Investment Rating - The investment rating for the company is "Accumulate" with a target price of 11.11 CNY [5][11]. Core Insights - The report indicates that both domestic and overseas markets have achieved steady growth in the first half of the year, with expectations for accelerated performance in the second half as overseas bases ramp up production [2]. - The company has adjusted its profit expectations downward due to uncertainties in the foreign trade environment, projecting EPS for 2025-2027 to be 0.62, 0.75, and 0.94 CNY respectively [11]. - The company's OEM (Original Equipment Manufacturer) and OBM (Own Brand Manufacturer) strategies are progressing smoothly, with revenue from various product categories showing positive growth [11]. Financial Summary - Total revenue is projected to grow from 2,407 million CNY in 2023 to 5,542 million CNY in 2027, reflecting a compound annual growth rate (CAGR) of approximately 18.4% [4]. - Net profit attributable to the parent company is expected to increase from 250 million CNY in 2023 to 440 million CNY in 2027, with a notable growth rate of 25.3% in 2027 [4]. - The company's net profit margin is projected to decline slightly from 10.3% in 2023 to 7.9% in 2027, indicating a focus on maintaining profitability amid growth [12]. Operational Performance - In the first half of 2025, the company achieved revenue of 1.366 billion CNY from overseas markets, a year-on-year increase of 14.14%, while domestic revenue reached 206 million CNY, up 4.81% [11]. - The gross profit margin for Q2 2025 was reported at 28.76%, down 2.62 percentage points year-on-year, primarily due to increased costs associated with ramping up overseas production capacity [11]. - The company has successfully completed the construction and ramp-up of its second phase in Thailand, enhancing its production capabilities and receiving positive feedback from core customers [11].

Core Viewpoint - The company is experiencing steady growth in both domestic and overseas markets, with expectations for accelerated performance in the second half of the year as overseas production ramps up [1] Investment Highlights - The company has adjusted its profit expectations, maintaining a "Buy" rating. The revised EPS forecasts for 2025-2027 are 0.62, 0.75, and 0.94 yuan, down from previous estimates of 0.76, 0.92, and 1.08 yuan. The target price is adjusted to 11.11 yuan based on an 18x PE for 2025, reflecting the valuation premium from the company's proprietary brand [2] - Both domestic and international sales are showing robust growth, with the OEM and OBM strategies being implemented effectively. In H1 2025, revenue from vacuum vessels and aluminum bottles reached 1.376 billion and 165 million yuan, respectively, representing year-on-year increases of 13.00% and 11.31%. Revenue from overseas and domestic markets was 1.366 billion and 206 million yuan, with year-on-year growth of 14.14% and 4.81% [2] - The company is enhancing its strategic partnerships with core, key, and potential customers to improve customer loyalty and accelerate localized marketing efforts in key regions. The proprietary Hars brand center has undergone a dual upgrade in organizational restructuring and capability enhancement, establishing a complete end-to-end team for market insights, product definition, and shelf placement [2] Profitability and Cost Management - In Q2 2025, the company's gross profit margin was 28.76%, down 2.62 percentage points year-on-year, while the net profit margin was 5.57%, down 5.99 percentage points year-on-year. The decline in profitability is primarily due to increased costs associated with ramping up overseas production capacity [3] - The company's sales, management, R&D, and financial expense ratios were 8.76%, 7.43%, 4.27%, and -0.13%, respectively, with year-on-year increases of 0.47, 1.17, 0.30, and 1.82 percentage points. The increase in financial expenses is mainly due to reduced foreign exchange gains [3] Production Capacity and Future Focus - The company has successfully completed the construction and ramp-up of its second phase in Thailand, accelerating the transfer of new product molds, raw material reserves, and personnel training to mitigate uncertainties in overseas production capacity and ensure high-quality, timely delivery [3] - The company will continue to focus on core supply chain elements, enhancing control over delivery times, costs, and quality while improving production capacity at the Thailand base [5] Industry Position - As the first company in the industry to establish an overseas presence, the company has received positive feedback from several core customers [4]