Core Viewpoint - The company's Q3 2025 performance met expectations, with revenue and net profit showing year-on-year growth despite a seasonal decline in revenue [1][2] Revenue Performance - Q3 2025 revenue reached 7.767 billion yuan, a year-on-year increase of 12.77% but a quarter-on-quarter decrease of 9.62; total revenue for the first three quarters of 2025 was 24.029 billion yuan, up 16.86% year-on-year [1] - The decline in revenue was attributed to seasonal effects in the refrigeration segment, while growth was driven by the electric vehicle and data center businesses [1] Profitability and Cash Flow - Q3 2025 net profit attributable to shareholders was 1.132 billion yuan, corresponding to earnings per share of 0.29 yuan, reflecting a year-on-year increase of 43.81% but a quarter-on-quarter decrease of 6.14% [1] - The gross margin for Q3 2025 was 28.02%, with slight declines year-on-year and quarter-on-quarter due to changes in business structure; however, the net profit margin reached a historical high of 14.58% [1] - Operating cash flow for the first three quarters of 2025 increased by 53.41% year-on-year to 3.058 billion yuan, indicating improved operational efficiency [1] Growth Drivers - The company is expected to continue enhancing profitability through cost reduction and efficiency improvements [2] - The refrigeration business benefits from a global layout, while the automotive parts segment has a solid customer base [2] - The company has successfully entered the bionic robotics and liquid cooling sectors, leveraging thermal management technology for accelerated growth [2] Profit Forecast and Valuation - Net profit estimates for 2025 and 2026 have been raised by 8.6% and 6.2% to 4.242 billion yuan and 4.817 billion yuan, respectively [2] - Current A-share price corresponds to 50.8 times and 44.8 times the earnings for 2025 and 2026, while H-share price corresponds to 37.9 times and 32.9 times [2] - Target prices for A-shares and H-shares have been increased by 38% to 59.5 yuan and by 19% to 50.00 HKD, respectively, indicating potential upside of 16.2% and 19.9% from current prices [2]