Investment Rating - The investment rating for the company is "Accumulate" [4] Core Views - The company has experienced rapid growth in performance over the past two quarters, with continuous advancement in various business segments, indicating a promising future [1] - The company reported a revenue of 873 million yuan for 2024, representing a year-on-year growth of 26.23%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 15.03% [1] - In Q1 2025, the company achieved a revenue of 215 million yuan, a year-on-year increase of 51.88%, and a net profit of 32.75 million yuan, up 64.98% year-on-year [1] Summary by Sections Business Performance - The HVAC business saw a revenue increase of 11.57% in 2024, stabilizing after previous declines, supported by a comprehensive service capability from sensor production to complete machine solutions [2] - The industrial and safety business experienced significant growth, with a revenue increase of 136.01% in 2024, driven by products like refrigerant leak monitoring sensors [2] - The automotive electronics segment grew by 15.97% in 2024, with new projects contributing 817 million yuan [2] - The medical health business revenue decreased by 52.32% in 2024 due to normalization after a health event in 2023 [2] - The smart metering business grew by 62.37% in 2024, while the scientific instruments segment increased by 8.25% [2] - The low-carbon thermal engineering business made breakthroughs through strategic acquisitions, enhancing the supply chain for gas wall-hung boilers [2] Strategic Investments - The company strategically invested in key components of premixed condensing gas wall-hung boilers, acquiring 57.14% of Nopu Thermal Energy and 51% of Jingding Electric, integrating resources for a comprehensive supply chain solution [3] Financial Forecast and Valuation - The company is expected to achieve net profits of 155 million yuan, 207 million yuan, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 19, and 15 [4] - The company maintains a stable customer base with significant opportunities arising from the expanding market for gas sensors and analysis instruments [4]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [4]. Core Views - The company has experienced rapid growth in revenue and net profit across various business segments, indicating a positive outlook for future performance [1][2]. - The company is actively expanding its market presence and enhancing its product offerings, particularly in HVAC, industrial safety, automotive electronics, medical health, smart metering, and scientific instruments [2][3]. Summary by Sections Financial Performance - In 2024, the company achieved revenue of 873 million yuan, a year-on-year increase of 26.23%, while the net profit attributable to the parent company was 113 million yuan, a decrease of 15.03% [1]. - For Q1 2025, the company reported revenue of 215 million yuan, a year-on-year increase of 51.88%, and a net profit of 32.75 million yuan, up 64.98% [1]. Business Segments - HVAC business revenue grew by 11.57% in 2024, stabilizing after previous declines, supported by a comprehensive service capability [2]. - Industrial and safety business revenue surged by 136.01%, driven by products like refrigerant leak monitoring sensors [2]. - Automotive electronics revenue increased by 15.97%, with significant project deliveries and new product developments [2]. - Medical health business revenue declined by 52.32% due to normalization after a health event in 2023 [2]. - Smart metering business revenue grew by 62.37%, while scientific instruments revenue increased by 8.25% [2]. Strategic Investments - The company made strategic investments in key components for gas wall-hung boilers, acquiring significant stakes in Nopu Thermal Energy and Jingding Electric, enhancing its supply chain capabilities [3]. Profit Forecast - The company is expected to achieve net profits of 155 million yuan, 207 million yuan, and 276 million yuan for 2025, 2026, and 2027 respectively, with corresponding P/E ratios of 26, 19, and 15 [4].