Group 1 - The company has not yet scaled its data center liquid cooling products in the domestic market [1] - The company provides various cooling products for data centers, including primary chilled water units, heat exchangers, and cooling towers [1]

围绕AI 算力，深度布局组装+液冷+电源。Markets&Markets 预计2025 年全球AI 数据中心市场规模超 2364 亿美金，同比增长41%，其中液冷技术市场规模将增长88%至49 亿美元。液冷技术具备高效散热 与低能耗优势，正逐步取代风冷，成为绿色数据中心的主流冷却方案。1H25 公司AI 服务器已批量出 货，数据中心液冷和电源产品已通过行业领军企业认证。此外，公司开发的智能物流机器人已大规模应 用于集团内制造场景，提升仓储和配送效率。 1H25 公司新型智能产品业务收入为72.09 亿元，营收占比8.94%。 全球消费电子市场回暖，叠加并表影响实现营收快速增长。本集团持续优化收购的精密零部件业务，通 过自动化提升运营效率，盈利能力得到改善。安卓业务方面，集团持续聚焦高端产品，为客户提供高质 量的全方位服务。1H25公司消费电子业务实现营收609.47 亿元，其中零部件收入约人民币137.52亿元， 组装收入约人民币471.95 亿元。 投资建议：下调盈利预测，维持"优于大市"评级：考虑到比亚迪汽车销量不及预期，下调盈利预测，预 计公司25-27 年归母净利润同比增长10%/34%/24%至47 ...

Investment Rating - The report maintains an "Outperform the Market" rating for the company [6][36] Core Views - The company achieved a revenue of 7.17 billion yuan in the first half of 2025, representing a year-on-year growth of 16.5%, with a net profit of 440 million yuan, up 9.5% year-on-year [7][8] - The growth in revenue is attributed to the recovery in commercial vehicle sales and rapid expansion in the digital energy business, with a notable increase in the sales of new energy vehicle thermal management products [7][8] - The company has a robust order backlog, with new orders expected to contribute approximately 9.073 billion yuan in annual sales revenue once fully realized [30] Summary by Sections Financial Performance - In 2025H1, the company reported a revenue of 71.7 billion yuan, a 16.5% increase year-on-year, and a net profit of 4.4 billion yuan, reflecting a 9.5% growth [7][8] - The second quarter of 2025 saw revenues of 37.5 billion yuan, up 17.9% year-on-year, and a net profit of 2.3 billion yuan, an increase of 8.3% year-on-year [7][8] - The company's gross margin in Q2 2025 was 18.8%, down 2.2 percentage points year-on-year, while the net margin was 7.0%, a decrease of 0.3 percentage points year-on-year [2][17] Business Segments - The commercial vehicle and non-road business generated 2.43 billion yuan in revenue in 2025H1, a 3.9% increase year-on-year, while the digital energy business saw a revenue of 690 million yuan, up 58.9% [7][8] - The passenger vehicle segment reported a revenue of 3.83 billion yuan, reflecting a 20.5% year-on-year growth, with new energy vehicle thermal management products accounting for 42% of total revenue [7][8] International Expansion - The North American operations generated 790 million yuan in revenue in 2025H1, with a net profit of 30 million yuan, and the European segment is expected to turn profitable by year-end [2][17] - The company's Mexican factory achieved breakeven in Q4 2023, primarily producing thermal management products for North American customers [3][25] Growth Opportunities - The company is actively expanding into digital energy and robotics, with significant progress in product development and patent applications [4][33] - The digital energy business includes data center thermal management solutions, which are expected to become a new growth driver [28][30] Profitability Forecast - The company forecasts net profits of 1.089 billion yuan, 1.385 billion yuan, and 1.625 billion yuan for the years 2025, 2026, and 2027, respectively, with corresponding earnings per share of 1.30 yuan, 1.66 yuan, and 1.95 yuan [36]

