众捷汽车（301560）12月23日晚公告，公司近日收到了某全球领先的汽车热管理系统客户(限于保密要 求，以下简称"客户")的电动空调压缩机涡旋盘新项目定点函。公司预计将于2026年初开始为其北美地 区的电动空调压缩机组装厂批量供货。根据客户需求与预测，生命周期内预计销售额约为2986万美元。 日前，众捷汽车在业绩说明会上表示，公司紧密跟随汽车行业电动化、智能化趋势，拥有较强的技术工 艺研发能力，关键核心技术具有先进性。并已掌握智能制造技术、柔性生产技术、精密加工技术、设计 类创新技术、数字化管理技术等一系列先进核心技术，并广泛应用于公司产品的研发生产中。公司聚焦 汽车热管理核心业务领域，目前暂无直接面向军工领域的专属产品，未直接为军工企业提供供货服务。 "公司依托汽车热管理领域的精密加工生产制造经验已成功拓展与全球热管理解决方案领导者Boyd宝德 集团的合作，成为其精密加工零部件供应公司现给Boyd北美和欧洲正在供应数据中心液冷的相关产 品。"众捷汽车介绍，未来业绩增长关键取决于新能源汽车及新兴业务释放、成本控制成效等。公司将 通过技术升级、降本增效、拓展新兴业务等举措稳固竞争力。 众捷汽车同时提醒，受国际 ...

Core Viewpoint - The company, a leader in automotive thermal management, is expanding into new growth areas such as data centers and robotics, showing strong revenue and profit growth with a compound annual growth rate (CAGR) of 22% in revenue and 43% in net profit from 2022 to 2024 [1] Group 1: Business Expansion and Growth - The company has diversified its business into four growth curves: commercial vehicle off-road, new energy thermal management, digital and energy thermal management, and artificial intelligence and robotics [1] - The passenger vehicle segment is leading the growth, while the digital energy business is rapidly expanding, and the commercial vehicle and off-road segments are providing stable contributions [1] - The company has achieved a historical high in overseas revenue, which accounted for 24% of total revenue in the first half of 2025, with significant improvements in profitability from international operations [1] Group 2: Digital Energy and AI Cooling - The demand for liquid cooling in data centers is expected to accelerate, driven by high capital expenditures in the domestic internet sector and AI applications [2] - The company has secured 301 orders for data center liquid cooling systems, with a total capacity of 500 MW, indicating a strong market presence [2] - The digital and energy segment is projected to contribute an additional annual sales revenue of 637 million yuan after mass production [2] Group 3: Acquisition and Strategic Moves - The company plans to acquire a controlling stake in Deep Blue Co., focusing on energy storage temperature control and HVAC systems, which will enhance its capabilities in data center liquid cooling and energy storage [3] - The automotive sector is transitioning towards electrification and intelligence, increasing the thermal management value per vehicle, with the penetration rate of new energy vehicles in China expected to reach 56% in 2025 [3] Group 4: Market Position and R&D - The company has established a comprehensive product layout, including battery thermal management systems and various components, with over 1,000 effective patents and a research and development expense ratio of over 4% [4] - The company has entered the supply chains of numerous leading domestic and international clients, including major automotive manufacturers [4] - The humanoid robotics market is anticipated to grow significantly, with the company positioning itself to leverage synergies between robotics and automotive clients [4][5] Group 5: Financial Projections - The company is expected to achieve revenues of 15.211 billion yuan, 17.952 billion yuan, and 20.978 billion yuan from 2025 to 2027, with year-over-year growth rates of 19.8%, 18.0%, and 16.9% respectively [6] - The projected net profits for the same period are 973 million yuan, 1.255 billion yuan, and 1.577 billion yuan, with year-over-year growth rates of 24.2%, 29.0%, and 25.7% respectively [6]

