Guide to this report: Nanjing Aotejia officially became the European electric compressor supplier for German Volkswagen's global NEV platform MEB, establishing a leading position in global new energy thermal management. Key investment points: Maintain an “excess” rating. The market's biggest concern about the company comes from not being able to enter the joint venture brand. The company has officially entered Volkswagen's global MEB NEV platform supplier, and the global leader in electric compressors and continued growth in future performance have been confirmed. Maintain the 17/18 EPS forecast of 0.17/0.21 yuan, and maintain the target price of 6.3 yuan. Entering the Volkswagen MEB platform has established a leading position in air conditioning for electric vehicles in the world, and has entered more brand supply systems one after another. The company is the world's largest supplier of scroll compressors. In the context where electric vehicles must match scroll compressors, the company's competitive advantage is significantly higher than traditional automobile air conditioning suppliers in the past (they only produce swashplate compressors and cannot be used in new energy vehicles). Entering the Volkswagen global electric vehicle platform fully proves the company's technical strength. Combined with the company's existing advantages of scale, it can be expected that it will continue to enter other brands. Heat pump systems and new energy heat management products drive product unit prices to continue to rise: heat pump systems are currently one of the most important products in the field of NEV thermal management. The company is expected to become the world's first heat pump system that can still work at minus 20 degrees. The unit price of the entire system is expected to rise from 3,000 yuan to 5,000 yuan compared to traditional NEV air conditioning systems (heat pump compressors are supplied by Aotejia, and the system is supplied by Air Conditioning International - Aoteca subsidiary). The battery thermal management system (unit price of about 10,000) cooperated by the company and CATL has already begun to be supplied on buses, significantly increasing the unit price of the company's products. Catalysts: Entering the supply chain of new brands and order execution. Risk warning: NEV sales have declined sharply.