Investment Rating - The investment rating for the company is "Accumulate" [1] Core Views - The company achieved a revenue of 4.026 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 40.19%. The net profit attributable to shareholders was 399 million yuan, up 13.13% year-on-year [2] - In Q3 2025, the company reported a revenue of 1.453 billion yuan, a year-on-year increase of 25.34%, while the net profit attributable to shareholders was 183 million yuan, an increase of 8.35% year-on-year [2] - The company has a leading position in liquid cooling technology, with a comprehensive product coverage from cold plates to cooling solutions, which is expected to drive performance growth [4][5] Summary by Sections Revenue and Profitability - The company experienced stable revenue growth year-on-year, with Q3 revenue at 1.453 billion yuan, a 25.34% increase year-on-year, although it saw a quarter-on-quarter decline of 11.44% due to domestic data center deployment schedules. The gross margin for Q3 was 29.40%, showing a year-on-year decline of 3.43 percentage points but a quarter-on-quarter increase of 3.43 percentage points [3] - The overall expense ratio for the first three quarters was 15.52%, down 3.36 percentage points year-on-year, with the sales expense ratio decreasing the most due to revenue growth [3] Inventory and Orders - As of the end of Q3, inventory stood at 1.232 billion yuan, a year-on-year increase of 37.5%, while prepayments were 26 million yuan, up 63.44% year-on-year, indicating stable orders and strong performance certainty [3] Technology and Market Position - The company has a significant advantage in the liquid cooling technology sector, with its products validated by major players like Intel and NVIDIA, which enhances its market position and growth potential in data centers and energy storage [4][5] Financial Forecast - The company is expected to maintain stable demand growth in the liquid cooling sector, with projected revenues of 5.773 billion yuan, 7.186 billion yuan, and 8.787 billion yuan for 2025, 2026, and 2027 respectively. The net profit attributable to shareholders is forecasted to be 599 million yuan, 768 million yuan, and 961 million yuan for the same years [5][7]