Group 1 - Ningbo Jinda's stock price increased by 1.00% on January 15, with a trading volume of 141 million yuan and a net financing purchase of 1.489 million yuan [1] - As of January 15, the total balance of margin trading for Ningbo Jinda was 184 million yuan, accounting for 3.76% of its market capitalization, indicating a high level compared to the past year [1] - The company repaid 2,800 shares of securities on January 15, with a remaining short selling balance of 29.77 million yuan, which is above the 90th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders for Ningbo Jinda decreased by 15.48% to 27,500, while the average circulating shares per person increased by 18.93% to 15,907 shares [2] - For the period from January to September 2025, Ningbo Jinda reported a revenue of 549 million yuan, a year-on-year decrease of 5.63%, and a net profit attributable to shareholders of 75.88 million yuan, down 36.07% year-on-year [2] Group 3 - Since its A-share listing, Ningbo Jinda has distributed a total of 645 million yuan in dividends, with 350 million yuan distributed over the past three years [3]

Summary of Ningbo Jinda Conference Call Company Overview - **Company**: Ningbo Jinda - **Industry**: Heat exchanger and microchannel technology Key Points Order Status and Financial Performance - Ningbo Jinda reported a strong order status for 2026, with overseas orders reaching a historical high, benefiting from domestic companies' overseas expansion, supply chain adjustments, and increased demand from North American data centers [2][3] - Significant growth in orders for the new energy vehicle and battery sectors was noted in the second half of the year, with a projected quarter-on-quarter growth of 30%-40% in Q4 [2][3] - Despite a poor revenue and profit performance in the first three quarters of 2026, new orders increased year-on-year, attributed to uneven delivery and acceptance timing of large orders [3][4] Microchannel Technology Development - The company has been in the heat exchange industry for 35 years, focusing on liquid cooling technology for data centers [2][5] - Microchannel technology, utilizing a rolled fin design, improves heat exchange efficiency by 20%-30% compared to traditional designs, while being cost-effective and compact [2][5] - The technology is primarily used for secondary cooling, with ongoing research into manufacturing methods including machining, stamping, and 3D printing [6][7] Market Expansion and Collaborations - The establishment of a new subsidiary in Germany has accelerated the development of microchannel equipment, with approximately 70 million RMB in orders received from April to December 2026 [2][3] - Collaboration with companies like Invt has been initiated to develop new liquid cooling products, with ongoing discussions about product design and production details [10][11] - The acquisition of Wuxi Weiyan has shown positive synergy effects, generating approximately 38 million RMB in orders within a year [3][20] Challenges and Future Outlook - The company faces challenges in manufacturing microchannel technology due to high precision requirements and potential blockage issues in small flow channels [9] - Future order growth is expected to be driven by the development and application of liquid cooling solutions, with a target of maintaining a 20%-30% growth rate for new orders in 2026 [17][22] - The company aims to expand its market presence in North America, leveraging partnerships with key clients to enhance its competitive position [20][21] Strategic Directions - Ningbo Jinda's growth strategy includes focusing on three main lines: heat exchanger equipment, pressure machines, and microchannel processing equipment, which are expected to contribute significantly to profitability [22] - The company is also exploring potential investments in robotics and liquid cooling as part of its "14th Five-Year Plan" [19][21] Financial Metrics - Gross margin is expected to remain stable, ranging between 50%-70% [3][4][16] - The company anticipates a continued increase in new orders, particularly in the context of the North American market and the ongoing recovery in the new energy vehicle sector [3][15][20]

Group 1 - Nvidia unveiled its next-generation AI chip architecture, Rubin, during CES, which is expected to significantly increase the demand for liquid cooling solutions in data centers due to a 100% requirement for full liquid cooling driven by explosive growth in cabinet power density [1][2] - The liquid cooling market is projected to experience rapid growth, with Nvidia's GPU shipments expected to reach 12.5 million units by 2026, leading to a market size of 69.7 billion yuan for Nvidia's liquid cooling systems and 35.3 billion yuan for ASIC liquid cooling systems [2][3] - The introduction of the Rubin architecture is set to reshape the data center cooling landscape, with the NVL72 cabinet consuming approximately 190-230 kW and the NVL576 targeting 600 kW, effectively phasing out air cooling for high-power cabinets [2] Group 2 - The microchannel cooling plate is anticipated to become a central value component in secondary cooling systems, with the liquid cooling value of a 72-node cabinet estimated at around $70,000, where the cooling plate accounts for approximately half of this value [3] - The Rubin architecture's adoption of a "45°C warm water direct cooling" solution allows for natural cooling in various climates, potentially eliminating the need for compressor-based cooling systems and leading to significant cost savings [3] - The global market for dry coolers used in data centers is expected to reach 20.89 billion yuan by 2031, with a compound annual growth rate of 8.9% from 2025 to 2031 [3] Group 3 - Ningbo Jinda has a competitive advantage in the heat exchanger equipment manufacturing sector, with a full-process technology coverage and a growing order book for heat exchanger equipment [4] - The company has established partnerships with major dry cooler manufacturers and is the sole overseas supplier for Vertiv's data center business, which is a key partner in Nvidia's liquid cooling ecosystem [5] - With experience in delivering to over 60 countries, Ningbo Jinda's global service capabilities are expected to enhance its market competitiveness and allow it to benefit from the growing demand for equipment driven by global AI infrastructure development [5]

