Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Insights - The company achieved a net profit attributable to shareholders of 100 million yuan in the first half of 2025, representing a year-on-year increase of 10.8%. Revenue for the same period was 700 million yuan, up 6.3% year-on-year. The HVAC/R sector saw a slight decline in revenue, while the new energy vehicle thermal management segment experienced significant growth [6][7] - The company is strategically entering the data center thermal management and energy-saving technology sectors, which are expected to contribute to future growth. The global heat pump market is gradually recovering, and the company is focusing on optimizing products related to electric compressor controllers and battery thermal management for new energy vehicles [7][9] Financial Summary - For the first half of 2025, the company reported revenue of 700 million yuan and a net profit of 100 million yuan. The revenue from the HVAC/R sector was 420 million yuan, down 3.98% year-on-year, while the new energy vehicle thermal management segment generated 260 million yuan, up 28.18% year-on-year [6][7] - The company forecasts net profits attributable to shareholders of 270 million yuan, 389 million yuan, and 545 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 2.86 yuan, 4.12 yuan, and 5.78 yuan [6][9] - The current price-to-earnings (P/E) ratios are projected to be 33.1, 23.0, and 16.4 for the years 2025, 2026, and 2027 respectively [9]