Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company reported a stable revenue growth of 9.05% year-on-year, achieving a revenue of 1.893 billion yuan in the first half of 2025 [2][3] - The gross profit margin decreased by 2.97 percentage points to 18.67%, indicating short-term pressure on profitability [4] - The company is accelerating its expansion into overseas markets, with overseas sales accounting for 24.41% of total revenue [5] - The company is actively exploring non-automotive thermal management applications, with small-scale production of liquid cooling products [7][8] - The company has adjusted its profit forecast for 2025-2027, expecting revenues of 4.534 billion, 5.363 billion, and 6.334 billion yuan, with corresponding net profits of 252 million, 301 million, and 360 million yuan [9] Summary by Sections Revenue and Profitability - In the first half of 2025, the company achieved a revenue of 1.893 billion yuan, with a year-on-year growth of 9.05%. The net profit attributable to the parent company was 91 million yuan, down 21% year-on-year [2][3] Gross Margin and Expenses - The gross profit margin for the first half of 2025 was 18.67%, a decrease of 2.97 percentage points compared to the previous year. The R&D expense ratio increased to 5.28%, reflecting the company's commitment to innovation [4] Market Expansion - The company achieved overseas sales of 462 million yuan, representing 24.41% of total revenue. The establishment of a factory in Poland is enhancing its presence in Europe [5] Product Development - The company is planning to build a 6,000 tons/year rubber mixing center and a 10 million meters/year air conditioning rubber hose project, expanding its product offerings [6] Non-Automotive Applications - The company is exploring thermal management applications in non-automotive fields, with small-scale production of liquid cooling products for data centers and energy storage cabinets [7][8] Financial Forecast - The company has revised its revenue and profit forecasts for 2025-2027, with expected revenues of 4.534 billion, 5.363 billion, and 6.334 billion yuan, and net profits of 252 million, 301 million, and 360 million yuan respectively [9]

Investment Rating - The investment rating for the company is "Buy" with a target price not specified [5] Core Views - The company has shown continuous improvement in profitability despite challenges in its equipment business, which has been a drag on growth [1][2] - The cooling component revenue reached 5.41 billion yuan in H1 2025, up 8.8% year-on-year, while the equipment business revenue fell to 480 million yuan, down 31.4% [2] - The company is positioned as a leader in the refrigeration component sector, with ongoing structural upgrades in its home appliance business and expansion into the high-growth new energy vehicle thermal management sector [3] Financial Performance Summary - In H1 2025, the company achieved operating revenue of 6.73 billion yuan, a year-on-year increase of 6.1%, and a net profit attributable to the parent company of 540 million yuan, up 12.9% [1] - The gross margin for H1 2025 was 17.3%, slightly down by 0.7 percentage points year-on-year, but improved to 18.3% in Q2 2025 [2] - The company expects net profits for 2025, 2026, and 2027 to be 1.12 billion yuan, 1.31 billion yuan, and 1.54 billion yuan respectively, with corresponding dynamic P/E ratios of 12.6x, 10.8x, and 9.2x [3] Market Position and Growth Prospects - The company is leveraging opportunities in the secondary supply chain and is gradually establishing a new growth curve [3] - The domestic central air conditioning market saw a decline of 15.9% in H1 2025, impacting the equipment business, which has a longer cycle and fluctuating revenue recognition [2] - The company has optimized its expense ratios, with sales, management, R&D, and financial expense ratios showing improvements in Q2 2025 [2]