Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Business Segments Summary 1. **HVAC/R Sector** - Revenue in 2024 was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points [5] - The decline was attributed to the inventory destocking cycle in the European heat pump industry, but the long-term development logic remains unchanged [5] - New growth points include precision air conditioning, medical cold chain, and logistics cold chain applications [5] 2. **New Energy Vehicle Thermal Management** - Revenue in 2024 was 453 million yuan, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [5] - The company is expanding from cabin and battery thermal management to intelligent control of electric motors, enhancing its product line [5] 3. **Servo Drive and Control Systems** - Revenue in 2024 was 27 million yuan, down 31.77% year-on-year [5] - The company continues to invest in technology development and brand building in niche application industries and robotics [5] Financial Summary and Valuation Metrics - The company expects net profits attributable to shareholders for 2025 and 2026 to be 270 million yuan and 389 million yuan, respectively, with an additional forecast for 2027 at 545 million yuan [4][7] - Earnings per share (EPS) are projected to be 2.86 yuan, 4.12 yuan, and 5.78 yuan for 2025, 2026, and 2027, respectively [4][7] - The current stock price corresponds to price-to-earnings (P/E) ratios of 26.7, 18.5, and 13.2 for the years 2025, 2026, and 2027, respectively [4][7]

Core Viewpoint - The report highlights that Rujing Technology (儒竞科技) is expected to face challenges in 2024 due to a downturn in the heat pump market, but it maintains a "buy" rating as new growth opportunities arise in automotive thermal management and other sectors [2][3]. Financial Performance - In 2024, the company achieved a revenue of 1.297 billion yuan, a decrease of 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year [2]. - The first quarter of 2025 showed a revenue of 351 million yuan, an increase of 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year [2]. - Revised profit forecasts for 2025 and 2026 are 270 million yuan and 389 million yuan respectively, with an additional forecast of 545 million yuan for 2027 [2]. Business Segments - In the HVAC/R sector, 2024 revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, a decrease of 3.19 percentage points [3]. - The automotive thermal management segment saw a revenue of 453 million yuan in 2024, an increase of 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points [3]. - The servo drive and control systems segment reported a revenue of 27 million yuan in 2024, down 31.77% year-on-year [3]. Growth Opportunities - The company is expanding its product line in the automotive sector, moving from cabin and battery thermal management to intelligent control of electric motors [3]. - Emerging applications in precision air conditioning, medical cold chain, and logistics cold chain are expected to provide new growth points [3]. - Established partnerships with well-known manufacturers like Copeland, McQuay, Ariston, and Haier are anticipated to benefit the company as the industry develops [3].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The European heat pump market is expected to continue its recovery, while automotive thermal management is emerging as a new growth point for the company [1][5] - The company reported a decline in overall performance in 2024, with a revenue of 1.297 billion yuan, down 16.02% year-on-year, and a net profit attributable to shareholders of 168 million yuan, down 22.24% year-on-year, primarily due to a cooling heat pump market [4][5] - In Q1 2025, the company achieved a revenue of 351 million yuan, up 19.42% year-on-year, and a net profit of 53 million yuan, up 22.53% year-on-year, indicating a positive trend [4][5] Summary by Sections Business Segments - **HVAC/R Segment**: In 2024, revenue was 817 million yuan, down 31.78% year-on-year, with a gross margin of 22.18%, down 3.19 percentage points. The decline was attributed to the heat pump industry's destocking cycle, but the long-term growth logic remains unchanged [5] - **New Energy Vehicle Thermal Management**: Revenue reached 453 million yuan in 2024, up 47.23% year-on-year, with a gross margin of 29.04%, up 3.61 percentage points. The company is expanding from cabin and battery thermal management to intelligent control of electric motors [5] - **Servo Drive and Control Systems**: Revenue was 27 million yuan in 2024, down 31.77%. The company continues to invest in technology development and brand building in niche applications and robotics markets [5] Financial Summary and Valuation Metrics - **Revenue Forecast**: Expected revenues for 2025, 2026, and 2027 are 2.15 billion yuan, 2.98 billion yuan, and 3.87 billion yuan, respectively, with year-on-year growth rates of 65.7%, 38.6%, and 29.8% [7] - **Net Profit Forecast**: Projected net profits for 2025, 2026, and 2027 are 270 million yuan, 389 million yuan, and 545 million yuan, respectively, with year-on-year growth rates of 60.4%, 44.0%, and 40.2% [7] - **Earnings Per Share (EPS)**: Expected EPS for 2025, 2026, and 2027 are 2.86 yuan, 4.12 yuan, and 5.78 yuan, respectively [7]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company is expected to see a recovery in its heat pump business, with a focus on automation and new growth areas in the electric vehicle thermal management and robotics sectors [4] - The company reported a revenue of 1.297 billion in 2024, a decrease of 16% year-on-year, but showed a positive trend in Q1 2025 with a revenue of 0.351 billion, an increase of 19% year-on-year [1][4] - The forecast for net profit for 2025-2027 is 2.6 billion, 3.5 billion, and 4.1 billion respectively, indicating growth rates of 55%, 35%, and 17% [4] Financial Summary - The total revenue for 2023 was 1.545 billion, with a year-on-year decrease of 4.3%, while the projected revenue for 2025 is 1.737 billion, reflecting a growth of 33.9% [3] - The net profit attributable to the parent company for 2024 was 168 million, down 22.2% year-on-year, but is expected to rise to 260 million in 2025, a growth of 54.6% [3] - The gross margin is projected to stabilize around 25% for the coming years, with a slight increase to 25.5% in 2026 and 2027 [3] - The company's P/E ratio is expected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3]

