东阳光：新增一致行动人，想象空间打开

Investment Rating - The report maintains a "Buy" rating for the company [4][17]. Core Views - The addition of a new strategic shareholder is expected to significantly enhance the company's development, particularly in the liquid cooling business [2][4]. - The company is well-positioned to leverage its full industry chain advantages in fluorochemicals and capacitor materials, which will allow it to capitalize on the growing demand driven by artificial intelligence [3][4]. - The company is projected to achieve substantial profit growth from 2024 to 2026, with expected net profits of 500 million, 1.19 billion, and 1.68 billion yuan respectively [4][20]. Summary by Sections Strategic Developments - The company announced that its controlling shareholder's associate, Element Fund, will transfer shares to a new strategic partner, Fenghe Yinghui, which will acquire 5% of the company's total equity for 1.255 billion yuan at a price of 8.33 yuan per share [2][15]. Financial Projections - The company is expected to see a continuous increase in refrigerant product prices and significant cost savings from its projects, which will drive business growth [4][16]. - Revenue projections for the company are 13.35 billion yuan in 2024, 16.02 billion yuan in 2025, and 20.025 billion yuan in 2026, reflecting year-on-year growth rates of 23%, 20%, and 25% respectively [20]. Market Position - The company holds a leading position in the market, with a comprehensive offering of core components and solutions in the liquid cooling sector, having made strategic moves as early as 2016 [3][4]. - The company has been allocated 52,700 tons of HFC production quotas for 2025, representing 6.7% of the national total, positioning it favorably in the refrigerant market [16].