Core Viewpoint - Tongfei Co., Ltd. has shown significant growth in revenue and net profit, indicating strong business performance and investor interest in the company [2][3]. Financing and Trading Activity - On August 26, Tongfei Co., Ltd. experienced a stock price increase of 0.56% with a trading volume of 405 million yuan. The financing buy-in amount was 61.93 million yuan, while the financing repayment was 67.34 million yuan, resulting in a net financing outflow of 5.40 million yuan. The total financing and securities balance reached 213 million yuan [1]. - The current financing balance of 213 million yuan accounts for 1.74% of the circulating market value, which is above the 90th percentile level over the past year, indicating a high level of financing activity [1]. - There were no short-selling activities reported on August 26, with a short-selling balance of 0 shares, which is also at a high level compared to the past year [1]. Business Performance - For the first half of 2025, Tongfei Co., Ltd. reported a revenue of 1.264 billion yuan, representing a year-on-year growth of 58.04%. The net profit attributable to shareholders was 125 million yuan, showing a remarkable increase of 466.71% compared to the previous year [2]. - The company has distributed a total of 337 million yuan in dividends since its A-share listing, with 244 million yuan distributed over the past three years [3]. Shareholder Information - As of June 30, the number of shareholders for Tongfei Co., Ltd. reached 12,600, an increase of 27.29% from the previous period. The average number of circulating shares per shareholder decreased by 21.09% to 6,153 shares [2]. - Notable institutional holdings include new shareholders such as Qianhai Kaiyuan New Economy Mixed A and Qianhai Kaiyuan Public Utilities Stock, holding 1.6995 million shares and 1.3267 million shares respectively [3].

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Investment Rating - The report maintains a "Buy" rating for the company [4]. Core Views - The company achieved a revenue of 2.16 billion yuan in 2024, representing a year-on-year increase of 17.07%. However, the net profit attributable to the parent company was 153 million yuan, a decrease of 15.87% year-on-year. Notably, the revenue for Q4 2024 was 787 million yuan, up 51.65% year-on-year, and the net profit for the same quarter was 84 million yuan, exceeding the total net profit of the first three quarters combined [1]. - In Q1 2025, the company reported a revenue of 574 million yuan, a significant increase of 109.02% year-on-year, and a net profit of 62 million yuan, marking a staggering increase of 1104.89% year-on-year [1]. - The company anticipates substantial growth in revenue from data centers and semiconductor temperature control solutions [2]. Financial Performance Summary - In 2024, the company's liquid temperature control equipment revenue reached 1.466 billion yuan, a year-on-year increase of 20.65%, with a gross margin of 21.22%, down 3.93 percentage points year-on-year. The revenue from energy storage temperature control was approximately 1.176 billion yuan, up 30% year-on-year [2]. - The company has expanded its client base in the semiconductor manufacturing equipment sector, including notable clients such as Northern Huachuang and Jing Sheng Machinery [2]. - The financial projections for the company indicate expected net profits of 288 million yuan, 425 million yuan, and 608 million yuan for 2025, 2026, and 2027, respectively, reflecting year-on-year growth rates of 87.6%, 47.7%, and 43.1% [4][5]. Key Financial Metrics - The company's revenue for 2023 was 1.845 billion yuan, with a projected revenue of 3.404 billion yuan for 2025, indicating a growth rate of 57.6% [5]. - The earnings per share (EPS) for 2024 is projected to be 0.91 yuan, with an expected increase to 1.70 yuan in 2025 [5]. - The net profit margin for 2024 is projected to be 7.1%, with expectations of improvement in subsequent years [10].