证券日报网讯中泰股份11月24日在互动平台回答投资者提问时表示，公司拥有国际先进的板翅式换热器 设备制造能力和深冷工艺流程设计能力，为跨领域技术迁移至包括液冷在内的其他热管理领域提供了重 要技术支撑，液冷领域目前公司内部已完成技术讨论并推进研发立项，正在团队组建过程中，在公司技 术、制造以及销售基础框架都完善的情况下，将积极拓展市场布局。 （文章来源：证券日报） ...

Core Viewpoint - The company has advanced manufacturing capabilities for plate-fin heat exchangers and cryogenic process design, which supports technology transfer to other thermal management fields, including liquid cooling [1] Group 1 - The company has completed internal technical discussions and is advancing research and development projects in the liquid cooling sector [1] - The company is in the process of team formation to support its initiatives in liquid cooling [1] - The company aims to actively expand its market layout, leveraging its established technical, manufacturing, and sales frameworks [1]

Core Viewpoint - The company reported strong financial performance for Q3 2025, driven by increased exports of deep cooling equipment, exceeding market expectations [1][2]. Financial Performance - For the first three quarters of 2025, the company achieved revenue of 2.115 billion yuan, a year-on-year increase of 5.13%, and a net profit attributable to shareholders of 336 million yuan, up 77.07% year-on-year [1][2]. - In Q3 2025 alone, the company recorded revenue of 813 million yuan and a net profit of 201 million yuan, representing year-on-year growth of 26.20% and 203.79%, respectively [1][2]. Business Development - The company is actively expanding into the electronic gas industry, providing core equipment for multinational corporations, including those in the controlled nuclear fusion sector [2]. - It supplies high-density plate-fin heat exchangers for major electronic gas projects for clients such as Intel, Samsung, Micron, and TSMC [2]. - The company has successfully applied helium refrigerants in multiple helium liquefaction plants, targeting high-tech fields like controlled nuclear fusion and superconducting materials [2]. Technological Capability - The company has established itself as a leader in the design and manufacturing of plate-fin heat exchangers, exporting to 54 countries and regions, and has received multiple international certifications such as ASME, CE, and KGSC [3]. - It has developed the capability to produce rare gases like krypton, neon, xenon, and helium, becoming one of the few companies in China with such capabilities [2][3]. Market Position - The company maintains strong relationships with industry leaders such as PetroChina, CNOOC, Air Liquide, and Air Products, enhancing its brand reputation and industry barriers [3]. - The deep cooling equipment business is stable and contributes consistent profits and cash flow, while the electronic specialty gas business provides dual growth drivers [3]. Profit Forecast and Investment Rating - The company’s profit forecasts for 2025-2027 are 403 million yuan, 556 million yuan, and 820 million yuan, respectively, with current stock prices reflecting a PE ratio of 21, 15, and 10 times for the respective years [3]. - The investment rating is maintained at "Buy" [3].

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company reported a revenue of 2.115 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 5.13%, and a net profit attributable to shareholders of 336 million yuan, up 77.07% year-on-year. In Q3 2025 alone, the company achieved a revenue of 813 million yuan and a net profit of 201 million yuan, reflecting year-on-year growth of 26.20% and 203.79% respectively, primarily driven by an increase in the export of deep-cooling equipment [1][7] - The company is actively expanding into the electronic gas industry, providing core equipment for global multinational corporations, including those in the controlled nuclear fusion sector. It supplies high-density plate-fin heat exchangers for major semiconductor companies like Intel, Samsung, Micron, and TSMC. The company's helium refrigerant has been successfully applied in multiple helium liquefaction plants, with capabilities in producing rare gases such as krypton, neon, xenon, and helium [7] - The company has demonstrated strong capabilities in exporting equipment, having exported to 54 countries and regions, and holds multiple international certifications such as ASME and CE. This positions the company favorably in high-barrier overseas markets, enhancing its brand reputation and industry barriers through collaborations with leading domestic and international firms [7] Financial Data and Profit Forecast - The company is projected to achieve total revenues of 3.368 billion yuan in 2025, with a year-on-year growth rate of 24.0%. The net profit attributable to shareholders is expected to reach 403 million yuan, with a projected growth rate of 38.0% in 2026 and 47.4% in 2027 [3][9] - The earnings per share (EPS) is forecasted to be 1.05 yuan in 2025, increasing to 1.44 yuan in 2026 and 2.13 yuan in 2027. The company's return on equity (ROE) is expected to improve from 10.1% in 2025 to 17.3% in 2027 [3][9]

