事件描述 公司发布2025 年中报：2025H1 公司实现营业收入67.29 亿元，同比增长6.05%，实现归母净利润5.35 亿 元，同比增长12.94%，实现扣非归母净利润5.17 亿元，同比增长11.04%；其中，2025Q2 公司实现营业 收入37.08 亿元，同比下滑0.31%，实现归母净利润3.18 亿元，同比增长19.69%，实现扣非归母净利润 3.06 亿元，同比增长15.24%。 事件评论 单Q2 公司营收规模略有回落，新能源汽车热管理业务持续放量。2025H1 公司营业收入同比增长 6.05%；其中，分产品，制冷设备产业收入同比下滑31.43%，或主要是中央空调行业景气度有所回落， 叠加公司为避免与控股股东格力电器同业竞争，对该业务进行战略性收缩，制冷空调零部件产业同比增 长8.80%，或受益于"以旧换新"政策对下游空调产品需求产生明显拉动，进而对上游零部件产业带来促 进作用，新能源汽车热管理产业同比增长81.84%，预计主要是前期订单开始逐步放量，其他业务同比 下滑12.16%；分地区，国内业务收入同比增长4.54%，海外业务收入同比增长13.23%。此外，2025Q2 公司营业收入同比 ...

丨证券研究报告丨 公司研究丨点评报告丨盾安环境（002011.SZ） [Table_Title] 毛利率有所企稳，经营利润大幅增长 报告要点 [Table_Summary] 2025H1 公司实现营业收入 67.29 亿元，同比增长 6.05%，实现归母净利润 5.35 亿元，同比增 长 12.94%，实现扣非归母净利润 5.17 亿元，同比增长 11.04%；其中，2025Q2 公司实现营业 收入 37.08 亿元，同比下滑 0.31%，实现归母净利润 3.18 亿元，同比增长 19.69%，实现扣非 归母净利润 3.06 亿元，同比增长 15.24%。 分析师及联系人 [Table_Author] 陈亮 SAC：S0490517070017 SFC：BUW408 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_Title2] 毛利率有所企稳，经营利润大幅增长 [Table_Summary2] 事件描述 公司发布 2025 年中报：2025H1 公司实现营业收入 67.29 亿元，同比增长 6.05%，实现归母 净利润 5.35 亿元，同比增长 ...

报告期内，纳百川主营业务呈现较好的增长趋势，主营业务收入由2022年度的10.08亿元至2024年度的 14.08亿元，复合增长率为18.17%；2025年1月至3月主营业务收入为3.29亿元，同比增长69.55%。 本报讯(记者邬霁霞)近日，深圳证券交易所网站显示，深交所上市审核委员会定于2025年8月28日召开 2025年第15次上市审核委员会审议会议，届时将审议纳百川新能源股份有限公司(简称"纳百川")的首发 事项。 招股书显示，纳百川拟在深交所创业板上市。纳百川专注从事新能源汽车动力电池热管理、燃油汽车动 力系统热管理及储能电池热管理相关产品的研发、生产和销售，主要产品包括电池液冷板、电池集成箱 体、燃油汽车发动机散热器、加热器暖风等。 凭借深厚的技术积累与丰富的产品开发经验，纳百川已成长为新能源热管理系统领域的领先供应商，其 客户资源优势尤为突出。目前，公司合作客户已全面覆盖国内下游核心企业，既包括吉利汽车控股有限 公司、重庆长安汽车（000625）股份有限公司、广东小鹏汽车科技有限公司等前十大新能源整车厂商， 也涵盖宁德时代（300750）新能源科技股份有限公司、蜂巢能源科技股份有限公司、孚能科技 ...