Group 1 - The core issue of increased energy consumption in vehicles during winter is attributed to various mechanical resistances and energy conversion inefficiencies, leading to a phenomenon termed "winter high consumption" [7] - For internal combustion engine vehicles, low temperatures increase oil viscosity, resulting in higher friction and energy consumption as the engine struggles to reach optimal operating temperatures [1][2] - Cold starts in winter lead to altered air-fuel ratios, further increasing fuel consumption, compounded by the habit of idling vehicles to warm them up, which wastes fuel and is environmentally unfriendly [2] Group 2 - Electric vehicles face unique challenges in winter, as lithium batteries experience reduced electrolyte activity and increased viscosity, leading to energy loss [3] - The heating system in electric vehicles relies heavily on PTC resistors, which consume significant energy, with a 5kW heater potentially depleting an 80kWh battery in just 16 hours [3] - While heat pump systems are more efficient than PTC heaters, they still consume energy, contributing to the overall increase in energy consumption during winter [3][4] Group 3 - Tire rolling resistance, which accounts for 90%-95% of energy loss, increases in winter due to reduced rubber elasticity and lower tire pressure, leading to higher energy consumption [5][6] - Adverse winter conditions such as rain, snow, and ice reduce vehicle traction and increase rolling resistance, further elevating energy consumption [7] - Increased air density in winter leads to higher aerodynamic drag, contributing to greater energy consumption during vehicle operation [7]

Group 1: Company Overview - The company specializes in the R&D, production, and sales of precision components for automotive thermal management systems, including products like air conditioning heat exchangers, oil coolers, heat pump systems, battery coolers, and engine systems [1][2]. - The main products are primarily made of aluminum alloy, aligning with the automotive lightweight development trend and global green low-carbon transition [1][2]. Group 2: Financial Performance - In the first half of 2025, the company achieved a revenue of CNY 530 million, representing a year-on-year growth of 12.29%, with a net profit of CNY 43 million [3]. - Total assets reached CNY 1.87 billion, an increase of 28.97% compared to the end of the previous year [3]. - R&D investment amounted to CNY 24.73 million, up by 39.36% year-on-year, with a total of 160 patents (including 25 invention patents) and 18 software copyrights [3]. Group 3: Market Position and Clientele - The company has established stable partnerships with major clients such as Mahle, Hanon Systems, BYD, Great Wall Motors, and SAIC Group, and has recently begun supplying data center liquid cooling products to Boyd [3][6]. - Boyd is recognized as a global leader in sustainable engineering materials and thermal solutions, with applications in data centers, new energy vehicles, 5G, and industrial technology [6]. Group 4: Future Outlook - The company anticipates stable business development and is focusing on product integration upgrades to enhance the value per vehicle [7]. - The revenue share from the new energy vehicle market is continuously increasing, with the thermal management system for new energy vehicles being approximately three times more complex than that of traditional fuel vehicles [7]. - Plans to strengthen market development efforts, particularly in domestic markets for energy-saving and environmentally friendly vehicles, energy storage batteries, and data center liquid cooling applications [8].

Core Insights - Beijing's market supervision authority has released six local standards aimed at promoting green and low-carbon development, focusing on carbon emissions, energy consumption limits, resource recycling, and energy measurement systems [1][2][3] Carbon Emission Standards - The new guideline for carbon emissions in industrial parks outlines technical requirements for carbon emission evaluation, accounting, and pollution reduction measures, integrating low-carbon concepts into planning stages [1] - The standard aims to transition environmental impact assessments from traditional methods to a collaborative approach that includes climate change considerations [1] Energy Consumption Limits - Revised standards for energy consumption limits in the production of liquor and synthetic detergents provide specific energy consumption thresholds based on production methods, encouraging the adoption of advanced energy-saving technologies [2] - These standards are designed to enhance energy management levels in production enterprises and provide a scientific basis for government energy-saving monitoring [2] Resource Recycling Initiatives - A new technical specification for the use of sludge products in mine soil reconstruction has been established, addressing utilization requirements and environmental monitoring, which is crucial given the city's annual sludge production of approximately 2.19 million tons [2] - The updated design specifications for wastewater source heat pump systems include new requirements for planning and monitoring, aimed at improving design quality and system reliability [2] Energy Measurement Guidelines - A guideline for energy measurement in enterprises focuses on the hierarchical measurement of energy systems, including renewable energy sources, and specifies measurement methods for various renewable energy systems [3] - The standard outlines two main applications for renewable energy measurement data: energy audits and carbon footprint calculations, which will help optimize energy structure and carbon reduction strategies [3]

