史晋星 招商证券家电首席: 我是本场会议的主持人史宁馨，跟我一起汇报这次深度报告的还有我的同事，严哲坤。那 首先的话，我这边还是开篇先把这个时间点，我们重点推荐多安环境的几个理由。简单的 概述一下。那首先还是回到刚刚在春节期间，我们注意到在 2 月 18 号的时候，那个特斯 拉全球第一辆这个量产车型 CyberCab，无人驾驶的这个车辆从德州工厂正式下线。在这 个马斯克 Twitter 上透露，这个没有方向盘和这个踏板的这个 SEP CAB 整个的车型，现 在大规模的量产，应该已经正式进入到这个放量的这个阶段。 那当下这个时间点，我们认为，这个多安环境，从 CyberCup 开始，应该是正式算标志着 打入了整个的 T 客户的这个产业链当中。所以从整个的这个业务的新的放量角度来讲，也 是值得大家去重视多安环境在新一阶段内，整个的这个价值的重新发现。然后这篇报告的 话，当然也是有多方面的这个几点理由，共同促成了我们这个时间点去选择重点推荐多安 环境。那第一个就是从新业务的角度来看，那这个除了汽车热管理这块，本身打进了海外 的标杆客户之外，还有包括在液冷，包括在储能的热管理，以及核电的这个中央空调领域。 公司，新的 ...

Core Viewpoint - The company "Nabachuan" is set to conduct an inquiry for its IPO on December 2, focusing on thermal management solutions for electric vehicles and energy storage systems, with significant revenue growth projected for the coming years [1] Group 1: Company Overview - Nabachuan specializes in the research, production, and sales of thermal management systems for electric vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1] - The company achieved revenues of 1.031 billion yuan in 2022, with a year-on-year growth of 98.37%, and is projected to reach 1.437 billion yuan by 2024, reflecting a growth rate of 26.48% [1] - The net profit attributable to the parent company was 113 million yuan in 2022, with a significant increase of 134.65%, but is expected to decline slightly in the following years [1] Group 2: Market Position and Competitive Advantage - Nabachuan is one of the earliest companies to enter the thermal management sector for electric vehicles, holding a strong position in the liquid cooling plate market for power batteries [2] - The company has established strategic partnerships with major players like CATL, becoming a key supplier for several leading domestic new energy vehicle manufacturers [2] - The market for thermal management systems is expected to expand significantly as the electric vehicle sector grows, with the per-unit value of core components being 2-3 times higher than traditional fuel vehicles [2] Group 3: Business Expansion and Innovation - The company is actively diversifying its product offerings, expanding from power battery liquid cooling plates to energy storage battery solutions, with revenues from energy storage thermal management products projected to grow from 36 million yuan in 2022 to 337 million yuan by 2024 [2] - Innovations in product integration, such as the development of integrated battery boxes, are underway, with the market for battery boxes expected to exceed 119.5 billion yuan by 2030 [2] - Nabachuan has successfully completed product validation for its integrated battery box products and is currently in the market promotion phase [2] Group 4: Industry Comparison - Compared to similar companies in the industry, Nabachuan's revenue and gross margin are currently below the average, with comparable companies showing an average revenue of 10.594 billion yuan and an average PE-TTM of 39.04X [3]

Core Viewpoint - The company, Sanhua Intelligent Control, has enhanced its global competitiveness through A+H share listing, achieving significant revenue growth and maintaining leadership in traditional refrigeration and automotive thermal management sectors [1][2]. Group 1: Financial Performance - As of Q3 2025, the company reported total revenue of 24.03 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion yuan, with a growth rate exceeding 40% [1]. - The traditional refrigeration and automotive parts business remains the largest revenue source, accounting for 64% of total revenue in H1 2025 [1]. Group 2: Business Segments - The company has a strong market position in traditional refrigeration components, with many products holding leading market shares, benefiting from increased domestic air conditioning and appliance ownership [1]. - In the automotive sector, the company leverages its expertise in refrigeration components to capture significant market share in the global thermal management market, establishing strong ties with major traditional and new energy vehicle manufacturers [1]. Group 3: Emerging Business Opportunities - The company has entered the energy storage and robotics sectors, utilizing existing technology to develop energy storage thermal management solutions, achieving partnerships with industry leaders [2]. - The robotics division, established in 2025, focuses on bionic robot electromechanical actuators, with plans for efficient production to meet global client demands [2]. Group 4: Investment Rating - The company is projected to achieve net profits of 4.25 billion, 4.65 billion, and 5.10 billion yuan for the years 2025-2027, reflecting growth rates of 37.2%, 9.4%, and 9.6% respectively [3]. - A valuation of 143.3 billion yuan is estimated based on the company's traditional refrigeration and automotive thermal management business, with a current market cap of 140.8 billion HKD, indicating a potential upside of 12.3% [3].