Core Viewpoint - Nabaichuan, under the "strategic partner of CATL" label, is facing challenges with its IPO due to declining profitability despite increasing revenue, amid concerns of overcapacity in the liquid cooling plate industry [1][3]. Financial Performance - Nabaichuan's revenue from 2022 to Q1 2025 was 1.031 billion, 1.136 billion, 1.437 billion, and 337 million respectively, while net profit for the same periods was 113 million, 98 million, 95 million, and 15 million [3]. - The battery liquid cooling plate business accounted for over 80% of Nabaichuan's revenue, with revenue shares of 79.79%, 85.34%, 83.78%, and 92.27% during the reporting period [3]. - The company's gross profit margin has been declining, with figures of 22.00%, 19.43%, 17.54%, and 14.34% over the same period [7]. Customer Dependency - Nabaichuan's sales to CATL have decreased, with CATL's contribution to revenue dropping from 53.73% in 2022 to 44.39% in Q1 2025 [3][4]. - The top five customers in Q1 2025 included CATL with a sales share of 34.49%, down from 37.04% in 2024 [4]. Industry Competition - The liquid cooling plate industry is experiencing aggressive capacity expansion from competitors like Sanhua Intelligent Control and Yinlun [1]. - Nabaichuan's cost control is not competitive compared to peers, with operating costs increasing significantly [10][11]. Inventory and Cash Flow Concerns - Nabaichuan's inventory has been rising, reaching 220 million by Q1 2025, raising concerns about potential depreciation risks [13]. - The company reported negative operating cash flow of 56.5 million in Q1 2025, a decline from positive cash flows in previous years [13]. Future Outlook - Nabaichuan plans to raise 829 million through its IPO, with significant investments in expanding production capacity [14]. - The company faces risks if it cannot improve profitability and manage cash flow effectively, especially in a competitive pricing environment [15].

Core Viewpoint - The company Nanbaichuan New Energy Co., Ltd. is set to undergo a listing review on August 28, focusing on its growth in the new energy vehicle thermal management sector, with a strong emphasis on its innovative products and expanding customer base [1] Group 1: Business Performance - The company's main business revenue is projected to grow from 1,008.13 million yuan in 2022 to 1,407.81 million yuan in 2024, reflecting a compound annual growth rate (CAGR) of 18.17% [1] - In the first quarter of 2025, the revenue reached 329.42 million yuan, marking a year-on-year increase of 69.55% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 111.12 million yuan in 2022, 89.26 million yuan in 2023, and 88.04 million yuan in 2024, with a profit of 13.91 million yuan in the first quarter of 2025, showing a year-on-year growth of 77.85% [1] Group 2: Technological Innovation - Nanbaichuan entered the power battery thermal management system field in 2011 and is recognized as a national "little giant" enterprise and a high-tech enterprise in Zhejiang Province [2] - The company has invested significantly in R&D, with expenses of 34.07 million yuan in 2022, 43.94 million yuan in 2023, 54.11 million yuan in 2024, and 10.17 million yuan in the first quarter of 2025 [2] - As of the end of the reporting period, the company holds 20 invention patents and 183 utility model patents, showcasing its commitment to innovation [2] Group 3: Customer Ecosystem - Nanbaichuan has developed over 300 product projects and adapted to more than 200 vehicle models, demonstrating its strong technical capabilities [3] - The company has established strategic partnerships with leading global new energy firms, notably with CATL, enhancing its position in the global supply chain [3] - Its customer base includes major domestic players such as Geely, Changan, Leap Motor, and Xpeng, as well as top energy storage system integrators like Sungrow Power Supply [3] Group 4: Fundraising Plans - The company plans to raise 729 million yuan to fund the production project of 3.6 million sets of water-cooled plates and to supplement working capital [4]

苏焱电子CEO童百灵表示："本轮资金将主要用于下一代厚膜加热器平台化开发、欧洲出口认证及产线 数字化升级，确保产品在2026年前覆盖更多整车平台并实现批量交付。" 《商道创投网》创投家会员·本轮投资原因是什么？ 轩元资本创始人王荣进表示："热管理赛道坡长雪厚，千亿市场正迎来技术拐点。苏焱团队兼具20年汽 车产业积淀与国际化视野，厚膜方案在能效和专利壁垒上实现双重突破，能快速切入全球供应链，具备 成长为细分龙头的潜力。" 《商道创投网》创投生态圈·本轮投融观点是什么？ 商道创投网创始人王帥表示："国务院近期再次强调新能源汽车核心零部件自主可控，苏焱电子以厚膜 技术打破国外专利垄断，体现了硬科技创业者的担当；南通和仲、轩元资本等产业与财务投资人共同加 持，既验证赛道价值，也提醒所有基金管理人'受人之托，必尽其责'；我们平台将持续关注苏焱在欧标 认证与产能爬坡中的表现，为其对接更多政策与市场资源。" 《商道创投网》2025年8月15日从官方获悉：新能源汽车热管理方案提供商苏焱电子近日完成了由南通 和仲领投、轩元资本等跟投的数千万元Pre-A轮融资。 《商道创投网》创业家会员·单位简介 苏焱电子于2022年末在上海成 ...