Core Viewpoint - Ningbo Jingda (603088) is experiencing significant growth driven by national policies supporting high-end equipment manufacturing and the new energy industry, with the introduction of new businesses such as high-speed precision presses contributing to the company's second growth engine [1] Group 1: Business Growth and Financial Performance - During the "14th Five-Year Plan" period (2021-2025), Ningbo Jingda's main business segments, including heat exchanger equipment and precision presses, are expected to see steady growth, with projected revenue of 818 million yuan in 2024, a year-on-year increase of 15.38%, and a net profit of 165 million yuan, up 3.37% [2] - The rapid development of downstream sectors such as new energy vehicles and large white goods is driving the growth of Ningbo Jingda's microchannel and high-speed precision press equipment [2] Group 2: Product Development and Technological Advancements - The company offers a range of precision press products, including high-speed precision presses and specialized equipment for new energy battery casing, which have become a significant part of its growth strategy [3] - Ningbo Jingda has established itself as a leading manufacturer in the heat exchanger sector, with products distributed in over 60 countries and partnerships with major brands like Denso, Daikin, and Panasonic [3] Group 3: Mergers and Acquisitions - The acquisition of Wuxi Weiyan marks Ningbo Jingda's first major merger in over a decade, enhancing its product offerings and optimizing its industrial structure [5] - Post-acquisition, Wuxi Weiyan has shown strong market performance, with new orders in the first half of 2025 seeing over 50% from exports, reflecting a 70% year-on-year increase [6] Group 4: Strategic Focus and Future Directions - Ningbo Jingda is targeting the liquid cooling and robotics sectors, leveraging its microchannel technology to enter the data center cooling market, which is becoming increasingly important due to rising heat generation from digital economies [7] - The company is also expanding into the intelligent robotics sector, with plans to integrate its technology with Wuxi Weiyan and other partners to enhance its market presence [8] - Looking ahead to the "15th Five-Year Plan," Ningbo Jingda aims to become a global leader in customized forming technology and equipment services, focusing on new fields such as liquid cooling and robotics [9]

Core Viewpoint - Ningbo Jingda is actively engaged in the development of the new energy industry, focusing on key equipment that addresses critical challenges in the sector [2] Group 1: Company Initiatives - The company is involved in various aspects of the new energy sector, including new energy equipment, motors, battery casings, thermal management equipment, and microchannel equipment [2] - Ningbo Jingda has applied for first-of-its-kind projects and has received recognition from the Ministry of Industry and Information Technology for green initiatives, as well as support from Ningbo's key research and development programs [2] - The company is collaborating with universities and research institutions to accelerate the industrialization of technology and the realization of orders [2]

证券日报网讯12月30日，宁波精达（603088）在互动平台回答投资者提问时表示，公司关注机器人产业 发展趋势，如有进一步市场和业务进展将及时和市场沟通。 ...

证券代码：603088 证券简称：宁波精达 公告编号：2025-063 宁波精达成形装备股份有限公司 关于完成工商变更登记的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 宁波精达成形装备股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日、2025 年 9 月 4 日分别召开第五届董事会第十八次会议和 2025 年第一次临时 股东会，审议并通过 《关于变更注册资本、取消监事会并修订<公司章程>的议 案》，对公司注册资本进行了变更，公司总股本由 437,871,840 股增加至 502,387,966 股，公司注册资本由 437,871,840 元增加至 502,387,966 元。同时 对《公司章程》的部分条款进行修订，具体内容详见公司于 2025 年 8 月 19 日在 上海证券交易所网站（www.sse.com.cn）及指定媒体上披露的《宁波精达关于变 更注册资本、取消监事会并修订<公司章程>及修订、制定部分制度的公告》（公 告编号：2025-050）。 近日，公司已完成工商变更登记手续及修订后 ...

Group 1 - The core viewpoint of the news is that Ningbo Jinda experienced a slight increase in stock price and trading volume, with significant financing activities indicating a high level of investor interest [1] - On December 25, Ningbo Jinda's stock rose by 2.65%, with a trading volume of 210 million yuan, and a net financing buy of -131,500 yuan, indicating a balance of 199 million yuan in margin trading [1] - The company has a high financing balance, accounting for 4.18% of its market capitalization, which is above the 70th percentile of the past year [1] Group 2 - As of September 30, the number of shareholders for Ningbo Jinda decreased by 15.48% to 27,500, while the average circulating shares per person increased by 18.93% to 15,907 shares [2] - For the period from January to September 2025, Ningbo Jinda reported a revenue of 549 million yuan, a year-on-year decrease of 5.63%, and a net profit attributable to shareholders of 75.88 million yuan, down 36.07% year-on-year [2] Group 3 - Since its A-share listing, Ningbo Jinda has distributed a total of 645 million yuan in dividends, with 350 million yuan distributed over the past three years [3]

Group 1 - Ningbo Jinda's stock price increased by 1.25% to 10.57 CNY per share, with a trading volume of 177 million CNY and a turnover rate of 3.82%, resulting in a total market capitalization of 5.31 billion CNY [1] - The stock has risen for four consecutive days, with a cumulative increase of 5.18% during this period [1] - Ningbo Jinda was established on August 15, 2002, and listed on November 11, 2014, focusing on the research, production, and sales of heat exchanger equipment and precision presses [1] Group 2 - The main business revenue composition of Ningbo Jinda includes heat exchangers (37.23%), presses (34.17%), microchannels (14.92%), molds (6.65%), spare parts (1.81%), and automotive components (1.56%) [1] - Zhongyou Fund holds a significant position in Ningbo Jinda, with its fund "Zhongyou Advanced Manufacturing Mixed Initiation A" (024261) owning 42,000 shares, accounting for 1.43% of the fund's net value [2] - The fund manager, Jin Zhenzhen, has a total asset scale of 1.90 billion CNY, with a best fund return of 62.13% and a worst return of -7.36% during his tenure [2]

格隆汇12月23日丨宁波精达(603088.SH)投资者互动平台表示，公司关注产业链的趋势变化，无锡微研 和谷歌公司目前没有直接的业务关联或合作关系。 ...