Core Viewpoint - The report from Shenwan Hongyuan indicates that Sanhua Intelligent Control (02050) is expected to achieve net profits attributable to shareholders of 4.253 billion, 4.650 billion, and 5.099 billion yuan from 2025 to 2027, representing year-on-year growth of 37.2%, 9.4%, and 9.6% respectively. The estimated reasonable market value of the company is 143.3 billion yuan, with a potential upside of 12.3% compared to its current H-share market value of 140.8 billion HKD [1][2]. Group 1: Business Performance - Sanhua Intelligent Control is a leader in the traditional refrigeration components and automotive thermal management sectors, having been listed on the Shenzhen Stock Exchange since 2005 and successfully issuing H-shares in June 2025, enhancing its global competitiveness [2]. - As of Q3 2025, the company reported total revenue of 24.03 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion yuan, with a growth rate exceeding 40% [2]. Group 2: Mature Business Segments - The company has maintained a leading position in traditional refrigeration components, with a revenue contribution of 64% from this segment in H1 2025, making it the largest revenue source [3]. - The growth in domestic air conditioning and appliance ownership, along with opportunities in overseas markets, is expected to stimulate demand for refrigeration components, allowing the company to sustain steady growth [3]. - In the automotive parts sector, the company leverages its long-standing expertise in refrigeration components to capture significant market share in the highly concentrated global thermal management market, gaining recognition from major domestic and international automotive manufacturers [3]. Group 3: Emerging Business Segments - The energy storage and robotics sectors present significant growth potential for the company, with energy storage thermal management sharing high similarities with traditional refrigeration and automotive thermal management [4]. - The company established an energy storage thermal management division in Q1 2022 and has since formed partnerships with industry leaders, marking 2023 as a pivotal year for sales in this new segment [4]. - In the robotics sector, the company has been actively investing since 2022, focusing on bionic robot electromechanical actuators, and aims to achieve mass production in collaboration with global core clients by establishing a dedicated robotics division in 2025 [4].

Core Viewpoint - The report from Shenwan Hongyuan indicates that Sanhua Intelligent Control (02050) is expected to achieve net profits attributable to shareholders of 4.253 billion, 4.650 billion, and 5.099 billion yuan from 2025 to 2027, representing year-on-year growth of 37.2%, 9.4%, and 9.6% respectively. The estimated reasonable market value of the company is 143.3 billion yuan, with a potential upside of 12.3% compared to its current H-share market value of 140.8 billion HKD, leading to an "Overweight" investment rating [1][2]. Group 1: Business Performance - Sanhua Intelligent Control is a leader in the traditional refrigeration components and automotive thermal management sectors, having been listed on the Shenzhen Stock Exchange since 2005 and successfully issuing H-shares in June 2025, enhancing its global competitiveness and financing channels [2]. - As of Q3 2025, the company reported total revenue of 24.03 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion yuan, with a growth rate exceeding 40% [2]. Group 2: Mature Business Segments - The company has maintained a leading position in traditional refrigeration components, with its refrigeration component business accounting for 64% of revenue in H1 2025, driven by increased domestic air conditioning and appliance ownership, as well as significant overseas market potential [3]. - In the automotive parts sector, Sanhua has leveraged its long-standing expertise in refrigeration components to capture a significant share in the highly concentrated global thermal management market, establishing strong relationships with major traditional and new energy vehicle manufacturers [3]. Group 3: Emerging Business Segments - The energy storage and robotics sectors present significant growth opportunities for the company. The energy storage thermal management business, initiated in Q1 2022, has already formed partnerships with industry leaders and is expanding its market presence [4]. - The robotics division, established in 2025, focuses on bionic robot electromechanical actuators and aims to enhance production capabilities to meet global client demands, with several companies already achieving commercial delivery of humanoid robots since 2025 [4].

