Investment Rating - The report maintains a "Recommended" rating for the company, indicating a positive outlook for its stock performance relative to market benchmarks [4]. Core Views - The company reported a revenue of approximately 688 million yuan for the first half of 2025, reflecting a year-on-year growth of 7.65%, while the net profit attributable to shareholders was about 99 million yuan, up 0.27% year-on-year [1]. - The revenue growth in Q2 was slightly below expectations, primarily due to a slowdown in production growth from major clients [1]. - The company has strong competitive advantages in the automotive hose sector, particularly in material formulation, structural design, and composite technology, which positions it well for stable growth as the penetration of new energy vehicles increases [1][3]. Revenue and Profitability - In Q2, the company achieved a revenue of 372.33 million yuan, representing a year-on-year increase of 9.45% [1]. - The overall gross margin for Q2 was 25.1%, showing slight improvements both year-on-year and quarter-on-quarter, reflecting strong cost control capabilities [2]. - The net profit margin for Q2 was 14.0%, down 1.9 percentage points year-on-year, mainly due to a slight increase in management expenses [2]. Business Expansion - The company is actively expanding into new business areas, including liquid cooling pipelines for supercomputing centers and energy storage, with promising prospects [3]. - It has secured orders for 60,000 sets of liquid cooling pipeline systems for servers, indicating successful entry into the data service sector [3]. - Collaborations in the low-altitude aircraft sector are also underway, with applications in commercial unmanned transport vehicles [3]. Financial Forecast - The company is expected to achieve revenues of 1.67 billion yuan, 2.05 billion yuan, and 2.50 billion yuan for 2025, 2026, and 2027, respectively, with year-on-year growth rates of 22.7%, 22.5%, and 22.2% [4]. - The net profit attributable to shareholders is projected to be 248 million yuan, 308 million yuan, and 383 million yuan for the same years, with growth rates of 22.3%, 24.1%, and 24.4% [4]. - The earnings per share (EPS) are forecasted to be 1.14 yuan, 1.42 yuan, and 1.77 yuan for 2025, 2026, and 2027, respectively [4].

公司基本情况：公司成立于 2002 年，自设立以来一直专注于车用胶管系 列产品，主营业务包括传统燃油汽车、新能源汽车、摩托车用橡塑软管及 总成，产品涵盖燃油系统胶管、冷却系统胶管、制动系统胶管、动力转向 胶管等，目前已和国内 50 多家主机厂、50 多家摩托车厂商、200 多家二 次配套厂商建立稳定供配关系，并已开始批量供货储能冷却系统管路产品。 公司业绩方面：受益于新能源汽车行业需求增长，公司 2022-2024 年分别 实现收入 9.07/11.09/13.63 亿元，yoy+16.81%/+22.31%/+22.88%；分别实现 净利润 1.22/1.62/2.03 亿元，yoy+16.60%/+32.32%/+25.15%。 主业方面：下游汽车需求带动管路行业增长，公司产品及客户覆盖齐全 行业方面，2024 年国内新能源汽车销量为 1285.8 万辆，同比增长 35.42%。 我们预计未来汽车行业持续向节能、环保、轻量化、总成化、智能化、网 联化方向发展，行业整体发展趋势良好。 目前公司对橡胶和尼龙两种类型的产品均可设计、开发和生产，技术路线 覆盖全面；客户方面，公司拥有 50 多家汽车主机厂、50 ...

Investment Rating - The report assigns a "Buy" rating for the company with a target price of 45.07 CNY, based on a current price of 33.36 CNY [6]. Core Viewpoints - The company is positioned as a leading supplier in the automotive hose industry, focusing on both traditional fuel vehicles and new energy vehicles, with a strong customer base and stable supply relationships [1][25]. - The growth in the new energy vehicle sector is expected to drive significant revenue increases, with projected revenues of 9.07 billion CNY in 2022, 11.09 billion CNY in 2023, and 13.63 billion CNY in 2024, reflecting year-on-year growth rates of 16.81%, 22.31%, and 22.88% respectively [1][44]. - The company is actively expanding into the AIDC (Artificial Intelligence Data Center) industry, particularly in liquid cooling systems, which is anticipated to become a new growth area [3][26]. Summary by Sections Company Overview - Established in 2002, the company specializes in automotive hose products, including those for fuel systems, cooling systems, and braking systems, and has established relationships with over 50 automotive manufacturers and 200 secondary suppliers [1][15][62]. Main Business Situation - The automotive industry is experiencing a resurgence, with a projected 35.42% year-on-year growth in new energy vehicle sales in 2024, reaching 12.858 million units [2][53][59]. - The company has a comprehensive product range and technical capabilities, covering both rubber and nylon products, and has a strong customer base across various automotive manufacturers [2][60]. Incremental Business - The company has begun to penetrate the AIDC market, with its liquid cooling products receiving UL certification and entering multiple supplier systems, indicating a positive outlook for future growth in this segment [3][26]. Profit Forecast and Valuation - Revenue projections for 2025, 2026, and 2027 are 17.80 billion CNY, 22.88 billion CNY, and 29.23 billion CNY respectively, with corresponding net profits of 2.60 billion CNY, 3.71 billion CNY, and 4.60 billion CNY [4][44]. - The company is compared to peers in the automotive parts sector, with an average PE ratio of 37.55X, leading to a target price of 45.07 CNY for 2025 [4].