to explore additional applications [7] Financial Summary - Revenue projections for 2023 to 2027 are as follows: 485 million RMB in 2023, 484 million RMB in 2024, 547 million RMB in 2025, 641 million RMB in 2026, and 757 million RMB in 2027, with growth rates of 29.50%, -0.32%, 13.03%, 17.20%, and 18.08% respectively [6] - The net profit attributable to the parent company is forecasted to be 134 million RMB in 2023, 107 million RMB in 2024, 107 million RMB in 2025, 141 million RMB in 2026, and 172 million RMB in 2027, with growth rates of 60.78%, -19.82%, 0.04%, 31.85%, and 21.74% respectively [6] - The earnings per share (EPS) are projected to be 1.05 RMB in 2023, 0.84 RMB in 2024, 0.85 RMB in 2025, 1.11 RMB in 2026, and 1.36 RMB in 2027 [6] Business Development - The company is focusing on the industrialization of new products in the rubber hose sector, including nuclear power hoses, liquid cooling hoses for data centers, and marine oil hoses [7] - The HPP equipment segment is expanding its application areas and exploring diverse business models to lower customer entry barriers [7] - The company maintains a healthy cash flow and is investing in capacity optimization and material recycling projects [7]

Group 1: Company Overview and Product Range - The company focuses on the research and development of modified rubber and plastic materials, emphasizing sealing and vibration reduction functions across various industries [1] - Key application areas include rail transportation, automotive, construction, and shipping, with specific products such as tunnel sealing rubber, vehicle sealing components, and marine vibration parts [1][2] Group 2: Future Business Outlook - The company aims to strengthen its market position in the automotive, rail transportation, construction, and shipping sectors while exploring new markets and products [2] - There is a strategic focus on emerging industries such as new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy to gain a competitive edge [2] Group 3: Contract with Sailaf Energy - The company’s subsidiary, Haida New Energy, signed a procurement framework contract with Anhui Sailaf Energy, with an expected total procurement volume of 3.7GW of products by June 30, 2026 [2] - The newly developed short-frame products are designed to enhance safety and reliability, with features that improve light exposure and increase energy generation [2]