| 证券代码：002126 | 证券简称：银轮股份 | 公告编号：2026-005 | | --- | --- | --- | | 债券代码：127037 | 债券简称：银轮转债 | | 浙江银轮机械股份有限公司 关于购买深圳市深蓝电子股份有限公司股份及增资 暨对外投资事项的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 一、对外投资基本情况 浙江银轮机械股份有限公司（以下简称"公司"）于 2025 年 11 月 27 日召开第九届 董事会第三十一次会议，审议通过了《关于购买深圳市深蓝电子股份有限公司股份及增 资暨对外投资的议案》，同意公司以自有资金投资约 13,257 万元，通过协议转让、定增 等方式，计划取得深圳市深蓝电子股份有限公司（以下简称"深蓝股份""目标公司"） 55%以上股权。详见《关于购买深圳市深蓝电子股份有限公司股份及增资暨对外投资的 公告》（2025-089）。 二、本次对外投资事项的进展情况 根据全国中小企业股份转让系统反馈意见，为进一步符合《全国中小企业股份转让 系统定向发行业务规则适用指引第 1 号》《全国中小企业股份转让系 ...

Summary of YINLUN's Conference Call Company Overview - **Company**: YINLUN (银轮股份) - **Industry**: Liquid Cooling Technology and Heat Exchangers Key Points Liquid Cooling Business Expansion - YINLUN has made significant breakthroughs in the server CDO internal heat exchanger market, establishing partnerships with companies like Delta and KULOMAS, and actively pursuing clients such as Google, exceeding expectations for growth [2][7] - The company is collaborating with Huawei to develop CDO assemblies, with expected revenue contributions of 300-350 million CNY in 2026 as Huawei's 910D and 950 series chips enter mass production [2][8] - The global liquid cooling market is projected to reach 100-116 billion USD by 2026, marking a pivotal year for the industry, with YINLUN positioned to capture a significant share due to its technological advantages and market presence [2][6] Financial Projections - YINLUN anticipates main business profits to reach 1.1-1.2 billion CNY in 2026, with the liquid cooling segment contributing approximately 1 billion CNY in revenue, leading to a net profit expectation of 200-300 million CNY [3][9] - The main business and liquid cooling segment are expected to support market capitalizations of 25 billion CNY and 20 billion CNY, respectively [3][9] Market Trends and Product Development - The company is optimistic about the commercial vehicle sector, predicting stable heavy truck sales in China for 2026, with a growth rate of 15-20% in the commercial vehicle segment [2][9] - In the passenger vehicle segment, YINLUN is enhancing product offerings through collaborations with Tesla, leading to upgrades in cooling systems and increased product pricing [9] - The company is also advancing in the mixed air-liquid heat exchanger product line, which is expected to provide flexible revenue contributions in the future [7] Technological and Market Innovations - YINLUN has a strong foundation in thermal management across automotive and commercial vehicle sectors, extending from air conditioning modules to energy storage and thermal management [4] - The company has achieved domestic substitution in central air conditioning heat exchangers, offering stainless steel and copper heat exchangers with recognized stability and supply capabilities [4] - YINLUN is actively developing its skills in thermal management and expanding its North American business relationships, particularly in the robotics sector, which is expected to drive future growth [11] Future Outlook - 2026 is deemed a crucial year for YINLUN, with expectations of benefiting from the liquid cooling industry's growth and advancements in the diesel generator heat exchanger sector, including a projected shipment of 2,000 units by Caterpillar [8] - The company is also exploring various fields such as wind power generation, energy storage liquid cooling, and ultra-fast charging liquid cooling, which are anticipated to positively impact revenue and profits [8] Conclusion - YINLUN's strong technological foundation and proactive market expansion strategies position it well for significant growth in the liquid cooling sector and beyond, with substantial potential for market capitalization increase [5][10]

