Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Core Viewpoint - Suzhou Tianmai has demonstrated steady financial performance in 2024, with a focus on thermal management solutions and ongoing investment in production capacity and R&D projects [1][2][3] Financial Performance - In 2024, the company achieved total revenue of 943 million yuan, a year-on-year increase of 1.62% - The net profit attributable to shareholders reached 185 million yuan, reflecting a significant growth of 20.26% compared to the previous year, primarily due to improved production efficiency and cost control [1] Project Progress - The construction of the thermal product production base has reached an investment progress of 65.83% as of December 31, 2024, with the factory and related facilities completed and ready for use, while production line construction is ongoing [2] - The first phase of the Shengzhou Tianmai thermal base has been completed, and the company is currently undergoing system and customer certification [2] R&D Initiatives - Key R&D projects for 2024 include high heat flow density uniform plates, stainless steel chemical passivation mobile phone uniform plates, titanium chemical passivation mobile phone uniform plates, new composite capillary high-performance uniform plate cooling modules, and embedded liquid cooling systems [2] - These projects aim to enhance the product structure and core competitiveness of the company, catering to diverse customer needs and potentially increasing market share [2] Production Capacity Expansion - The company operates three production bases in Suzhou, Shengzhou, and Bắc Ninh, Vietnam, with good capacity utilization in 2024 [2] - In April 2025, the company plans to invest up to 2 billion yuan to establish an intelligent manufacturing base for thermal products in Wuzhong District, Suzhou, to further expand production capacity [2] Market Focus - The company will continue to focus on core areas such as consumer electronics and automotive electronics while also exploring emerging fields like low-altitude economy and humanoid robots [3] - There will be an increase in investment in R&D resources to align with market demands and company strategy, ensuring competitiveness across product lines [3]