Investment Rating - The report maintains a "Buy" rating for the company [6] Core Insights - The company is a leading player in the domestic industrial temperature control equipment sector, with significant growth in performance during the first half of 2025, achieving a revenue of 1.264 billion yuan, a year-on-year increase of 58.04%, and a net profit of 125 million yuan, a year-on-year increase of 466.71% [1] - The company's power electronic device temperature control products generated revenue of 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01%, up 5.02 percentage points [2] - The company is expanding its temperature control business in data centers and semiconductor manufacturing, leveraging its liquid cooling technology to meet the increasing demand for cooling solutions [4] Financial Summary - The company is projected to achieve net profits of 288 million yuan, 389 million yuan, and 486 million yuan for the years 2025, 2026, and 2027 respectively, with corresponding EPS of 1.70, 2.29, and 2.86 yuan [5] - The forecasted revenue for 2025 is 2.960 billion yuan, reflecting a growth rate of 37.05% compared to 2024 [5] - The company’s return on equity (ROE) is expected to improve from 14.11% in 2025 to 17.23% in 2027 [5]

Core Insights - The company reported a significant increase in revenue and profit for the first half of 2025, with total revenue reaching 1.264 billion yuan, a year-on-year increase of 58.04%, and net profit of 125 million yuan, up 466.71% [1] - The company's gross margin improved to 23.65%, reflecting a year-on-year increase of 13.27%, while the net margin rose to 9.88%, a substantial increase of 258.58% [1] - The company has seen a notable rise in accounts receivable, which reached 816 million yuan, a 22.94% increase compared to the previous year [1][2] Financial Performance - Total revenue for the first half of 2025 was 1.264 billion yuan, compared to 799 million yuan in the same period of 2024, marking a 58.04% increase [1] - Net profit for the same period was 125 million yuan, up from 2.20386 million yuan in 2024, representing a 466.71% increase [1] - The company's gross margin was reported at 23.65%, up from 20.88% in 2024, while the net margin increased from 2.76% to 9.88% [1] Business Segments - The company's revenue from power electronics temperature control products reached 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01% [5] - Revenue from CNC equipment temperature control products was 389 million yuan, up 24.54%, with a gross margin of 28.75% [5] - The company reported a significant increase in overseas revenue, which reached 79.12 million yuan, a growth of 111.94% year-on-year, attributed to enhanced efforts in expanding international customer base [6] Research and Development - The company has increased its R&D investment, with R&D expenses for the first half of 2025 amounting to 53.24 million yuan, a 15.99% increase year-on-year, representing 4.21% of total revenue [9] - The company employs 315 R&D personnel, accounting for 14.02% of the total workforce, indicating a strong focus on innovation and product development [9] Market Position and Strategy - The company's products are utilized in various sectors, including CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [4] - The company is expanding its market influence and brand recognition, particularly in the energy storage sector, where it has matched relevant cooling products to enhance market penetration [6][7] - The company is also focusing on data center solutions, offering a full range of liquid cooling products that are becoming increasingly important for energy efficiency [8]

Financial Performance - In the first half of 2025, the company achieved operating revenue of 126,351.39 million yuan, a year-on-year increase of 58.04% [3] - The net profit attributable to shareholders was 12,489.49 million yuan, reflecting a significant year-on-year growth of 466.71% [3] - The net profit after deducting non-recurring gains and losses was 12,189.22 million yuan, with a year-on-year increase of 507.59% [3] - The gross profit margin for the first half of 2025 was 23.65%, up by 2.77 percentage points compared to the previous year [3] Expense Overview - Total sales, management, and R&D expenses increased by 1,857.52 million yuan year-on-year, primarily due to increased R&D investment and market expansion efforts [3] - R&D expenses for the first half of 2025 amounted to 5,324.03 million yuan, representing a year-on-year growth of 15.99% and accounting for 4.21% of operating revenue [7] Product Application and Market Segmentation - The company's products are primarily used in fields such as CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [4] - In the first half of 2025, revenue from power electronics temperature control products reached 819 million yuan, a year-on-year increase of 77.48%, with a gross margin of 20.01% [5] - Revenue from CNC equipment temperature control products was 389 million yuan, showing a year-on-year growth of 24.54% and a gross margin of 28.75% [5] International Expansion - The company's overseas revenue for the first half of 2025 was 79.12 million yuan, marking a year-on-year increase of 111.94%, attributed to enhanced efforts in expanding international customer base [6] R&D and Innovation - As of June 30, 2025, the company employed 315 R&D personnel, accounting for approximately 14.02% of the total workforce [6] - The company is committed to increasing R&D investment to maintain technological leadership and enhance product competitiveness [7]

