Investment Rating - The investment rating for the company is maintained as "Buy" with a target price of RMB 46.63 [1]. Core Views - The company has shown steady revenue growth driven by multiple factors, including strong performance in the new energy vehicle thermal management business and the gradual ramp-up of products in energy storage thermal management and liquid cooling modules [6][7]. - The company is actively expanding into data center thermal management, leveraging its technology and process advantages from automotive thermal management, with a clear development strategy [8]. - The humanoid robot business is progressing steadily, with a focus on expanding the product line through self-research and collaboration with leading domestic and international clients [9]. Financial Performance - For Q3 2025, the company achieved revenue of RMB 3.89 billion, representing a year-on-year increase of 27.38% and a quarter-on-quarter increase of 3.69%. The net profit attributable to the parent company was RMB 230 million, up 14.48% year-on-year [6]. - The company reported a total revenue of RMB 11.06 billion for the first three quarters of 2025, reflecting a year-on-year growth of 20.12%, with a net profit of RMB 672 million, an increase of 11.18% year-on-year [6]. - The company’s gross margin for Q3 2025 was 19.4%, with a net margin of 6.9%, showing slight fluctuations due to changes in business structure [7]. Earnings Forecast and Valuation - The company’s revenue is projected to grow from RMB 12.70 billion in 2024 to RMB 22.30 billion in 2027, with compound annual growth rates of 15.28%, 23.99%, 19.10%, and 18.86% respectively [5]. - The net profit attributable to the parent company is expected to increase from RMB 783.53 million in 2024 to RMB 1.65 billion in 2027, with growth rates of 28.00%, 28.16%, 31.50%, and 24.94% respectively [5]. - The estimated EPS for 2025 is RMB 1.19, with a PE ratio of 32.79x, and the target price corresponds to a PE of 34.1x for 2025 [10].

Group 1 - The company is focusing on expanding its business in the fields of automotive new energy components, robot components, and other precision machining parts [2] - The company is conducting feasibility assessments for new industries such as new energy, energy storage, new materials, and hydrogen ship technology applications to prepare for future growth [2] Group 2 - The company is implementing its "fan-shaped curve development logic" strategy, which aims to create three growth curves by leveraging existing business and exploring new business areas and innovative products [3] - The company is steadily advancing its strategic plan to ensure an orderly replacement and connection of growth curves [3] Group 3 - The company emphasizes enhancing its intrinsic value in market value management by integrating value management with industrial operations and capital operations [4] - The goal is to reflect the company's value reasonably through the improvement of core competitiveness and intrinsic value [4] Group 4 - The company ensured compliance during the investor meeting by adhering to the "Information Disclosure Management System" and providing accurate and timely information [5]

Group 1: Business Development and Strategy - The company is leveraging existing resource advantages to expand into automotive new energy components, robotics components, and other precision machining products [1] - The company is conducting feasibility assessments for industries such as new energy, energy storage, new materials, and hydrogen ship technology applications to prepare for future business expansion [1] - The company continues to follow a fan-shaped curve development logic, maintaining stability in its core business while actively seeking transformation and exploring second and third growth curves [2] Group 2: Market Value Management - The company emphasizes the importance of internal value development, integrating market value management with industrial operations and capital operations to enhance core competitiveness and intrinsic value [2] Group 3: Investor Relations - The company ensured thorough communication with investors during the meeting, adhering to regulations for information disclosure to guarantee the accuracy, completeness, and timeliness of the information shared [2]