Investment Rating - The report assigns an "Accumulate" rating for the company, marking the first coverage of the stock [6]. Core Views - The company specializes in heat exchangers and heat exchange systems, with a diversified and highly integrated approach driving new growth opportunities [6]. - The company has experienced a short-term revenue and profit decline due to raw material price pressures, but is expected to rebound in 2025 [6]. - The report highlights strong growth potential in various sectors, including wind energy, energy storage, AI-driven data centers, and hydrogen energy [6]. Summary by Sections 1. Deepening in Heat Exchange Equipment and Expanding into Emerging Fields - The company has been focused on the research and development of plate-fin heat exchangers and systems since its establishment in 2007, gradually penetrating emerging fields [6][9]. - The company has a concentrated and stable shareholding structure, with the actual controllers holding 50.79% of the shares [9][10]. - The management team has extensive industry experience, with most members having over ten years of tenure [11]. 2. Multiple Business Areas with Sustained High Demand - The company anticipates significant growth in wind energy installations, with expected domestic land and offshore wind installations reaching 100GW and 13-15GW respectively by 2025 [6][34]. - The global energy storage market is projected to grow substantially, with new installations expected to reach 245GWh and 335GWh in 2025 and 2026 respectively [6][44]. - The demand for data centers is expected to rise, with the traditional IDC market in China projected to exceed 250 billion yuan by 2028, growing at a CAGR of 12.6% from 2024 to 2028 [6][50]. - The hydrogen energy market is also expected to expand, with a projected increase in hydrogen fuel vehicle sales as costs decline [6][52]. - Demand in sectors such as air compressors, engineering machinery, and rail transit is expected to remain stable, with significant growth in the engineering machinery market anticipated [6][55][62]. 3. Expanding the Supply Chain and Diversifying Business - The company is actively diversifying its product offerings and enhancing integration to create new growth points, particularly in renewable energy and data center sectors [6][64]. - The acquisition of Jufeng Aluminum strengthens the company's supply chain advantages and upstream integration [6][64]. - The company maintains a competitive edge with a stable gross margin and is expanding its production capacity to meet market demands [6][64]. 4. Earnings Forecast and Investment Recommendations - The report forecasts the company's net profit for 2024, 2025, and 2026 to be 0.35 billion yuan, 0.50 billion yuan, and 0.70 billion yuan respectively, with a significant rebound expected in 2025 [6][6].

证券代码：832662 证券简称：方盛股份 公告编号：2025-005 无锡方盛换热器股份有限公司 关于变更签字注册会计师的公告 本次变更过程中相关工作安排已有序交接,变更事项不会对公司 2024 年度财 务报表审计工作产生不利影响。 二、新任签字注册会计师情况 项目签字注册会计师：潘思兰女士，2020年成为中国注册会计师，2016年开 始从事上市公司审计业务，2016年开始在容诚会计师事务所执业；近三年签署过 天顺风能（证券代码：002531）等上市公司审计报告。 项目签字注册会计师：刘奎，2019年成为中国注册会计师，2017年开始从事 上市公司审计业务，2017年开始在容诚会计师事务所执业；近三年签署过天顺风 能（证券代码：002531）等上市公司审计报告。 潘思兰女士、刘奎先生不存在违反《中国注册会计师职业道德守则》有关独 立性要求的情形，最近三年未曾因执业行为受到过刑事处罚、行政处罚、监督管 理措施和纪律处分。 三、备查文件 容诚会计师事务所出具的《关于变更无锡方盛换热器股份有限公司签字注册 会计师的说明函》。 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记 载、误导性陈述或者重大 ...

证券代码：832662 证券简称：方盛股份 公告编号：2025-006 二、 本次委托理财情况 （一） 本次委托理财产品的基本情况 | 受托方 | 产品类 | | 产品金 | 预计年化 | 产品期 | 收益类 | 投资方 | 资金来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 产品名称 | 额（万 | 收益率 | | | | | | 名称 | 型 | | | | 限 | 型 | 向 | 源 | | | | | 元） | （%） | | | | | | 江苏 | 银行理 | 对公人 | 2,000 | 2.30 | 3个月 | 浮动 | 结构 | 自有 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 银行 | 财产品 | 民币结 | | | | 收益 | 性存 | 资金 | | | | 构性存 | | | | | 款 | | | | | 款 | | | | | | | 无锡方盛换热器股份有限公司 关于使用自有资金购买理财产品的进展公告 本公司及董事会全体成员 ...

Group 1: Investor Relations Activity - The investor relations activity was an online communication meeting held on January 16, 2025, with participation from multiple securities firms [3][4]. - The meeting was attended by representatives from various securities companies, including Kaiyuan Securities, Guotou Securities, and others [4]. Group 2: Industry Demand and Revenue Growth - The company has seen an increase in orders compared to the same period last year, particularly in the wind power, hydrogen energy, engineering machinery, data centers, and air compressor sectors [4]. - The air compressor sector remains a stronghold for the company, with expected stable growth in 2025 due to ongoing collaborations with leading industry players [6]. Group 3: Overseas Expansion and Market Challenges - The company plans to expand its overseas revenue, particularly in the engineering machinery sector, and has established a subsidiary in Malaysia to support this initiative [5]. - The company is addressing market pressures in the wind power sector through internal management and market development strategies [12]. Group 4: Product Development and Market Trends - The company is focusing on new product development in hydrogen energy, data centers, and energy storage, with plans to enhance the integration of its products [11]. - The liquid cooling products for data centers have varying unit values, with liquid cooling plates ranging from hundreds to thousands of yuan, and dry coolers valued at tens of thousands to hundreds of thousands of yuan [9]. Group 5: Impact of Raw Material Prices - The company monitors aluminum prices closely, as fluctuations can impact profit margins, particularly in competitive markets like wind power and energy storage [12]. - The acquisition of Jufeng Aluminum Industry has strengthened the supply chain and improved economic efficiency for the company [14].

