Investment Rating - The investment rating for the company is "Outperform" (maintained) [2] Core Views - The company focuses on new energy (wind power, hydrogen energy, energy storage) and new infrastructure (power grid, data centers) [2] - The company reported a revenue of 180 million yuan in H1 2025, a year-on-year increase of 15.41%, while the net profit attributable to the parent company was 14.48 million yuan, a decrease of 27.47% [4] - The company is expected to benefit from the growth in the clean energy sector, particularly in wind power and energy storage, leading to increased order volumes and revenue [5][6] Financial Summary - The total market capitalization of the company is 3.506 billion yuan, with a circulating market capitalization of 984 million yuan [2] - The company's revenue is projected to grow from 347 million yuan in 2024 to 659 million yuan in 2027, reflecting a compound annual growth rate (CAGR) of approximately 20.8% [8] - The net profit attributable to the parent company is expected to increase from 30 million yuan in 2024 to 70 million yuan in 2027, with corresponding EPS rising from 0.34 yuan to 0.80 yuan [8] - The company has a current P/E ratio of 79.0 for 2025, which is expected to decrease to 49.9 by 2027, indicating improving valuation metrics [8] Market Dynamics - The demand for onshore and offshore wind power installations is expected to grow, driven by national carbon neutrality goals and advancements in technology [5] - The company has established partnerships with several universities for research and development, enhancing its innovation capabilities [6]

东吴证券股份有限公司朱洁羽,易申申,薛路熹,余慧勇,武阿兰近期对方盛股份进行研究并发布了研究报告 《2025中报点评：风电需求旺盛推动营收增长，储能、数据中心液冷及氢能为新增长极》，给予方盛股 份增持评级。 方盛股份(832662) 投资要点 事件。公司发布2025年半年报，2025H1实现营业收入1.80亿元，同比15.41%；归母净利润1447.87万 元，同比-27.47%；扣非归母净利润1268.68万元，同比-24.79%，营业收入上升主要原因是国内风力发 电行业景气，形势转好，市场整体需求量扩大，公司该领域的大客户订单量增长以及本期开发新客户逐 步开始量产增长销售额，归母净利润下滑主要是本期毛利率较上年同期下降5.73个百分点所致。2025Q2 公司实现营收1.06亿元，同比+11.75%，环比+41.70%；归母净利润746.40万元，同比-35.70%，环比 6.41%；扣非归母净利润671.47万元，同比-39.28%，环比12.43%。 换热器即换热系统营收稳健增长，内销占比提升导致毛利率有所下滑。分产品来看：2025H1换热系 统，板翅式换热器，槽铝、封条和其他分别实现营收0.51/1. ...

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The demand in the wind power sector is robust, with energy storage, hydrogen energy, and data center liquid cooling identified as significant new growth points for the future [3] - The company is expected to see a revenue increase of approximately 50% in the wind power sector for 2025, with stable growth in lithium battery waste heat recovery and engineering machinery sectors [3] - Emerging businesses, particularly in data center liquid cooling, are projected to double their revenue, contributing to the company's future growth [3] - The report maintains previous profit forecasts, estimating net profits for 2025-2027 at 0.434 billion, 0.609 billion, and 0.799 billion respectively, with corresponding P/E ratios of 90, 64, and 49 [3] Financial Summary - Total revenue for 2023 is projected at 3.4338 billion, with a year-on-year change of -2.71% [1] - The net profit attributable to shareholders for 2023 is estimated at 626.1 million, reflecting a year-on-year increase of 16.01% [1] - The latest diluted EPS for 2023 is expected to be 0.72 yuan per share, with a P/E ratio of 62.07 [1] - The company anticipates a total revenue of 4.5416 billion in 2025, representing a year-on-year growth of 30.82% [1] - The net profit attributable to shareholders for 2025 is projected at 434.1 million, with a year-on-year growth of 45.63% [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 180 million yuan in H1 2025, representing a year-on-year increase of 15%. The growth is attributed to the demand in the wind power sector and the expansion into new fields such as energy storage, data centers, and electricity [7] - The company's internal sales revenue increased by 40% year-on-year, driven by the rising demand in the wind power sector and successful development of new customers in energy storage and data centers [7] - The company is focusing on a differentiated and integrated product development strategy, enhancing its core competitiveness through technological upgrades and market expansion [7] - The projected net profits for the company from 2025 to 2027 are 48 million, 61 million, and 74 million yuan respectively, with corresponding price-to-earnings ratios of 83.5, 66.2, and 54.2 times [8] Financial Summary - As of August 19, 2025, the company's closing price is 45.79 yuan, with a total market capitalization of 4,008.91 million yuan and a circulating market capitalization of 1,125.55 million yuan [3] - The company's total assets are projected to reach 669 million yuan in 2025, with a debt ratio of 25.07% [3][9] - The company expects to achieve a revenue of 435 million yuan in 2025, with a year-on-year growth rate of 25.28% [8]

Group 1: Investor Relations Activity Overview - The investor relations activity was an earnings presentation held on April 30, 2025, via an online platform [4] - Participants included the Chairman, General Manager, Board Secretary, and representatives from the underwriting securities firm [4] Group 2: Financial Performance - The company's 2024 main business revenue was CNY 332.99 million, with heat exchanger revenue at CNY 224.48 million and heat system revenue at CNY 108.51 million [5] - The overall revenue remained stable compared to the previous year, with industry peers also showing stability [5] Group 3: Impact of External Factors - The impact of national tariff measures on the company is minimal as related business accounts for a low percentage of total operations [5] - The company plans to enhance overseas market expansion and increase potential customer development [5] Group 4: Profitability and Challenges - The net profit declined due to rising raw material costs and increased labor depreciation, despite a slight revenue increase [5] - The company is focusing on emerging sectors like hydrogen energy and energy storage for future revenue growth [5] Group 5: Governance and Internal Control - The company has established a sound governance structure and effective internal control mechanisms, with no accounting errors reported for 2024 [5] Group 6: Research and Development - R&D investment for 2024 was CNY 15.26 million, accounting for 4.40% of total revenue [6] - Future R&D will focus on integrated products, diversification, and new energy market development [6] Group 7: Market Outlook - The heat exchanger industry has a broad application scope, with significant growth potential in new energy and infrastructure sectors [7] - The company aims to leverage its diverse product applications and strategic market development for future profitability [7]