Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Views - The company is expected to see a performance turning point starting in Q2, with significant improvements in revenue and profit margins [1] - The data service segment has seen a doubling of new orders year-on-year, particularly in the U.S. market, indicating strong growth potential [2] - The industrial segment's revenue has nearly doubled, driven by substantial growth in the power and energy sector [3] - The specialty segment is anticipated to improve in the second half of the year following the launch of a new production base [4] - The company is well-positioned to benefit from the AI wave and ongoing investments in new energy sectors, with robust order backlogs [5] Financial Summary - In H1 2025, the company achieved revenue of 1.68 billion yuan, a year-on-year increase of 29%, with a net profit of 150 million yuan, up 36% [1] - The company forecasts revenues of 4.158 billion yuan, 5.520 billion yuan, and 6.886 billion yuan for 2025, 2026, and 2027 respectively, with corresponding net profits of 282 million yuan, 385 million yuan, and 518 million yuan [5][13] - The projected P/E ratios for 2025, 2026, and 2027 are 75, 55, and 41 respectively [5]

Group 1 - The company achieved a revenue of 1.68 billion yuan in H1 2025, a year-on-year increase of 29%, with data services revenue growing by 44% and industrial segment revenue increasing by 99% [1] - In Q2 2025, the company reported a revenue of 1.05 billion yuan, a year-on-year increase of 30%, and a net profit attributable to shareholders of 96 million yuan, reflecting a 60% year-on-year growth [1] - The gross margin improved significantly to 25.86% in Q2 2025, up 3.87 percentage points from the previous quarter, indicating a potential turning point for annual performance [1] Group 2 - The company’s data service segment saw a year-on-year revenue growth of 43.77% in H1 2025, driven by high-efficiency innovative products and strengthened partnerships with major clients like H Company, ByteDance, Tencent, and Alibaba [2] - The industrial segment's revenue nearly doubled, with a 99.15% year-on-year increase, primarily due to a 219% growth in the power and energy business, benefiting from national investments in the new energy sector [2] - The special segment's revenue decreased by 19.60% in H1 2025, attributed to the timing of large project revenue recognition, but is expected to improve in the second half of the year with the new production base in Guangdong starting operations [2] Group 3 - The company is actively expanding its data center liquid cooling segment, with a robust order backlog and successful overseas order breakthroughs, positioning itself to benefit from the AI wave [3] - Revenue projections for 2025-2027 are 4.158 billion, 5.520 billion, and 6.886 billion yuan, with year-on-year growth rates of 37.9%, 32.8%, and 24.7% respectively, alongside net profits of 282 million, 385 million, and 518 million yuan [3] - The company maintains a "buy" rating with corresponding price-to-earnings ratios of 75, 55, and 41 for the years 2025, 2026, and 2027 based on the closing price as of August 29, 2025 [3]