佛子岭水库 六安地标——皋城广场"燎原"火炬 2023年10月，金安区获批国家级新能源汽车动力系统零部件特色产业集群。图为安徽至信科技有限公 司生产车间一景 10月31日，上市公司优强企业考察团来六安考察交流座谈会现场。记者 夏鑫铭 摄 六安金安机场 在安徽明天氢能科技股份有限公司的膜电极制备洁净室车间内，膜电极自动化涂布产线已顺利通过科 技部专项验收 信息、食品健康、建材家居、新能源六大主导 产业,超前布局低空经济、氢能、第三代半导 体三个未来产业。 新能源汽车产业- 新能源汽车零部件产业发展迅猛。 现有新能源汽车关联企业304家, 其中零部件规上企业205家、后市场企业99家。 2024年招引亿元以上新能源汽车关联项目81个, 总投资规模239亿元。 新能源产业— 形成了以东旭康图、赛拉弗 为代表的光伏产业集群, 以金寨国轩、绿沃循环能源 为代表的储能产业集群。 采矿冶金及新材料产业- 形成以六安钢铁、金安矿业为代表的铁基材料产 业基地;以将军磁业、天通新材为代表的高性能 磁性材料产业集群;以欣奕华、华爵新材料为代 表的化工新材料产业基地。 电子信息产业 -- 成功创建"安徽省电子信息产业基地"。现有近 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Views - The company reported a slight decline in revenue but an improvement in operating profit margin. For the first half of 2025, the company achieved operating revenue of 49.34 billion yuan, a year-on-year increase of 1.44%, and a net profit attributable to the parent company of 2.08 billion yuan, a year-on-year increase of 3.01% [2][6]. - In the second quarter of 2025, the company experienced a revenue decline of 2.60% year-on-year, with a net profit decrease of 8.25% [2][6]. - The company is focusing on optimizing its product structure and enhancing operational efficiency to achieve sustainable growth [12]. Summary by Sections Financial Performance - In H1 2025, the company reported a gross margin increase of 0.69 percentage points to 21.48%. The air conditioning segment saw a gross margin decrease of 1.56 percentage points, while the washing and refrigeration segment improved by 2.12 percentage points [12]. - The operating profit for H1 2025 was 2.63 billion yuan, a year-on-year increase of 9.67%, with an operating profit margin of 5.32%, up 0.40 percentage points [12]. - The company’s cash flow from operating activities increased by 153.43% year-on-year, indicating significant improvement in operational quality [12]. Business Segments - The air conditioning business grew by 4.07% year-on-year, while the washing and refrigeration business increased by 4.76%. Domestic sales saw a slight decline of 0.31%, whereas overseas sales grew by 12.34% [12]. - In Q2 2025, the company’s revenue decline was attributed mainly to weak domestic sales performance [12]. Future Outlook - The company aims to enhance its brand synergy and supply chain optimization to achieve efficient market penetration and rapid growth. It is also expanding into automotive compressor and thermal management systems [12]. - The projected net profits for 2025-2027 are 3.77 billion, 4.17 billion, and 4.71 billion yuan, respectively, with corresponding price-to-earnings ratios of 10.00, 9.03, and 7.99 [12].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8] Core Views - In the first quarter of 2025, the company achieved operating revenue of 24.838 billion yuan, a year-on-year increase of 5.76%. The net profit attributable to the parent company was 1.127 billion yuan, up 14.89% year-on-year, and the net profit excluding non-recurring items was 1.008 billion yuan, an increase of 20.27% year-on-year [2][5] Summary by Sections Financial Performance - The company reported a significant increase in revenue and profit in Q1 2025, with operating revenue of 24.838 billion yuan and a net profit of 1.127 billion yuan, reflecting strong growth in both domestic and international markets [2][5] - The gross profit margin improved by 0.27 percentage points to 21.41%, primarily due to optimized sales structure [11] - Operating profit for Q1 2025 was 1.414 billion yuan, a year-on-year increase of 16.61%, with an operating profit margin of 5.69%, up 0.53 percentage points [11] Market and Business Strategy - The company is actively pursuing governance and supply chain reforms, expanding overseas markets, and enhancing brand influence through sports marketing [11] - The company aims to transition from a compressor-focused supplier to a comprehensive thermal management system supplier for electric vehicles, which may open new business opportunities [11] Future Outlook - The company is expected to maintain a high growth trajectory, with projected net profits of 3.858 billion yuan, 4.401 billion yuan, and 5.025 billion yuan for 2025, 2026, and 2027 respectively, corresponding to P/E ratios of 9.92, 8.69, and 7.61 [11]