Investment Rating - The report assigns a "Buy-A" investment rating to the company, with a target price of 85.78 CNY for the next six months, based on a dynamic price-to-earnings ratio of 32 times for 2025 [4][3]. Core Viewpoints - The company is positioned as a leader in the variable frequency drive (VFD) industry and is expected to benefit from the rapid growth of heat pumps and commercial air conditioning, while also expanding into the potential fields of new energy vehicle thermal management and automation [3][11]. - The recovery of European heat pump demand is anticipated to drive the company's revenue and performance growth, with projected earnings per share (EPS) of 2.68 CNY in 2025, increasing to 4.49 CNY by 2027 [3][6]. Summary by Sections 1. Investment Summary - The long-term development trend for HVAC equipment variable frequency controllers is clear, with significant demand expected due to energy-saving and emission-reduction policies [11]. - The company has established strong partnerships with major brands, enhancing its market position and customer base [12][13]. 2. Deepening the Variable Frequency Drive Industry - The company has been in the variable frequency drive industry for 20 years, continuously expanding its product offerings and achieving a compound annual growth rate (CAGR) of 15.9% in revenue from 2019 to 2024 [15]. - The company has a diverse product layout, with significant contributions from HVAC/R applications and a growing share from new energy vehicles [15][18]. 3. HVAC Control Space and Long-term Development Trends - The variable frequency drive market is experiencing stable growth, with a notable trend towards domestic substitution in low-voltage variable frequency drives [30][32]. - The penetration rate of variable frequency products in commercial air conditioning is increasing, driven by energy-saving policies and consumer demand for comfort and efficiency [41][42]. 4. Expansion into New Energy Vehicle Thermal Management - The company is actively expanding its product line in the new energy vehicle sector, with a projected CAGR of 113.2% in automotive components revenue from 2020 to 2024 [13][12]. - Collaborations with leading automotive parts manufacturers are expected to enhance the company's market share in this growing field [13]. 5. Strategic Investment in Automation - The establishment of a dedicated automation division in 2014 has positioned the company to capitalize on opportunities in the robotics sector, with ongoing development of key components [2][5]. - The company is focusing on the development of specialized servo systems, which are critical for industrial automation [2][5]. 6. Financial Analysis - The company's net profit margin is expected to improve, supported by the recovery of high-margin overseas heat pump business and the growth of automotive thermal management [14][6]. - Financial projections indicate a steady increase in revenue and net profit, with a forecasted revenue of 16.8 billion CNY in 2025 [6][11].

2025年4月23日，儒竞科技发布了2024年年报。报告显示，公司全年实现营业总收入12.97亿元，同比下 降16.02%；归属净利润为1.68亿元，同比下降22.24%。尽管整体业绩下滑，但新能源汽车热管理领域业 务表现亮眼，同比增长47.23%，成为公司新的增长引擎。 新能源汽车热管理业务逆势增长 与暖通空调业务的低迷形成鲜明对比的是，新能源汽车热管理领域的业务表现亮眼。2024年，该领域的 营业收入为4.53亿元，同比增长47.23%。公司在该领域的主要产品包括新能源汽车电动压缩机控制器、 PTC控制器、电池热管理多合一控制器等，这些产品凭借卓越的性能和可靠性，成功跻身主流车企供应 链体系。 报告期内，公司持续加大新能源汽车热管理领域的研发投入，技术创新成果斐然。公司自主研发的多款 新能源汽车热管理系统产品，不仅满足了市场多元化、定制化的技术需求，还进一步丰富了产品线，构 建了覆盖新能源汽车热管理全场景、电机控制多领域的完整产品矩阵。此外，公司还持续推进募投项目 新能源汽车电子和智能制造产业基地的建设，计划新增新能源汽车热管理系统领域达产年产能180万 套，进一步增强该领域的业务规模与盈利能力。 自动化 ...