Core Viewpoint - The company is actively expanding its overseas business and enhancing its technology capabilities, particularly in natural gas pricing and cooling technologies, while also responding to investor inquiries regarding its market strategies and product developments [2][3]. Company Developments - As of October 10, 2025, the company's stock price closed at 21.76 yuan, reflecting a 5.79% increase with a trading volume of 282,700 hands and a turnover of 612 million yuan [1]. - The company is making progress in natural gas pricing negotiations with local governments in Shandong and is expanding its overseas business product lines [2]. - The company has completed internal discussions and is advancing the research and development of its plate-fin heat exchangers for liquid cooling applications [2]. - The company has the capability to produce high-purity gases, including neon, which are essential for DUV lithography machines, and has already achieved production of qualified krypton and xenon gases [2]. Market Opportunities - The company is closely monitoring national policies related to natural gas helium extraction projects, which are expected to create additional order opportunities [3]. - On October 10, there was a net inflow of 37.195 million yuan from main funds, indicating increased interest from major investors in the company's stock [3].

Investment Rating - The report does not specify an investment rating for the company [1] Core Insights - The company reported a total revenue of 1.302 billion yuan in H1 2025, a year-on-year decrease of 4.79%, while the net profit attributable to the parent company was 135 million yuan, an increase of 9.14% [1] - The company has a strong order backlog, with overseas orders accounting for nearly 40% of total orders, indicating a significant increase in international recognition and market expansion potential [4] - The gas operation segment experienced a revenue decline of 18.64% in H1 2025, but the implementation of a natural gas price linkage mechanism is expected to help recover performance in this segment [4] - The company is actively developing its gas operation business, with new investments in rare gases and a focus on sectors like semiconductors and aerospace [4][5] Summary by Sections Financial Performance - In H1 2025, the company achieved total operating revenue of 1.302 billion yuan, a decrease of 4.79% year-on-year, and a net profit of 135 million yuan, an increase of 9.14% [1] - The equipment sales revenue reached 583 million yuan, a year-on-year increase of 7.52%, with a gross margin of 42.28%, up 12.83 percentage points [4] - The gas operation segment generated revenue of 644 million yuan, down 18.64%, with a net profit of approximately 49.95 million yuan, a decrease of 66.02% [4] Order Backlog and Market Position - As of June 30, 2025, the company had an order backlog of 2.442 billion yuan, with overseas orders reaching a historical high [4] - The company has established itself as a leader in the design and manufacturing of plate-fin heat exchangers, exporting to 53 countries and regions [4] Future Outlook - The company plans to leverage its dual-engine model of "equipment manufacturing + gas operation" to enhance its market share both domestically and internationally [5] - Revenue projections for 2025-2027 are estimated at 2.794 billion yuan, 3.296 billion yuan, and 3.929 billion yuan, with growth rates of 2.9%, 17.9%, and 19.2% respectively [7]

Investment Rating - The report assigns a "Buy" rating for the company, marking it as the first rating given [2]. Core Insights - The company's performance in the first half of 2025 showed a revenue of 1.302 billion yuan, a year-on-year decrease of 4.79%, while the net profit attributable to the parent company was 135 million yuan, an increase of 9.14% [2][10]. - The decline in revenue was primarily due to a drop in the gas segment's income and an increase in sales expenses [2][10]. - The gross margin for equipment sales significantly improved to 42.28%, reflecting strong cost optimization capabilities and technological advantages in core areas such as plate-fin heat exchangers and natural gas liquefaction [10]. Financial Data and Profit Forecast - Total revenue forecast for 2025 is 3.368 billion yuan, with a projected year-on-year growth rate of 24% [4]. - The net profit forecast for 2025 is 403 million yuan, with a projected growth rate of 38% for 2026 and 47.4% for 2027 [4]. - The earnings per share (EPS) for 2025 is estimated at 1.05 yuan, with a projected PE ratio of 17 for 2025 [4][10]. Market Data - As of August 25, 2025, the closing price was 17.56 yuan, with a market capitalization of 6.476 billion yuan [5]. - The company has a price-to-book ratio of 2.2 and a dividend yield of 1.14% [5]. Business Development and Market Position - The company is actively expanding into the electronic gas industry, supplying core equipment to major global corporations such as Intel and Samsung [10]. - The company has successfully exported its products to 54 countries and regions, establishing a strong presence in high-barrier overseas markets [10]. - The company maintains good relationships with leading domestic and international enterprises, enhancing its brand reputation and industry barriers [10]. Profitability and Investment Outlook - The deep-cooling equipment business is expected to provide stable profits and cash flow, with the electronic specialty gas business driving growth [10]. - The report adjusts the profit forecast for 2025-2026 downwards due to impairment provisions, but maintains a "Buy" rating based on a comparative analysis with similar companies in the industry [10].

