Investment Rating - The report maintains a "Buy" investment rating for the company [6] Core Views - The company's performance exceeded expectations, with a 6% year-on-year increase in revenue for the first half of 2025, reaching 6.729 billion yuan, and a 13% increase in net profit attributable to shareholders, amounting to 535 million yuan [6] - The report highlights the strong growth in the new energy vehicle thermal management sector, with a revenue increase of 82% year-on-year, reaching 481 million yuan, significantly outperforming the industry average [6] - The report maintains previous profit forecasts for 2025-2027, expecting net profits of 1.17 billion yuan, 1.35 billion yuan, and 1.59 billion yuan respectively, with corresponding year-on-year growth rates of 12%, 15%, and 18% [6] Financial Data and Profit Forecast - Total revenue projections for the company are as follows: 12.678 billion yuan in 2024, 14.383 billion yuan in 2025, 15.720 billion yuan in 2026, and 17.611 billion yuan in 2027, with year-on-year growth rates of 11.4%, 13.4%, 9.3%, and 12.0% respectively [5] - The expected net profit for 2025 is 1.17 billion yuan, with a projected growth rate of 12% compared to the previous year [5] - The report indicates a projected earnings per share of 1.10 yuan for 2025, with a price-to-earnings ratio of 12 [5]