Group 1 - The company has emphasized the European market as a key sales region and has established strategic partnerships with numerous global brands, including companies from Italy, Japan, Germany, and China [2] - The company has production bases and sales companies in Germany, the United States, and Japan, indicating a strong international presence [2] - The export strategy for equipment is one of the important strategic goals that the company has actively implemented in recent years [2]

格隆汇2月3日丨宁波精达(603088.SH)在投资者互动平台表示，公司和日本东海特殊钢金属株式会社没 有直接合作。 ...

Core Viewpoint - Ningbo Jingda's performance in the first three quarters of 2025 was under pressure due to order confirmation timing, but the fourth quarter saw a revenue increase of over 30% quarter-on-quarter, with profit growth outpacing revenue growth. The company aims for a year-on-year growth of over 20%-30% in 2026, driven by factors such as the appliance replacement policy, overseas exports, and the consolidation of Wuxi Weiyan [1][3]. Group 1: Financial Performance and Growth Targets - The company reported a significant improvement in the fourth quarter, with revenue and profit both showing positive trends [3]. - The 2026 annual operating target is set for a conservative year-on-year growth of 20%-30% [3]. - Orders are expected to continue growing, following a record high in 2025, primarily due to the growth in heat exchange and new energy equipment [3]. Group 2: Industry Trends and Product Development - The trend of replacing copper with aluminum is beneficial for the company, particularly for microchannel equipment suitable for aluminum materials [4]. - The company is collaborating with leading domestic temperature control enterprises, such as Invec, to develop new products and enhance liquid cooling technology [5][6]. - The company plans to increase R&D investment in liquid cooling and establish a joint R&D team with clients to tackle technical challenges [5]. Group 3: North American Market Expansion - Wuxi Weiyan has become the only non-local mold supplier in North America for the company, facilitating significant orders, including over $10 million from Canadian clients for liquid cooling applications [7][10]. - The company is leveraging its position in the North American market to drive growth, with expectations of high growth rates [10]. Group 4: Strategic Initiatives and Acquisitions - The company has established a new division focused on emerging industries such as robotics, planning to develop screw devices and hollow cups, and considering mergers and acquisitions [2][11]. - The company is actively looking for acquisition targets, supported by its major shareholder, Tongshang Holdings Group [2][12].

| 交易日期 | 证券简称 | 证券代码 | | | 成交价(元) 成交金额(万元) 成交量( *) 买入营业部 | | 卖出营业部 | 是否为专场 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2026-01-30 | 宁波精达 | 603088 | 10 | 201 | 20.1 | 公司官网体育 | 2017 11:30 | | Ka | | 2026-01-30 | 宁波精达 | 603088 | 10 | 201 | 20.1 | 送島景電視恩蘭任 | 中国共同社会 | | KI | | 2026-01-30 | 宁波精达 | 603088 | 10 | 200 | 20 | 华泰泽参贸贸易限 | 我们的是一 | | Ka | 1月30日，宁波精达大宗交易成交60.2万股，成交额602万元，占当日总成交额的5.19%，成交价10元， 较市场收盘价11.01元折价9.17%。 ...

第1笔成交价格为10.41元，成交19.30万股，成交金额200.91万元，溢价率为-9.00%，买方营业部为机构 专用，卖方营业部为中国中金财富证券有限公司宁波狮子街证券营业部。 进一步统计，近3个月内该股累计发生2笔大宗交易，合计成交金额为510.1万元。该股近5个交易日累计 上涨1.06%，主力资金合计净流出1798.02万元。 责任编辑：小浪快报 炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 1月27日，宁波精达收跌0.87%，收盘价为11.44元，发生1笔大宗交易，合计成交量19.3万股，成交金额 200.91万元。 ...

Group 1 - The core transaction involved Ningbo Jinda, with a total of 193,000 shares traded, amounting to 2.0091 million yuan, which represents 1.33% of the total trading volume for the day [1][2] - The transaction price was set at 10.41 yuan per share, reflecting a discount of 9% compared to the market closing price of 11.44 yuan [1][2] - The buying party for this transaction was identified as an institutional special account [2]

1月23日，宁波精达大宗交易成交27.93万股，成交额309.19万元，占当日总成交额的1.13%，成交价 11.07元，较市场收盘价12.17元折价9.04%。 | 交易日期 | 证券简称 | 证券代码 | 成交价(元) 成交金额(万元) 成交量(*) 买入营业部 | | | 卖出营业部 是否为专场 | | --- | --- | --- | --- | --- | --- | --- | | 2026-01-23 | 宁波精达 | 603088 | 11.07 309.19 | 27.93 | 机构专用 | 我們不動畫攝影 KO | ...

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]