Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company's performance in Q1-Q3 2025 was below market expectations, with revenue of 6.79 billion yuan, a year-on-year increase of 15.05%, and a net profit attributable to shareholders of 210 million yuan, a year-on-year decrease of 48.29% [7] - The company is significantly investing in AI power business, participating in the design and construction of data center hardware systems based on NVIDIA's Blackwell architecture, and has launched several new products [7] - The company is facing challenges in its home appliance business due to weak downstream demand and increased competition, while the new energy vehicle business continues to grow [7] Summary by Sections Financial Performance - Total revenue for 2023 is projected at 6.754 billion yuan, with a year-on-year growth of 23.30% [1] - Net profit attributable to shareholders for 2023 is expected to be 629.32 million yuan, reflecting a year-on-year increase of 33.13% [1] - The gross margin for Q1-Q3 2025 was 21.8%, a decrease of 3.83 percentage points year-on-year [7] Business Segments - Home Appliance Business: The company is adjusting its pricing strategy due to decreased overseas demand, particularly influenced by weather conditions in India and Southeast Asia [7] - New Energy Vehicle Business: The company is successfully advancing customer demand and project milestones, with products expanding from PEU to vehicle-mounted compressors and other systems [7] Strategic Initiatives - The company is focusing on AI power solutions, with a significant increase in R&D personnel and investment in new technologies [7] - The company aims to leverage its technological and business advantages to benefit from the expected surge in AI infrastructure demand [7] Profit Forecast and Valuation - The net profit forecasts for 2025-2027 have been revised downwards to 313.6 million yuan, 833.77 million yuan, and 1.533 billion yuan respectively, with corresponding P/E ratios of 133x, 50x, and 27x [7]