开源证券：给予儒竞科技买入评级

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].