中证报中证网讯(记者张鹏飞)近日，克莱特对北京证券交易所关于其向特定对象发行可转换公司债券的 审核问询函作出专项回复，全面披露了前次募投项目变更的合理性、实施成效及本次募资的战略布局。 公告显示，公司前次变更后的募投项目已实现超预期收益，本次2亿元募资将聚焦智能型高效风机领 域，进一步完善产业链布局。 前次募投灵活调整完成承诺效益的124.45% 克莱特前次公开发行募集资金总额1.08亿元，原计划投入"新能源通风冷却设备制造车间项目"和"新能 源装备研发中心项目"。其中，"新能源通风冷却设备制造车间项目"因市场需求迭代与场地限制，调整 为"工业热管理装备产业化项目(一期)"。 据回复披露，项目变更主要基于两大核心因素：一是下游市场需求旺盛，新能源装备(核电、风电、燃 气轮机)、海洋工程与舰船、制冷等领域发展提速，2023年全国燃气轮机市场规模达663亿元，同比增长 7.59%，中国造船行业2024年新接订单较2020年增长近3倍，原项目年产5.5万台的规划已无法满足市场 需求；二是场地空间受限，海洋工程和制冷领域产品尺寸较大，原场地难以适配生产需要，新项目通过 购置6.66万平方米土地扩大建设规模，总投资1. ...

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5][6] Core Views - The company achieved a revenue of 278 million yuan in H1 2025, representing a year-on-year increase of 8%, with a net profit attributable to shareholders of 28.98 million yuan [5] - In Q2 2025, the company reported a revenue of 153 million yuan, up 10% year-on-year and 23% quarter-on-quarter, with a net profit of 17.91 million yuan, reflecting a 3% year-on-year increase and a 62% quarter-on-quarter increase [5] - The company is actively expanding into the power transmission and transformation, shipbuilding, and data center sectors, with a significant increase in orders [5] - The company plans to issue convertible bonds to raise up to 200 million yuan for the construction of new production lines for high-speed centrifugal blowers and smart variable frequency efficient fans [5] Summary by Sections Market Performance - The closing price as of August 26, 2025, was 42.70 yuan, with a total market capitalization of 3,134.18 million yuan and a circulating market capitalization of 1,619.64 million yuan [3] Financial Data - The company reported a gross margin of 29.05% for cooling systems and 28.86% for ventilators in H1 2025 [5] - The order backlog as of June 30, 2025, was 577 million yuan, a 28.79% increase from the previous year [5] Earnings Forecast and Valuation - The forecasted net profits for 2025-2027 are 61 million yuan, 75 million yuan, and 92 million yuan, respectively, with corresponding P/E ratios of 51.4, 42.0, and 33.9 [8] - The company is expected to benefit from high-growth sectors such as rail transit, nuclear power, marine engineering, and data centers [6]