Core Viewpoint - The company reported significant growth in revenue and net profit for the first half of the year, driven by strong demand in downstream industries and support from national industrial policies [1]. Group 1: Financial Performance - The company achieved a revenue of 1.264 billion yuan, representing a year-on-year increase of 58.04% [1]. - The net profit attributable to shareholders reached 125 million yuan, marking a substantial year-on-year growth of 466.71% [1]. Group 2: Downstream Demand and Product Performance - The company specializes in temperature control products across various sectors, including CNC equipment, power electronics, energy storage, semiconductors, data centers, hydrogen energy, new energy vehicles, and medical devices [2]. - Revenue from power electronics temperature control products was 819 million yuan, reflecting a year-on-year increase of 77.48% [2]. - The gross margin for the company was 20.01%, an increase of 5.02% compared to the same period last year, indicating strong pricing power and profitability [2]. - The energy storage temperature control segment saw revenue of approximately 681 million yuan, with a year-on-year growth of about 87% [2]. Group 3: Traditional CNC Equipment Sector - In the traditional CNC equipment temperature control sector, the company reported a revenue of 389 million yuan, achieving a high growth rate of 24.54% [3]. - The gross margin in this sector remained stable at 28.75%, with a slight increase of 0.28% year-on-year [3]. Group 4: Research and Development - The company invested 53.24 million yuan in R&D, representing a year-on-year increase of 15.99% [4]. - As of June 30, 2025, the company holds 239 patents, including 36 invention patents, 180 utility model patents, and 23 design patents [4]. - The company has established itself as a "Hebei Province Technology Leader" through continuous R&D investment, developing core technologies that integrate personalized solutions, key component manufacturing, and control system development [4].

Group 1 - The core revenue composition of Tongfei Co., Ltd. for the year 2024 is as follows: power electronic devices account for 67.19%, CNC equipment temperature control products account for 29.94%, and others account for 2.87% [1] Group 2 - Tongfei Co., Ltd. announced that its shareholder, Sanhe Zhonghe Ying Enterprise Management Center (Limited Partnership), plans to reduce its holdings by up to approximately 760,000 shares, which represents about 0.4503% of the company's total share capital, within three months after the announcement [3]

Group 1 - The company Tongfei Co., Ltd. (SZ 300990) announced a temporary board meeting on August 14, 2025, to discuss the adjustment of the audit committee members [2] - For the fiscal year 2024, the revenue composition of Tongfei Co., Ltd. is as follows: power electronic devices account for 67.19%, CNC equipment temperature control products account for 29.94%, and others account for 2.87% [2]

Investment Rating - The investment rating for the company is "Buy" with a 6-month outlook maintained [6] Core Views - The company has achieved significant growth in Q1 2025, with revenue reaching 5.74 billion yuan, a year-on-year increase of 109.02% [1] - The company is actively expanding into multiple industries, including energy storage, semiconductor manufacturing, and data centers, which is expected to enhance its market presence and performance [4][3] Financial Performance - In 2024, the company reported total revenue of 2.16 billion yuan, a year-on-year increase of 17.07%, with a net profit attributable to shareholders of 153.43 million yuan, down 15.87% year-on-year [1][5] - The gross margin for 2024 was 22.06%, a decrease of 5.44 percentage points year-on-year, primarily due to intensified competition in the power electronics temperature control product sector [1] - For Q1 2025, the company achieved a net profit of 62 million yuan, reflecting a substantial year-on-year increase of 1104.89% [1] Revenue Breakdown - In 2024, the revenue from power electronics temperature control products was 1.45 billion yuan, up 21.42% year-on-year, while the revenue from CNC equipment temperature control products was 647 million yuan, an increase of 6.68% year-on-year [2] - The energy storage sector generated approximately 1.18 billion yuan in revenue in 2024, marking a year-on-year growth of about 30% [3] Future Projections - The revenue projections for 2025 to 2027 have been adjusted to 2.94 billion yuan, 3.74 billion yuan, and 4.71 billion yuan respectively, with net profits expected to reach 291.11 million yuan, 428.34 million yuan, and 524.12 million yuan [4][5] - The company is expected to maintain a strong growth trajectory, particularly in the energy storage, semiconductor equipment, and data center temperature control markets [4]