Core Viewpoint - The report highlights that Fangsheng Co., Ltd. has experienced revenue growth driven by strong demand in the wind power sector, while new growth areas such as energy storage, data center liquid cooling, and hydrogen energy are expected to contribute significantly in the future [1][3]. Financial Performance - In the first half of 2025, Fangsheng Co., Ltd. achieved revenue of 180 million yuan, a year-on-year increase of 15.41%, while net profit attributable to shareholders was 14.48 million yuan, a decline of 27.47% [1]. - The second quarter of 2025 saw revenue of 106 million yuan, up 11.75% year-on-year and 41.70% quarter-on-quarter, with net profit of 7.46 million yuan, down 35.70% year-on-year but up 6.41% quarter-on-quarter [1]. Product Performance - Revenue from heat exchangers and systems showed steady growth, with domestic sales increasing, leading to a decline in gross margin. Specifically, revenue for heat exchange systems, plate-fin heat exchangers, and other products was 51 million, 123 million, and 5 million yuan respectively, with year-on-year changes of 17.73%, 16.87%, and -21.85% [2]. - The gross margin for the first half of 2025 was 19.74%, down 5.73 percentage points year-on-year, primarily due to the increased proportion of lower-margin domestic sales [2]. Market Outlook - The wind power market is expected to see a 50% revenue growth in 2025, driven by strong demand for orders. Additionally, the company is actively expanding into new areas such as energy storage, hydrogen energy, and data center liquid cooling, with expectations for new business revenue to potentially double [3]. - The company maintains its profit forecast for 2025-2027, projecting net profits of 43 million, 61 million, and 80 million yuan respectively, with corresponding price-to-earnings ratios of 90, 64, and 49 times [3].

Investment Rating - The report maintains a rating of "Accumulate" for the company [1] Core Views - The demand in the wind power sector is robust, with energy storage, hydrogen energy, and data center liquid cooling identified as significant new growth points for the future [3] - The company is expected to see a revenue increase of approximately 50% in the wind power sector for 2025, with stable growth in lithium battery waste heat recovery and engineering machinery sectors [3] - Emerging businesses, particularly in data center liquid cooling, are projected to double their revenue, contributing to the company's future growth [3] - The report maintains previous profit forecasts, estimating net profits for 2025-2027 at 0.434 billion, 0.609 billion, and 0.799 billion respectively, with corresponding P/E ratios of 90, 64, and 49 [3] Financial Summary - Total revenue for 2023 is projected at 3.4338 billion, with a year-on-year change of -2.71% [1] - The net profit attributable to shareholders for 2023 is estimated at 626.1 million, reflecting a year-on-year increase of 16.01% [1] - The latest diluted EPS for 2023 is expected to be 0.72 yuan per share, with a P/E ratio of 62.07 [1] - The company anticipates a total revenue of 4.5416 billion in 2025, representing a year-on-year growth of 30.82% [1] - The net profit attributable to shareholders for 2025 is projected at 434.1 million, with a year-on-year growth of 45.63% [1]

Investment Rating - The investment rating for the company is "Accumulate" (maintained) [5] Core Views - The company achieved a revenue of 180 million yuan in H1 2025, representing a year-on-year increase of 15%. The growth is attributed to the demand in the wind power sector and the expansion into new fields such as energy storage, data centers, and electricity [7] - The company's internal sales revenue increased by 40% year-on-year, driven by the rising demand in the wind power sector and successful development of new customers in energy storage and data centers [7] - The company is focusing on a differentiated and integrated product development strategy, enhancing its core competitiveness through technological upgrades and market expansion [7] - The projected net profits for the company from 2025 to 2027 are 48 million, 61 million, and 74 million yuan respectively, with corresponding price-to-earnings ratios of 83.5, 66.2, and 54.2 times [8] Financial Summary - As of August 19, 2025, the company's closing price is 45.79 yuan, with a total market capitalization of 4,008.91 million yuan and a circulating market capitalization of 1,125.55 million yuan [3] - The company's total assets are projected to reach 669 million yuan in 2025, with a debt ratio of 25.07% [3][9] - The company expects to achieve a revenue of 435 million yuan in 2025, with a year-on-year growth rate of 25.28% [8]