Investment Rating - The report gives a "Buy" rating for the company [15]. Core Views - The company is a leader in automotive thermal management in China, expanding into digital energy and robotics, with significant growth potential in these areas [5][13]. - The company has seen a substantial increase in net profit, projected to reach 9.6 billion yuan in 2025, with a corresponding PE ratio of 36.4x [5][13]. Summary by Sections Company Overview - The company has over 40 years of experience in automotive thermal management and is focusing on business expansion and globalization [8]. - It has developed four major growth curves: commercial vehicles, passenger vehicles, digital energy, and robotics [8]. Automotive Sector - The transition to new energy vehicles is driving upgrades in thermal management systems, with significant growth in both passenger and commercial vehicle segments [9]. - The domestic market for passenger vehicle thermal management is expected to reach 166.3 billion yuan by 2030, with a projected revenue of 51.1 billion yuan in 2024, reflecting a CAGR of 105.0% from 2020 to 2024 [9]. Digital Energy - The company is expanding its thermal management solutions from automotive applications to data centers and energy storage, with a projected market space of 10.3 billion yuan in 2024 [10]. - The global demand for liquid cooling solutions in data centers is expected to create a supply gap, with the company positioned to capitalize on this trend [10]. Robotics - The company is entering the robotics sector with a focus on embodied intelligence, which is expected to open up long-term growth opportunities [11]. International Expansion - The company has established R&D and production bases in the US, Mexico, Sweden, and Poland, with overseas revenue projected to reach 32.9 billion yuan in 2024 [12]. - The international business is entering a profitable phase, with North America expected to turn profitable in 2024 and Europe in 2025 [12]. Financial Performance - The company's revenue has grown from 2.2 billion yuan in 2021 to a projected 7.8 billion yuan in 2024, with a CAGR of 52.6% [8][41]. - The company’s net profit for the first half of 2025 is expected to be 4.4 billion yuan, reflecting a year-on-year growth of 9.5% [8][41]. Investment Recommendations - The report emphasizes the company's leadership in automotive thermal management and the growth potential in digital energy and robotics, supporting the "Buy" rating [5][13].

Core Viewpoint - Atlas Copco Group has acquired Suzhou Xinyao Environmental Technology Co., Ltd., enhancing its local presence and product supply in the exhaust treatment equipment sector while improving its capability to produce adsorbent materials locally in China [1][2]. Company Overview - Suzhou Xinyao Environmental Technology Co., Ltd. is located at the Suzhou Institute of Nano-Tech and Nano-Bionics, focusing on the research and production of various exhaust purification materials and exhaust treatment equipment, holding independent intellectual property rights in China [3]. - The company collaborates with enterprises in Germany and South Korea and has advanced adsorbent testing platforms, with applications in semiconductor chip manufacturing, LED, FPD, solar energy, and various scientific research institutions [3]. Atlas Copco Group Overview - Atlas Copco Group drives future transformations through technology, operating in four main business areas: compressor technology, vacuum technology, industrial technology, and power technology, providing solutions for air compression, vacuum, energy, drainage, industrial tools, and machine vision [4]. - The group has been active in the Chinese market since the 1920s, currently operating over 45 companies in Greater China with approximately 8,600 employees, focusing on productivity, safety, quality, and energy efficiency [5]. - Recent acquisitions have allowed the group to rapidly acquire new technologies, expand product lines, and enter emerging markets, including the acquisition of leading vacuum companies Edwards and Leybold, enhancing its position in the vacuum technology sector [5].