Core Viewpoint - C Nanbaichuan (301667) experienced a significant increase of 408.17% on its first trading day, with a turnover rate of 86.16% and a transaction volume of 1.454 billion yuan [1]. Group 1: Stock Performance - On its debut, C Nanbaichuan's financing buy-in amounted to 51.072 million yuan, representing 3.51% of the total trading volume for the day [1]. - The latest financing balance for the stock is 46.2054 million yuan, which accounts for 1.79% of its circulating market value [1]. - The stock attracted a net inflow of 483 million yuan from major funds on its first day, with large orders contributing 246 million yuan and 237 million yuan respectively [1]. Group 2: Company Overview - C Nanbaichuan specializes in the research, development, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries [1]. - Key products include battery liquid cooling plates, battery integrated boxes, fuel vehicle engine radiators, and heating warm air devices [1]. Group 3: Market Activity - The top five trading departments on the stock's first day had a total transaction volume of 166 million yuan, with a net purchase of 92.386 million yuan [1]. - Among these, one institutional special seat was recorded with a net sell of 499.85 thousand yuan [1].

Core Insights - The automotive thermal management system is becoming a key determinant of vehicle performance amid the electrification wave, focusing on natural refrigerants like CO₂ and R290 to address challenges such as winter range reduction and tightening global environmental regulations [4][7][9]. Group 1: Industry Trends and Challenges - The 2025 China Automotive Supply Chain Conference will feature a dedicated session on key technologies in automotive thermal systems, emphasizing the application of natural refrigerants and the development of heat pump systems [4][6]. - The industry faces a pressing timeline, with regulations mandating a switch to refrigerants with a GWP value below 150 by 2029, necessitating collaborative R&D between vehicle manufacturers and component suppliers [7][9]. - The analysis of global compliance trends indicates that CO₂ (R744) is the only refrigerant that meets long-term regulatory requirements across major markets, providing a stable technical foundation for global strategies [9][12]. Group 2: Technological Innovations - Research on mixed refrigerants shows that while R290 excels in overall efficiency, R454C demonstrates significant advantages in extreme low-temperature heating conditions, suggesting a strategic transitional role for high-performance mixed refrigerants [12][18]. - Innovations in CO₂ systems, such as magnetic overcooling technology, aim to enhance energy efficiency and address industry bottlenecks [14]. - High-precision sealing and explosion-proof charging are critical for the mass production of R290 and CO₂ systems, ensuring reliability and safety [18]. Group 3: Key Components and Solutions - The reliability of CO₂ systems is paramount, with new standards exceeding European benchmarks in leakage rates and pressure resistance, achieved through innovative sealing technologies [22]. - The choice of compressor design is crucial, with dual-rotor structures being favored for CO₂ applications due to their performance advantages under high temperatures and pressures [24]. - Integration of functions in components, such as electronic valves, is being pursued to reduce costs and weight while enhancing system efficiency [26]. Group 4: Market and User Experience - The role of thermal management systems is evolving from passive functionality to active integration of user experience, with a focus on health and comfort features in vehicle cabins [38]. - Cost control strategies emphasize platform and component standardization to optimize quality and reduce expenses, with significant production volumes projected [40]. - Addressing user complaints regarding noise and vibration in HVAC systems is critical, highlighting the need for improved NVH development capabilities among component manufacturers [42]. Group 5: Future Directions - The future of HVAC systems is leaning towards multifunctional designs that integrate with vehicle architecture, responding to the unique demands of electric vehicles [44]. - AI technology is expected to revolutionize thermal management by optimizing user comfort and energy efficiency through advanced algorithms [46]. - The integration of refrigeration systems for both cabin climate control and additional functionalities, such as air quality management, is anticipated to become mainstream [50].