Group 1: Macro Insights - August PMI for manufacturing and non-manufacturing sectors showed a slight recovery, but manufacturing PMI remains in contraction territory [9] - Supply and demand both improved, with supply rebounding more significantly, driven by the pharmaceutical and electronics sectors [9] - The price index continued to rebound, indicating a narrowing decline in PPI, while inventory trends showed divergence [9] Group 2: Banking Sector Performance - In H1 2025, listed banks reported a revenue growth of 1.0% and a net profit growth of 0.8%, both turning positive compared to Q1 2025 [32] - Different types of banks showed varied performance, with state-owned banks improving significantly due to increased asset growth [32] - The overall banking sector is expected to benefit from expansionary policies aimed at stabilizing economic growth [34] Group 3: White Wine Industry Analysis - The white wine sector reported a revenue of 2414.2 billion yuan in H1 2025, a year-on-year decline of 0.8%, with net profit at 946.3 billion yuan, down 1.2% [28] - High-end and sub-high-end wines showed resilience, while regional wines faced significant declines [28] - The industry is undergoing a supply-side adjustment, with companies focusing on destocking and maintaining prices [30] Group 4: Energy Sector Developments - The energy sector is expected to experience a shift towards marketization, with significant growth in renewable energy installations [38] - The anticipated changes in electricity pricing are expected to reverse current pessimistic market expectations [38] - Companies with resilient earnings in the energy sector, such as Baoneng Energy and Huaneng International, are recommended for investment [38] Group 5: Home Appliance Industry Insights - The home appliance sector is witnessing a mixed performance, with companies like Midea Group maintaining stable profitability despite short-term pressures from tariffs [3][5] - The market for shared massage services is growing, with leading companies like LeMoba showing strong revenue and profit growth [25] - The overall home appliance market is characterized by competitive pressures and the need for companies to innovate and expand their service offerings [25]

Investment Rating - The report maintains a "Recommended" rating for the company [6][58]. Core Views - The company demonstrates significant competitive advantages in its core business, with new ventures becoming market hotspots [1]. - The company has successfully issued H shares and achieved strong mid-year performance, exceeding market expectations [6][7]. - The company is actively expanding into the bionic robotics and data center liquid cooling industries, which are expected to become new growth drivers [9]. Financial Performance Summary - **Revenue Forecasts**: The company is projected to achieve revenues of 33.23 billion, 39.27 billion, and 45.82 billion yuan for 2025, 2026, and 2027 respectively, reflecting growth rates of 18.9%, 18.2%, and 16.7% [2][59]. - **Net Profit Forecasts**: The expected net profits for the same years are 4.11 billion, 4.99 billion, and 5.95 billion yuan, with growth rates of 32.7%, 21.3%, and 19.3% [2][59]. - **Earnings Per Share (EPS)**: The diluted EPS is forecasted to be 0.98, 1.18, and 1.41 yuan for 2025, 2026, and 2027 respectively [2][59]. - **Price-to-Earnings (PE) Ratio**: The PE ratios are projected to be 32.43, 26.74, and 22.41 for the years 2025, 2026, and 2027 [2][59]. Business Segment Performance - **Core Business Strength**: In the first half of 2025, the refrigeration and air conditioning parts segment generated 10.39 billion yuan in revenue, up 25.5% year-on-year, benefiting from national subsidies and increased market share [6][8]. - **Automotive Parts Revenue**: The automotive parts segment achieved 5.87 billion yuan in revenue, reflecting an 8.8% increase year-on-year [8]. - **Gross Margin Improvement**: The gross margins for refrigeration and automotive parts improved by 0.65 percentage points to 28.21% and 27.96% respectively, indicating strong industry positioning [8][14]. New Business Development - **Bionic Robotics**: The bionic robotics actuator business is in its early stages but is rapidly developing, with positive customer feedback expected to drive future growth [9]. - **Data Center Liquid Cooling**: The company is leveraging its strengths in refrigeration and thermal management to compete in the data center liquid cooling market, which is gaining significant attention [9].

Investment Rating - The report maintains a "Buy" rating for the company [6][58]. Core Views - The company demonstrates significant competitive advantages in its core business, with new ventures becoming market hotspots [1]. - The company has successfully issued H shares and achieved strong mid-year performance, exceeding market expectations [6][7]. - The company is actively expanding into the bionic robotics and data center liquid cooling industries, which are expected to become new growth drivers [9]. Financial Performance Summary - **Revenue Forecasts**: - 2024A: 27,947 million CNY - 2025E: 33,229 million CNY (growth of 18.9%) - 2026E: 39,268 million CNY (growth of 18.2%) - 2027E: 45,824 million CNY (growth of 16.7%) [2][59] - **Net Profit Forecasts**: - 2024A: 3,099 million CNY - 2025E: 4,112 million CNY (growth of 32.7%) - 2026E: 4,986 million CNY (growth of 21.3%) - 2027E: 5,950 million CNY (growth of 19.3%) [2][59] - **Earnings Per Share (EPS)**: - 2024A: 0.74 CNY - 2025E: 0.98 CNY - 2026E: 1.18 CNY - 2027E: 1.41 CNY [2][59] - **Price-to-Earnings (PE) Ratios**: - 2024A: 43.02 - 2025E: 32.43 - 2026E: 26.74 - 2027E: 22.41 [2][59] Business Segment Performance - **Refrigeration and Air Conditioning Components**: - Revenue in H1 2025: 103.89 billion CNY, up 25.5% YoY, benefiting from national subsidies and increased market share in core components [6][8]. - **Automotive Components**: - Revenue in H1 2025: 58.74 billion CNY, up 8.8% YoY [6][8]. - **Gross Margin**: - Overall gross margin in H1 2025: 28.1%, up 0.7 percentage points YoY, driven by improved sales expense management and scale effects [6][14]. - **Overseas Sales**: - Revenue: 72.1 billion CNY, up 23.3% YoY, with a gross margin of 29.84%, reflecting strong international demand despite U.S. tariff challenges [6][8]. New Business Development - The company is expanding into the bionic robotics sector, with promising technology development and customer feedback, expected to become a significant growth curve [9]. - The company is also focusing on the data center liquid cooling market, leveraging its strengths in refrigeration and thermal management [9].

