本次募投的智能型高效风机建设项目，精准契合国家"双碳"战略与产业升级方向，市场前景广阔。根据 行业数据，2024年全球高速鼓风机市场规模达47.41亿元，预计2030年将增至63.93亿元，年均复合增长 率5.11%；智能变频(EC)风机市场规模已达156.26亿元，2030年有望突破226.75亿元，年均复合增长率 6.37%。公司此次募投产品聚焦高速离心鼓风机、智能变频高效风机及电池热管理系统，兼具智能化、 高效节能、低噪音等核心优势。 从市场价值来看，在北交所可转债体系持续完善的政策背景下，克莱特此次定向可转债发行具备独特优 势。北交所定向可转债初始转股价格不低于前一交易日均价120%，赎回条款灵活，为投资者提供了兼 具股权成长潜力与债权稳健收益的双重属性投资工具，且交易无涨跌幅限制，流动性优势显著。 克莱特表示，公司将以本次可转债发行为契机，持续强化技术创新与产能建设，深度挖掘双碳政策下的 行业机遇，进一步巩固在中高端通风设备领域的领先地位，不断提升公司核心竞争力与盈利能力，为广 大股东创造长期稳定的投资回报，也为我国高端装备制造业的发展贡献力量。 中证报中证网讯(记者张鹏飞)北交所上市公司克莱特1月 ...

Core Viewpoint - The company, Klate, has responded to the Beijing Stock Exchange regarding its issuance of convertible bonds, highlighting the successful outcomes of previous fundraising projects and the strategic focus of the new fundraising efforts on the intelligent and efficient wind turbine sector [1] Group 1: Previous Fundraising Projects - The previous fundraising project achieved a return of 124.45% on the committed benefits, with a total fundraising amount of 108 million yuan [2] - The original projects were adjusted due to strong market demand and space limitations, leading to the establishment of the "Industrial Thermal Management Equipment Industrialization Project (Phase I)" [2] - The project is expected to reach production by April 2025, with projected revenues of 228 million yuan and net profits of 12.51 million yuan for the first nine months of 2025 [2] Group 2: R&D Center Achievements - The "New Energy Equipment R&D Center Project" has also shown significant results, with a total investment of 43.41 million yuan and a completion rate of 101.37% [3] - The project has established several specialized laboratories, enhancing the company's technical research capabilities [3] - The R&D team has expanded from 108 to 188 members, with 27 new patent applications filed since 2024, including 15 granted patents [3] Group 3: New Fundraising Focus - The new fundraising plan aims to raise 200 million yuan, with 140 million yuan allocated for the "Intelligent High-Efficiency Wind Turbine Construction Project" and 60 million yuan for working capital [4] - The project will focus on high-end products such as high-speed centrifugal blowers and intelligent variable frequency high-efficiency fans, complementing previous projects without redundancy [4] - Upon reaching full production, the project is expected to generate annual revenues of 259 million yuan and achieve a post-tax internal rate of return of 16.60% [4] Group 4: Performance Metrics - From 2022 to 2024, the company is projected to have an average annual revenue growth rate of 11.95%, with revenues of 435 million yuan and net profits of 45.84 million yuan for the first nine months of 2025 [5] - The revenue structure is improving, with significant growth in sectors such as rail transportation (33.90% of revenue) and marine engineering (22.60%), while the new energy equipment sector is recovering steadily [5] - Management and R&D expenses are increasing in line with personnel expansion and project investments, consistent with the pace of business development [5]

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]