Core Points - Beijing's market supervision authority has released six local standards aimed at promoting the city as a benchmark for international green economy, focusing on carbon emissions, energy consumption limits, resource recycling, and energy measurement systems [1] Group 1: Carbon Emissions - The new guideline for carbon emissions in industrial parks outlines technical requirements for carbon emission evaluation indicators, accounting, analysis, and pollution reduction measures, integrating low-carbon concepts into planning stages [1] - The standard aims to upgrade environmental impact assessments to include climate change responses, enhancing resource allocation and carbon efficiency in industrial parks [1] Group 2: Energy Consumption Limits - Revised standards for energy consumption limits in the production of liquor and synthetic detergents provide specific energy consumption thresholds based on production processes, encouraging the adoption of advanced energy-saving technologies [2] - These standards are designed to optimize energy management levels in production enterprises and provide a scientific basis for government energy-saving monitoring [2] Group 3: Resource Recycling - A new technical specification for the use of sludge products in mine soil reconstruction sets requirements for utilization, environmental monitoring, and documentation, supporting the large-scale application of sludge in mine restoration [2] - The revision of the sewage source heat pump system design specification enhances the design level and operational reliability of sewage source heat pump systems, promoting broader application of this technology [2] Group 4: Energy Measurement - A guideline for energy measurement in enterprise energy systems focuses on the hierarchical measurement of energy use, including renewable energy systems, and specifies measurement methods for various renewable energy technologies [3] - The standard outlines two main applications for renewable energy measurement data: energy audits and carbon footprint accounting, aiding enterprises in optimizing energy structure and carbon reduction strategies [3]

Core Viewpoint - The company, Zhongjie Automotive, has demonstrated steady growth in its financial performance and is well-positioned in the rapidly expanding new energy vehicle market, particularly in thermal management systems [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 530 million yuan, a year-on-year increase of 12.29%, and a net profit attributable to shareholders of 43 million yuan [1]. - Total assets reached 1.87 billion yuan, up 28.97% from the end of the previous year, while net assets attributable to shareholders surged by 105.82% [1]. Market Position and Growth - The company specializes in the research, production, and sales of automotive thermal management system components, with a focus on new energy vehicles [2]. - Revenue for the years 2022 to 2024 was 713 million yuan, 822 million yuan, and 978 million yuan, with respective year-on-year growth rates of 20.21%, 15.25%, and 19.00% [2]. - The net profit for the same period was 78 million yuan, 83 million yuan, and 95 million yuan, with growth rates of 60.87%, 5.42%, and 15.55% [2]. Product Development and Innovation - The proportion of new energy components in the company's product lineup has increased from 29.16% in 2022 to 37.41% in 2024, with an expected 65% for new products developed in 2024 [3]. - The company has invested 24.73 million yuan in R&D in the first half of 2025, a 39.36% increase year-on-year, and holds 160 patents, including 25 invention patents [5]. Client Base and Partnerships - The company has established partnerships with major global suppliers such as Mahle, Modine, and Marelli, and serves a diverse range of international automotive brands including Mercedes-Benz, BMW, Audi, and Tesla [4]. - It has also expanded its collaboration with Boyd Corporation, enhancing its presence in the North American and European markets [4]. Quality Management and International Operations - The company has implemented a rigorous quality management system compliant with IATF16949 standards, ensuring high-quality production and inspection processes [6]. - It operates manufacturing bases and sales offices in Europe and North America, enabling a four-hour response capability to meet global customer demands [7].