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 81.88 CNY per share [4][7]. Core Views - The company achieved significant revenue growth in H1 2025, with total revenue reaching 2.573 billion CNY, a year-on-year increase of 50.25%. The net profit attributable to shareholders was 216 million CNY, up 17.54% year-on-year [1]. - The growth in revenue is primarily driven by increased demand for cooling solutions in data centers, with liquid cooling revenue exceeding 200 million CNY in H1 2025 [2][3]. - The company has established a comprehensive product layout for liquid cooling solutions and is positioned to benefit from the growing demand for computing power, particularly through partnerships with major clients like Nvidia, ByteDance, Tencent, and Alibaba [3]. Financial Summary - The company forecasts revenues of 6.104 billion CNY, 7.910 billion CNY, and 9.921 billion CNY for 2025, 2026, and 2027, respectively. Net profits are expected to be 611 million CNY, 781 million CNY, and 1.019 billion CNY for the same years [4][11]. - The overall gross margin for H1 2025 was 26.15%, a decrease of 4.84 percentage points year-on-year, attributed to regional sales mix and increased competition in the Chinese market [2]. - The company’s net profit margin for H1 2025 was 8.78%, down 1.92 percentage points year-on-year [2].

Group 1 - The core viewpoint of the report is that Yingweike (002837.SZ) is given a "buy" rating due to strong growth in data center liquid cooling products and significant increases in goods and contract liabilities [2] - The company demonstrates strong cost control capabilities and emphasizes research and development investments, which accelerates capacity expansion [2] Group 2 - The report highlights the rapid deployment of liquid cooling products in data centers, indicating a positive market trend [2] - There are concerns regarding increased competition in the energy storage temperature control industry and the potential underperformance of both air-cooled and liquid-cooled products in data centers [2]

Core Viewpoint - The company has achieved independent research and production of key liquid cooling equipment, indicating a significant advancement in its technological capabilities [1] Group 1: Product Development - The company's data center liquid cooling products include server liquid cooling plates, fluid connection components, various models and heat exchange forms of CDU, multiple sizes and power ratings of TANK, pumps, and heat exchange units [1] Group 2: Supply Chain Strategy - To optimize supply chain efficiency and meet diverse customer demands, the company will consider customer needs and its own production capabilities when deciding on the self-manufacturing or outsourcing of related components [1]

Group 1: Economic and Industry Developments - The National Bureau of Statistics reported that as of June 2023, China has built over 35,000 high-quality data sets, totaling over 400PB, with plans to accelerate the development of key areas such as embodied intelligence, low-altitude economy, and biomanufacturing [1] - Hainan Province has introduced policies to support the high-quality development of the biopharmaceutical industry, including funding rewards ranging from 400,000 to 10 million yuan for various stages of product development [2] - Guizhou Province has launched a three-year action plan for the low-altitude economy, aiming for significant development by 2027, including infrastructure completion and the establishment of innovative platforms [3] Group 2: Company Financial Performance - JD Group reported a revenue of 356.7 billion yuan for Q2, a year-on-year increase of 22.4%, but incurred an operating loss of 900 million yuan due to increased strategic investments [5] - China Telecom's revenue for the first half of the year was 269.4 billion yuan, a 1.3% increase year-on-year, with a net profit of 23.02 billion yuan, up 5.5% [5] - NetEase reported Q2 revenue of 27.9 billion yuan, a 9.4% increase, with a net profit of 8.6 billion yuan [5] Group 3: Corporate Actions and Market Movements - China Heavy Industries announced the voluntary termination of its A-share listing as part of a merger with China Shipbuilding, which has been approved by the China Securities Regulatory Commission [7] - Tianpu Co. announced a potential change in control, leading to a temporary suspension of its stock trading [6] - Giant Power announced plans to invest 100 million yuan to establish a wholly-owned subsidiary focused on marine technology, aiming to enhance sustainable development capabilities [8] Group 4: Market Trends and Recommendations - Research from Galaxy Securities suggests focusing on the AI sector, particularly on core areas such as domestic computing power, high-end chips, and AI application leaders in various industries [9] - CITIC Securities highlights the ongoing growth in the computing power sector driven by AI, recommending companies with sustained high growth and those benefiting from external demand [9]