上海市广发(无锡)律师事务所 关于无锡方盛换热器股份有限公司 2025 年第一次临时股东大会的法律意见书 致:无锡方盛换热器股份有限公司 无锡方感换热器股份有限公司(以下简称"公司")2025年第一次临时股东 大会于 2025年1月3日在公司会议室召开。上海市广发(无锡)律师事务所经 公司聘请,委派赵晟律师、葛琴志律师出席现场会议,根据《中华人民共和国公 司法》(以下简称"《公司法》")、《上市公司股东大会规则(2022年修订)》(以 下简称"《股东大会规则》")等法律法规、其他规范性文件以及《无锡方盛换热 器股份有限公司章程》(以下简称"《公司章程》")的规定,就本次股东大会的召 集和召开程序、召集人及出席会议人员的资格、会议议案、表决方式和表决程序、 表决结果和会议决议等出具本法律意见书。 为出具本法律意见书,本所律师对本次股东大会所涉及的有关事项进行了审 查,查阅了相关会议文件,并对有关问题进行了必要的核查和验证。 公司已向本所保证和承诺,公司向本所律师所提供的文件和所作的陈述和说 明是完整的、真实的和有效的,有关原件及其上面的签字和印章是真实的,且一 切足以影响本法律意见书的事实和文件均已向本所披露, ...

| | 2024-12-30 公告日期 异常期间 | | 无 | | | | --- | --- | --- | --- | --- | --- | | | 方盛股份(832662) 连续竞价 6098870 （股） | 成交数量 | | 成交金额（万 元） | 12523.82 | | | 涉及事项 当日换手率达到20%的前5只股票 | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 国信证券股份有限公司深圳红岭中路证券营业部 | | | 4196208.95 | 401047.7 | | 买2 | 光大证券股份有限公司上海张杨路营业部 | | | 3863318.61 | 0 | | 买3 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | | | 2617347.17 | 1275189.41 | | 买4 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 2341710.87 | 2998979.84 | | 买5 | 国信证券股份有限公司深圳互联网分公司 | | | 2212382.3 | 529933.9 ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-12- 30 | 920082 | 方正阀门 | 12021013.0 | 17964.63 | 当日换手率达到38.00% | | 2024-12- 30 | 832662 | 方盛股份 | 6098870 | 12523.82 | 当日换手率达到24.81% | ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-12- 27 | 920082 | 方正阀门 | 21515622.0 | 37588.24 | 当日收盘价跌幅达到-25.94% | | 2024-12- | 920082 | 方正阀门 | 21515622.0 | 37588.24 | 当日换手率达到68.01% | | 27 | | | | | | | 2024-12- 27 | 832662 | 方盛股份 | 8326301 | 18637.74 | 当日换手率达到33.87% | | 2024-12- | 837403 | 康农种业 | 7868043 | 17081.93 | 当日换手率达到26.38% | | 27 | | | | | | | 2024-12- 27 | 831175 | 派诺科技 | 11360567.0 | 21332.27 | 当日换手率达到22.75% | | 2024-12- | 871478 | 巨能股份 | 4895667 | 14658 ...

| | 公告日期 2024-12-27 | 异常期间 | 无 | | | | --- | --- | --- | --- | --- | --- | | | 方盛股份(832662) 连续竞价 | 成交数量 （股） | 8326301 | 成交金额（万 元） | 18637.74 | | | 涉及事项 当日换手率达到20%的前5只股票 | | | | | | 买/卖 | 营业部或交易单元名称 | | | 买入金额（元） | 卖出金额（元） | | 买1 | 东方财富证券股份有限公司拉萨团结路第二证券营业部 | | | 3855529.79 | 3790179.9 | | 买2 | 东方财富证券股份有限公司拉萨东环路第二证券营业部 | | | 3717741.61 | 2813126.05 | | 买3 | 国信证券股份有限公司深圳红岭中路证券营业部 | | | 2845470.75 | 353790.94 | | 买4 | 东方财富证券股份有限公司拉萨团结路第一证券营业部 | | | 2480636.94 | 3080428.16 | | 买5 | 东方财富证券股份有限公司拉萨东环路第一证券营业部 | | | ...

| 日期 | 代码 | 简称 | 成交数量（股） | 成交金额（万元） | 披露原因 | | --- | --- | --- | --- | --- | --- | | 2024-12- | 831175 | 派诺科技 | 10132271.0 | 18559.86 | 当日收盘价涨幅达到29.95% | | 26 | | | | | | | 2024-12- | 832662 | 方盛股份 | 11921474.0 | 27501.21 | 当日换手率达到48.50% | | 26 | | | | | | | 2024-12- | 871478 | 巨能股份 | 5807416 | 17690.19 | 当日换手率达到25.25% | | 26 | | | | | | | 2024-12- | 920002 | 万达轴承 | 1411288 | 10653.79 | 当日换手率达到24.54% | | 26 | | | | | | | 2024-12- | 837046 | 亿能电力 | 10484048.0 | 17586.75 | 当日换手率达到20.38% | | 26 | | | | | | | 2 ...