Core Viewpoint - The company has demonstrated steady growth in revenue and net profit, with significant increases in total assets and net assets, indicating a robust expansion strategy while maintaining financial stability [1][2]. Financial Performance - In the first half of 2025, the company achieved operating revenue of 530 million yuan, a year-on-year increase of 12.29%, and a net profit attributable to shareholders of 43 million yuan [1]. - Total assets reached 1.87 billion yuan, up 28.97% from the end of the previous year, while net assets attributable to shareholders surged by 105.82% [1]. Industry Position and Market Trends - The company specializes in precision processing components for automotive thermal management systems, with a focus on products such as air conditioning heat exchangers, oil coolers, and battery cooling systems [2]. - The automotive thermal management system is undergoing transformation, driven by the increasing complexity of thermal management in electric vehicles, with the per-vehicle value of thermal management systems for electric vehicles estimated to be 5,000 to 11,500 yuan, approximately three times that of traditional fuel vehicles [2][3]. Customer Base and Partnerships - The company has established strong partnerships with leading global suppliers such as Mahle, Modine, and Marelli, and has direct business collaborations with major domestic automakers like BYD and Great Wall Motors [4]. - The collaboration with Boyd Corporation enhances the company's presence in North America and Europe, leveraging Boyd's expertise in thermal management for electric vehicles [4]. Research and Development - In the first half of 2025, the company increased its R&D investment to 24.73 million yuan, a growth of 39.36%, reflecting a commitment to innovation [5]. - The company holds 160 patents, including 25 invention patents, and has developed advanced core technologies in smart manufacturing, flexible production, and digital management [5]. Future Outlook - The global market for automotive thermal management is expected to grow significantly, with projections indicating that the Chinese market will expand from approximately 88.3 billion yuan to 144.1 billion to 154.6 billion yuan between 2024 and 2028 [6]. - The company is well-positioned to capitalize on industry growth due to its strong technical foundation, quality customer resources, and comprehensive market layout [6].

Core Insights - The company reported a revenue of 530 million yuan for the first half of 2025, representing a year-on-year growth of 12.29%, while the net profit attributable to shareholders decreased by 6.17% to 43.01 million yuan [1] - The company has established direct business relationships with leading domestic new energy vehicle manufacturers such as BYD, Great Wall Motors, and SAIC Group, which is expected to enhance domestic sales contributions as collaborations deepen and new projects are launched [1] Revenue and Profit - The company achieved a revenue of 530 million yuan in H1 2025, marking a 12.29% increase compared to the previous year [1] - The net profit attributable to shareholders was 43.01 million yuan, reflecting a decline of 6.17% year-on-year [1] Business Operations - The company primarily generates revenue by selling products to major multinational automotive parts suppliers, including Mahle, Modine, Hanon Systems, Marelli, and ContiTech [1] - The company focuses on maintaining and expanding customer and project resources through advantages in product quality, delivery capability, and responsiveness [1] R&D Investment - The company invested 24.73 million yuan in R&D during the first half of 2025, which is a 39.36% increase year-on-year [2] - As of June 30, 2025, the company holds 160 patents (including 25 invention patents) and 18 software copyrights, covering advanced core technologies such as intelligent manufacturing, flexible production, precision processing, design innovation, and digital management [2] Product Portfolio - The company specializes in the R&D, production, and sales of precision machining components for automotive thermal management systems, including products like automotive air conditioning heat exchangers, oil coolers, heat pump systems, battery coolers, and automotive engine systems [2]

Group 1 - Midea Group Co., Ltd. has applied for a patent titled "Control Method of Heat Pump System, Heat Pump System, and Storage Medium," with publication number CN120403132A, filed on January 2024 [1] - The patent describes a heat pump system that includes an energy storage device, compressor, reversing component, indoor heat exchanger, and outdoor heat exchanger, forming a refrigerant circuit [1] - The method involves controlling the operation of a drive component corresponding to the condenser in the indoor or outdoor heat exchanger based on the first temperature of the refrigerant flowing out of the energy storage device when it is in a heat storage state [1] Group 2 - Midea Group Co., Ltd. was established in 2000 and is located in Foshan, primarily engaged in general equipment manufacturing, with a registered capital of approximately 766.37 million RMB [2] - The company has made investments in 128 enterprises and participated in 4,412 bidding projects, holding 5,000 trademark records and 5,000 patent records [2] - Guangdong Midea Refrigeration Equipment Co., Ltd., established in 2004, is also located in Foshan, focusing on electrical machinery and equipment manufacturing, with a registered capital of approximately 85.4 million RMB [2] - This subsidiary has invested in 5 enterprises, participated in 5,000 bidding projects, and holds 333 trademark records and 5,000 patent records [2]