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has reported a decline in revenue and net profit for 2024, with total revenue of 1.297 billion yuan, down 16% year-on-year, and a net profit of 168 million yuan, down 22% year-on-year. However, the first quarter of 2025 shows signs of recovery with a revenue increase of 19% year-on-year to 351 million yuan and a net profit increase of 23% year-on-year to 50 million yuan [1][4] - The company is focusing on the automation sector and expects its heat pump business to recover. The revenue from the new energy vehicle thermal management business grew significantly by 47.23% year-on-year [4] - The company is investing in robotics and industrial automation, aiming for technological innovation and market expansion, which may create new growth points [4] - There are signs of recovery in the European heat pump export market, which is expected to positively impact the company's business and profits [4] Financial Summary - The company’s total revenue is projected to increase from 1.297 billion yuan in 2024 to 1.737 billion yuan in 2025, representing a growth of 33.9% [3] - The net profit attributable to the parent company is expected to rise from 168 million yuan in 2024 to 260 million yuan in 2025, reflecting a growth of 54.6% [3] - The gross margin is expected to stabilize around 25% for the coming years [3] - The company’s P/E ratio is projected to decrease from 40.53 in 2024 to 26.22 in 2025, indicating a more attractive valuation [3] - The estimated net profits for 2025, 2026, and 2027 are 260 million yuan, 350 million yuan, and 409 million yuan respectively, with year-on-year growth rates of 54%, 34.8%, and 16.8% [4]

Core Viewpoint - Rujing Technology (301525) reported strong financial performance for Q1 2025, with significant year-on-year increases in revenue and net profit, indicating improved profitability and operational efficiency [1] Financial Performance - Total revenue for Q1 2025 reached 351 million yuan, a year-on-year increase of 19.42% compared to 294 million yuan in Q1 2024 [1] - Net profit attributable to shareholders was 52.86 million yuan, up 22.53% from 43.14 million yuan in the same period last year [1] - Gross margin improved to 25.79%, reflecting a 10.02% increase year-on-year, while net margin rose to 15.06%, up 2.6% [1] - Operating expenses totaled 11.23 million yuan, accounting for 3.2% of revenue, which is a significant increase of 126.4% year-on-year [1] Key Financial Ratios - Earnings per share (EPS) increased to 0.56 yuan, a rise of 21.74% from 0.46 yuan [1] - The company's return on invested capital (ROIC) was reported at 4.8%, indicating a relatively low capital return rate [3] - The net profit margin for the previous year was 12.97%, suggesting high added value in products or services [3] Asset and Liability Management - Cash and cash equivalents decreased to 22.39 billion yuan, down 9.90% from the previous year [1] - Accounts receivable increased to 423 million yuan, a rise of 27.96% year-on-year [1] - Interest-bearing liabilities decreased significantly to 8.40 million yuan, down 34.62% [1] Market Position and Investor Sentiment - Rujing Technology has attracted significant interest from various funds, with notable new positions taken by several funds in Q1 2025 [4] - The largest holding fund, Guotai Intelligent Equipment Stock A, has a scale of 894 million yuan and has shown a year-on-year increase of 8.69% [4]