Summary of Key Points Core Viewpoint The company has decided to conclude certain fundraising projects and reallocate surplus funds to new projects and to permanently supplement working capital, aligning with its future development needs and market conditions [1][20]. Fundraising Overview - The company raised a total of RMB 3 billion through the issuance of convertible bonds, with a net amount available for investment after deducting issuance costs [1][2]. - The total investment for the projects includes RMB 338,112 million, with RMB 300,000 million allocated from the raised funds [2][7]. Project Status and Fund Utilization - The "Annual Production of 6.5 Million Sets of Commercial Refrigeration Air Conditioning Intelligent Control Components Construction Project" and the "Annual Production of 5.05 Million Sets of High-Efficiency Energy-Saving Refrigeration Air Conditioning Control Components Technology Renovation Project" have reached their intended usable state [7][11]. - As of May 31, 2025, the total investment in these projects was RMB 124,662.71 million, achieving an investment progress of 83.84% [7][8]. - Surplus funds from these projects amount to RMB 30,972.62 million and RMB 30,688.49 million, respectively, which will be redirected to new projects and working capital [11][12]. New Project Details - The new project, "Zhejiang Sanhua Intelligent Drive Future Industry Center Construction Project," will utilize RMB 30,688.49 million from the surplus funds and aims to expand into the electric vehicle thermal management and bionic robot components sectors [13][14]. - The project will cover an area of 15.29 million square meters and is expected to enhance the company's production efficiency and innovation capabilities [17][18]. Market Context and Growth Potential - The global electric vehicle market is projected to grow significantly, with the penetration rate expected to rise from 6.7% in 2020 to 23.6% by 2024, driven by technological advancements and supportive policies [14][15]. - The bionic robot industry is also anticipated to enter a phase of mass consumption, with increasing applications in various sectors [15][16]. Company Position and Strategy - The company is a leading manufacturer in the automotive thermal management system components market, with a market share of 48.3% for electronic expansion valves and 65.6% for integrated components as of 2024 [18][19]. - The company emphasizes research and development, maintaining a strong focus on innovation and efficiency to ensure long-term growth and competitiveness [19][20].

Investment Rating - The report assigns a "Buy" rating for the company [11]. Core Viewpoints - The company has been deeply engaged in the refrigeration valve industry for over 30 years and is a global leader in this field. The downstream demand for refrigeration components is showing a marginal improvement, and the increasing penetration of variable frequency air conditioners is expected to drive demand for high-priced valves, leading to stable revenue growth for the company. Additionally, the company is actively expanding into the thermal management business for electric vehicles, leveraging its technological advantages to capture market share [3][6][9]. Summary by Sections Company Overview - The company is a global leader in the refrigeration components industry, with a market share of 38.2% for shut-off valves, 45.0% for four-way valves, and 32.5% for electronic expansion valves projected for 2025-2027. The company has faced challenges in the past due to aggressive diversification and financial difficulties of its former controlling shareholder, but has since stabilized its operations under the ownership of Gree Electric Appliances [6][7][9]. Competitive Position and Market Outlook - The company maintains a leading position in the refrigeration valve market due to high entry barriers and strong customer relationships. The demand for household air conditioning is improving, and the company is well-positioned to benefit from this trend. The forecasted market shares for the company in various valve segments are expected to increase steadily from 2025 to 2027 [7][8]. New Growth Opportunities - The global electric vehicle market is experiencing significant growth, with a CAGR of 48.8% from 2014 to 2024. The complexity of thermal management systems in electric vehicles is expected to create substantial demand for valves, which the company is well-equipped to meet. The company has already established a competitive edge in large-diameter valves and aims to secure first-tier supplier opportunities with major manufacturers [8][9]. Financial Projections - The company is projected to achieve net profits of 1.178 billion, 1.339 billion, and 1.521 billion yuan for the years 2025 to 2027, with corresponding price-to-earnings ratios of 10.02, 8.82, and 7.76 [9].