Business Overview - The company is a leading provider of precision temperature control and energy-saving solutions, focusing on various sectors including cloud computing data centers, power grid, and electric vehicle charging stations [2] - It has maintained a record of revenue and profit growth for 14 consecutive years [2] Market Expansion - The overseas demand for liquid cooling solutions has exploded, providing a significant opportunity for the company [3] - The company has made progress in international markets, showcasing products at global events and forming partnerships with major clients [3] Revenue Structure - The company aims to balance domestic and overseas revenue, which will enhance profitability and cash flow [4] - Recent years have shown fluctuations in global revenue structure, impacting various operational metrics [4] Order Visibility - The visibility of orders varies across different business segments, with some clients purchasing on a project basis while others use annual bidding processes [5] Competitive Advantages - The company possesses strong technical expertise in equipment cooling and environmental control, with a unique product matrix and service delivery capabilities [6][7] Research and Development - The company has invested approximately 297 million CNY in R&D in the first three quarters of 2025, a 31.36% increase year-on-year [9] Management Team - The management team has extensive experience from major corporations, ensuring a well-structured knowledge base across all business functions [10] Energy Storage Business - The company has 15 years of experience in energy storage temperature control, with a revenue of approximately 800 million CNY from energy storage applications in the first half of 2025, reflecting a 35% year-on-year growth [11] Overseas Capacity Layout - The company is establishing supply chains in Southeast Asia and North America to enhance its overseas market presence [12] Electronic Cooling Business - The electronic cooling segment, including liquid cooling plates and cooling modules, is expected to become a significant revenue contributor, potentially the third-largest business area after data centers and energy storage [13] Company Vision - The company aims to become a world-class enterprise in precision environmental control, focusing on customer needs and rapid delivery of quality products [14] M&A Plans - Any potential mergers and acquisitions will be disclosed in accordance with relevant regulations, ensuring transparency and compliance [15]

Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Views - The establishment of the Intel Universal Quick Disconnect (UQD) Alliance, with the company as one of the first certified partners, is expected to enhance the liquid cooling ecosystem and reduce total cost of ownership (TCO) for customers [5] - The company is projected to benefit from the ongoing growth in data center construction driven by the demand for high-power computing chips and cabinets, with net profits expected to reach 651 million, 1.097 billion, and 1.519 billion yuan for 2025, 2026, and 2027 respectively [5] - The company has significantly increased its research and development (R&D) investment, with R&D expenses reaching 196 million yuan in the first half of 2025, a year-on-year increase of 36.74% [7] Financial Summary - The company's total revenue is projected to grow from 3.529 billion yuan in 2023 to 12.823 billion yuan in 2027, reflecting a compound annual growth rate (CAGR) of 35.1% [8] - The net profit attributable to the parent company is expected to increase from 344 million yuan in 2023 to 1.519 billion yuan in 2027, with a year-on-year growth rate of 38.6% in 2027 [8] - The company's gross margin is forecasted to stabilize around 30% in the coming years, with a net margin projected to reach 11.8% by 2027 [11]