Core Viewpoint - The company, a leader in automotive thermal management, is expanding into new growth areas such as data centers and robotics, showing strong revenue and profit growth with a compound annual growth rate (CAGR) of 22% in revenue and 43% in net profit from 2022 to 2024 [1] Group 1: Business Expansion and Growth - The company has diversified its business into four growth curves: commercial vehicle off-road, new energy thermal management, digital and energy thermal management, and artificial intelligence and robotics [1] - The passenger vehicle segment is leading the growth, while the digital energy business is rapidly expanding, and the commercial vehicle and off-road segments are providing stable contributions [1] - The company has achieved a historical high in overseas revenue, which accounted for 24% of total revenue in the first half of 2025, with significant improvements in profitability from international operations [1] Group 2: Digital Energy and AI Cooling - The demand for liquid cooling in data centers is expected to accelerate, driven by high capital expenditures in the domestic internet sector and AI applications [2] - The company has secured 301 orders for data center liquid cooling systems, with a total capacity of 500 MW, indicating a strong market presence [2] - The digital and energy segment is projected to contribute an additional annual sales revenue of 637 million yuan after mass production [2] Group 3: Acquisition and Strategic Moves - The company plans to acquire a controlling stake in Deep Blue Co., focusing on energy storage temperature control and HVAC systems, which will enhance its capabilities in data center liquid cooling and energy storage [3] - The automotive sector is transitioning towards electrification and intelligence, increasing the thermal management value per vehicle, with the penetration rate of new energy vehicles in China expected to reach 56% in 2025 [3] Group 4: Market Position and R&D - The company has established a comprehensive product layout, including battery thermal management systems and various components, with over 1,000 effective patents and a research and development expense ratio of over 4% [4] - The company has entered the supply chains of numerous leading domestic and international clients, including major automotive manufacturers [4] - The humanoid robotics market is anticipated to grow significantly, with the company positioning itself to leverage synergies between robotics and automotive clients [4][5] Group 5: Financial Projections - The company is expected to achieve revenues of 15.211 billion yuan, 17.952 billion yuan, and 20.978 billion yuan from 2025 to 2027, with year-over-year growth rates of 19.8%, 18.0%, and 16.9% respectively [6] - The projected net profits for the same period are 973 million yuan, 1.255 billion yuan, and 1.577 billion yuan, with year-over-year growth rates of 24.2%, 29.0%, and 25.7% respectively [6]

Core Viewpoint - Yinlun Co., Ltd. is accelerating its business expansion by acquiring over 55% of Shenzhen Deep Blue Electronics Co., Ltd. for approximately 133 million yuan, aiming to enhance its core competitiveness in the digital and energy thermal management sector [1][2][3] Group 1: Acquisition Details - The acquisition will be executed in two phases: first, a cash purchase of approximately 20.31 million shares at 4.05 yuan per share, totaling about 82.27 million yuan [2][3] - Following the share transfer, Yinlun plans to invest an additional 50 million yuan through a private placement, subject to regulatory approval [3] - The total investment for acquiring over 55% of Deep Blue is estimated at around 133 million yuan, funded by the company's own or self-raised funds [3] Group 2: Financial Performance - Deep Blue Electronics reported revenues of 71.52 million yuan and 30.86 million yuan for 2024 and the first half of 2025, respectively, with net profits of 17.76 million yuan and 7.35 million yuan [2][3] - Yinlun's revenue for the first three quarters of 2025 reached approximately 110.57 billion yuan, achieving 73.7% of its annual target of 150 billion yuan [1][7] - The company’s net profit for the same period was about 6.72 billion yuan, reflecting an 11.18% year-on-year increase [6][7] Group 3: Strategic Goals and Market Position - Yinlun aims to integrate Deep Blue's technology in controllers and drivers to reduce production costs and strengthen its control over the thermal management industry [1][3] - The company has set a long-term goal to enhance its capabilities in system modules and electromechanical manufacturing, focusing on core technologies in electric control, software, and algorithms [3] - As a leading player in the automotive thermal management sector, Yinlun is expanding into digital and energy thermal management, with a reported revenue growth of 58.94% in its digital and energy business for the first half of 2025 [4][5]

Core Insights - Kaite Co., Ltd. has signed a capital increase agreement with Guangzhou Haote Energy Conservation and Environmental Protection Technology Co., Ltd., investing 10 million yuan to enter the data center thermal management sector, marking a strategic move into "automotive + computing center" dual scenario thermal management [1][2] - Kaite Co., Ltd. is recognized as a national-level specialized and innovative "little giant" enterprise, holding 348 independent patents and being the first in China to achieve domestic substitution of automotive temperature sensors [1] - Guangzhou Haote is the fifth largest neutral operator of data center energy management solutions in China, focusing on full lifecycle services for data centers, with leading liquid cooling technology that enhances cooling efficiency by over 15% [1][2] Investment and Collaboration - The investment aims to achieve deep resource synergy, with Kaite Co., Ltd. providing core component R&D capabilities and precision manufacturing experience to support Guangzhou Haote's liquid cooling solutions [2] - Guangzhou Haote will leverage its market position and lifecycle service capabilities to open up core supply chain channels for Kaite Co., Ltd. in the data center thermal management sector [2] - The collaboration is positioned to address the increasing cooling efficiency demands of AI computing and big data industries, with liquid cooling technology identified as a key solution for high power density cabinet heat dissipation challenges [2]