中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 1 上海儒竞科技股份有限公司 内部控制审计报告 内部控制审计报告 中汇会审[2025]3222号 上海儒竞科技股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我 们审计了上海儒竞科技股份有限公司(以下简称儒竞科技公司)2024年12月31日的 财务报告内部控制的有效性。 内部控制具有固有局限性，存在不能防止和发现错报的可能性。此外，由于 情况的变化可能导致内部控制变得不恰当，或对控制政策和程序遵循的程度降低， 根据内部控制审计结果推测未来内部控制的有效性具有一定风险。 四、财务报告内部控制审计意见 我们认为，儒竞科技公司于2024年12月31日按照《企业内部控制基本规范》 和相关规定在所有重大方面保持了有效的 ...

国泰海通证券股份有限公司 关于上海儒竞科技股份有限公司 2024 年度内部控制自我评价报告的核查意见 国泰海通证券股份有限公司（以下简称"国泰海通"或"保荐机构"）作为上海 儒竞科技股份有限公司（以下简称"儒竞科技"或"公司"）首次公开发行股票并在 创业板上市持续督导保荐机构，根据《证券发行上市保荐业务管理办法》《深圳证券 交易所上市公司自律监管指引第 13 号——保荐业务》《深圳证券交易所上市公司自 律监管指引第 2 号——创业板上市公司规范运作》等法律、法规和规范性文件的要求， 对《上海儒竞科技股份有限公司 2024 年度内部控制自我评价报告》进行了核查，具 体情况如下： 一、内部控制体系评价结论 根据公司财务报告内部控制重大缺陷的认定情况，于内部控制评价报告基准日 （2024年12月31日），不存在财务报告内部控制重大缺陷，董事会认为，公司已按照 企业内部控制规范体系和相关规定的要求在所有重大方面保持了有效的财务报告内 部控制。 根据公司非财务报告内部控制重大缺陷认定情况，于内部控制评价报告基准日 （2024年12月31日），公司未发现非财务报告内部控制重大缺陷。 自内部控制评价报告基准日（2024年1 ...

关于上海儒竞科技股份有限公司 非经营性资金占用及其他关联资金往来情况的专项审核说明 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 目 录 | | 页 次 | | --- | --- | | 一、非经营性资金占用及其他关联资金往来情况的专项 | | | 审核说明 | 1-2 | | 二、非经营性资金占用及其他关联资金往来情况汇总表 | 3 | 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-8887 ...

上海儒竞科技股份有限公司 2024 年度审计报告 中国杭州市钱江新城新业路 8 号 UDC 时代大厦 A 座 5-8 层、12 层、23 层 www.zhcpa.cn Floors5-8,12and23,Block A,UDC Times Building,No.8 Xinye Road，Qianjiang New City,Hangzhou Tel.0571-88879999 Fax.0571-88879000 审 计 报 告 中汇会审[2025]3219号 目 录 | | 页 次 | | --- | --- | | 一、审计报告 | 1-6 | | 二、财务报表 | 7-18 | | (一) 合并资产负债表 | 7-8 | | (二) 合并利润表 | 9 | | (三) 合并现金流量表 | 10 | | (四) 合并所有者权益变动表 | 11-12 | | (五) 母公司资产负债表 | 13-14 | | (六) 母公司利润表 | 15 | | (七) 母公司现金流量表 | 16 | | (八) 母公司所有者权益变动表 | 17-18 | | 三、财务报表附注 | 19-115 | 中国杭州市钱江新城新业 ...