Core Viewpoint - The company is positioned as a leader in the new energy thermal management sector, with significant growth in non-automotive business lines and a strong international expansion strategy. Financial Performance - In the first half of 2025, the company's revenue reached 2.162 billion yuan, a year-on-year decrease of 8.7%, while the net profit attributable to the parent company was 210 million yuan, an increase of 14.5% [1] - The net profit margin for the first half of 2025 was 9.7%, up by 1.97 percentage points year-on-year, and the gross margin was 25.52%, up by 6.2 percentage points [1] - The company forecasts total revenue for 2023 to be 4.095 billion yuan, with a projected growth rate of 25.69% [1] Business Segments - Traditional business profitability has significantly improved, with the following revenue and gross margin details: 1. Engine thermal management components revenue was 838 million yuan, down 8.72%, with a gross margin of 25.07%, up 6.11 percentage points [2] 2. Energy-saving components revenue was 1.053 billion yuan, down 10.76%, with a gross margin of 27.99%, up 8.24 percentage points [2] 3. New energy thermal management components revenue reached 185 million yuan, up 3.56%, with a gross margin of 13.11%, down 2.98 percentage points [2] 4. Non-engine components revenue was 37 million yuan, down 5.81%, with a gross margin of 22.03%, down 0.33 percentage points [2] 5. Liquid cooling components revenue was 41 million yuan, up 12.06%, with a gross margin of 30.00%, down 1.32 percentage points [2] International Expansion - The company has established a production base in Thailand, which began operations in June 2025, with an expected annual production capacity of 1.5 million turbo shells, 1 million exhaust manifolds, 500,000 mechanical water pumps, and 1 million electronic water pumps [3] - This expansion aims to penetrate the Southeast Asian market and extend its global business footprint [3] Growth Strategy - The company is transitioning to become a provider of integrated thermal management modules and system solutions, focusing on electronic pumps and intelligent temperature control valves [5] - It is also extending thermal management technology applications beyond automotive to include server liquid cooling, data center cooling, AI, charging stations, and 5G base stations [5] - The company is leveraging existing customer resources to accelerate its entry into the humanoid robotics sector [5] Profit Forecast and Valuation - The company maintains profit forecasts for 2025-2027, estimating net profits of 4.55 billion yuan, 6.31 billion yuan, and 7.89 billion yuan, respectively, with corresponding EPS of 0.79 yuan, 1.10 yuan, and 1.37 yuan per share [6] - The current market valuation corresponds to a P/E ratio of 20, 14, and 12 times for 2025-2027 [6]