Investment Rating - The report maintains a rating of "Buy" for the company with a target price of 6.85 CNY, while the current price is 5.83 CNY [5][11]. Core Views - The implementation of the new refrigerator energy efficiency standards is expected to accelerate the demand for VIP boards, with the company's acquisition of Maikolon enabling a complete integration of the supply chain from fiberglass cotton to VIP core materials and VIP boards, leading to significant growth in performance in 2026-2027 [2][11][15]. Financial Summary - The company’s projected revenues for 2025-2027 are 1.59 billion CNY, 2.08 billion CNY, and 2.79 billion CNY, reflecting year-on-year growth rates of 7.67%, 31.20%, and 33.81% respectively [17][20]. - The net profit attributable to the parent company is expected to be 112 million CNY, 171 million CNY, and 252 million CNY for the same period, with year-on-year growth rates of 23.70%, 52.30%, and 47.40% respectively [17][20]. - The earnings per share (EPS) are projected to be 0.11 CNY, 0.17 CNY, and 0.25 CNY for 2025, 2026, and 2027 respectively [17][20]. Industry Insights - The new energy efficiency standards for refrigerators will be officially implemented on June 1, 2026, with a significant upgrade in efficiency ratings, which will likely lead to a shift towards VIP boards as the preferred solution for manufacturers [16][33]. - The report estimates that the market for VIP boards could expand by 36-45 billion CNY under conservative assumptions and 63-72 billion CNY under optimistic scenarios, depending on the penetration rates of the new energy efficiency standards [38][39]. Company Strategy - The company has successfully integrated its supply chain by acquiring a 49% stake in Maikolon, which specializes in VIP boards, thereby enhancing its competitive edge and cost advantages in the market [11][44]. - The integration is expected to improve the overall gross margin of the supply chain to approximately 26%, with a net profit margin of around 10% [11][16]. Product Development - The company focuses on developing a range of products centered around clean air and energy efficiency, leveraging its expertise in ultra-fine fiber cotton and other materials [25][27]. - The clean air segment is anticipated to recover and grow following the removal of historical burdens, while the energy-efficient segment is expected to see significant growth due to new applications in household appliances and aviation [15][27].

Investment Rating - The report maintains a "Buy" rating for the company [5] Core Views - The acquisition of a 49% stake in Sichuan Maikelong is expected to enhance the company's competitiveness in the vacuum insulation panel (VIP) sector, creating a complete industrial chain from material production to market sales [1][3] - The new national standards for refrigerators are anticipated to significantly increase the demand for VIPs, with potential demand elasticity reaching up to 7,543 thousand square meters as penetration rates rise [2] - The acquisition is projected to optimize Maikelong's operational efficiency and expand its cost and scale advantages, contributing positively to the company's performance [2][3] Summary by Sections Acquisition Details - The company plans to acquire 49% of Maikelong for 231 million RMB, with performance guarantees for the next three years, including revenue targets of 4.65 billion RMB, 5.6 billion RMB, and 6.48 billion RMB for 2025-2027 [1] - If Maikelong meets at least 90% of the cumulative revenue and net profit targets, it will not be liable for performance compensation [1] Market Potential - The new national standards for refrigerators are expected to drive rapid growth in the VIP market, with significant increases in demand as the penetration of new energy-efficient refrigerators rises [2] - Maikelong is currently the second-largest VIP manufacturer in China, with a market share of 15.5%, and is expected to benefit from the acquisition through enhanced management and resource allocation [2] Financial Projections - The company forecasts net profits of 1 billion RMB, 1.4 billion RMB, and 1.7 billion RMB for 2025-2027, with corresponding P/E ratios of 50, 35, and 29 [3] - Revenue is projected to grow from 1.68 billion RMB in 2025 to 2.39 billion RMB in 2027, reflecting a compound annual growth rate [4]