Investment Rating - The report maintains a positive outlook for the automotive industry, expecting a rebound in vehicle sales in Q1 and focusing on investments in intelligent driving, robotics, and liquid cooling technologies [3]. Core Insights - The automotive sector is experiencing significant dynamics, including sales, pricing, exports, and robotics developments [2]. - The report highlights that January's early sales data shows a substantial year-on-year decline, primarily due to subsidy reductions and rising vehicle prices, leading to consumer hesitation [5]. - The report anticipates that the pressure on vehicle prices will be managed through strict enforcement of anti-competitive practices, aiming to stabilize prices and profit margins [5]. - The export market is expected to grow rapidly, supported by agreements that lower trade barriers for electric vehicles, enhancing profitability for manufacturers and dealers [5]. - The robotics sector is gaining traction, with the Optimus V3 generating market excitement and expectations for product launches [5]. Data Tracking - In early January, the average discount rate remained stable, with a 9.6% increase year-on-year, and the average discount amount reached 22,259 yuan, up by 2,192 yuan year-on-year [4]. - December's wholesale vehicle sales were reported at 2.85 million units, reflecting a year-on-year decline of 8.7% and a month-on-month decline of 6.3% [4]. - Notable sales performance in December included significant year-on-year growth for new energy vehicle manufacturers like NIO and Li Auto, while traditional automakers like SAIC and Changan showed mixed results [6]. Industry News - The report discusses various industry developments, including the price commitments for electric vehicles between China and Europe, which aim to facilitate trade [27]. - The Ministry of Industry and Information Technology is focusing on enhancing the competitiveness of the new energy vehicle sector and regulating market practices to prevent price wars [27]. - Recent data indicates a significant drop in retail sales of passenger vehicles in early January, with a 32% year-on-year decline [27]. Market Performance - The automotive sector saw a weekly increase of 0.71%, ranking 8th out of 29 sectors, while the overall market indices showed mixed results [10].

Investment Rating - The industry investment rating is "Overweight" and has been maintained from the previous rating [9]. Core Insights - Liquid cooling technology is expected to become the mainstream cooling solution for AIDC due to the increasing demand for AI computing power and the rising power density of server cabinets, which traditional air cooling cannot meet [6][24]. - The global data center liquid cooling component market is projected to reach $15.7 billion by 2027, with a CAGR of 35% from 2025 to 2027 [7][37]. - Automotive parts suppliers are expected to become upstream component suppliers for liquid cooling systems, with several companies having Tier 1 supply capabilities [8]. Summary by Sections AIDC Liquid Cooling Industry Chain and Core Components - The current mainstream solution is cold plate liquid cooling, while immersion liquid cooling offers better efficiency but is limited by high coolant costs [7][29]. - Key components for upgrading include CDU, liquid cooling plates, manifolds, and UQDs, which have a higher value proportion [7][8]. Investment Opportunities for Automotive Parts Suppliers - Automotive parts companies can leverage existing customer bases and strong business capabilities to collaborate with Taiwanese and local manufacturers in the liquid cooling supply chain [8]. - Recommended companies include Yinlun, Minth Group, Feilong, Meilixin, Chuanhuan Technology, Zhongding, Xiangxin Technology, Sulian Technology, and Pengling [8]. Liquid Cooling Technology as the Mainstream Cooling Solution - The average power density of server cabinets is expected to exceed 25 kW by 2025, making traditional air cooling inadequate [24]. - Liquid cooling can achieve a PUE of less than 1.25, aligning with policy directives for energy efficiency [6][19]. Market Size and Growth Projections - The global data center market is projected to reach $128.9 billion by 2025, with a CAGR of 13% from 2019 to 2025 [13]. - The penetration rate of liquid cooling systems in data centers is expected to grow to 30% by 2027 [41]. Key Components and Their Evolution - The evolution of liquid cooling components, particularly the liquid cooling plates and UQDs, is driven by the increasing power requirements of GPUs, with significant upgrades expected in the next generation of GPUs [46][48]. - The design of CDU is also evolving to enhance heat exchange efficiency and prevent leaks, which are critical for the industry's advancement [61][66].

Investment Rating - The report maintains an "Overweight" rating for the automotive industry [20]. Core Views - The demand for AIDC power generation equipment is expected to grow rapidly, with recommendations for Weichai Power, which is diversifying into diesel and gas generator sets and SOFC [20][19]. - Liquid cooling is identified as a promising area for automotive components, with a recommendation for Silver Wheel Holdings [20]. - The export of passenger vehicles to Europe is anticipated to grow significantly under carbon reduction policies, with recommendations for XPeng Motors and SAIC Group [20]. - The intelligent driving industry chain is expected to benefit from advancements in L3 testing, with recommendations for Nexperia and China Automotive Research [20]. - The humanoid robot sector is highlighted for its long-term potential, recommending Delta Electronics and Ningbo Huaxiang [20]. Summary by Sections 1. Industry Weekly Market Review - The automotive index remained flat over the week from January 9 to January 16, 2026, with the new energy vehicle index down by 1%, automotive parts index up by 2%, and commercial vehicle index down by 1% [2][8]. - Over the past month, the automotive index increased by 8%, the new energy vehicle index by 1%, and the automotive parts index by 13% [9]. 2. Engine Giants Continue to Layout AIDC Power Generation Equipment - AIDC investment is experiencing high growth, leading to rapid expansion in the power generation and backup power market [17]. - Weichai Power is seeing strong demand for its data center power products and is accelerating SOFC capacity expansion [17][18]. - Yuchai International plans to acquire a stake in a high-pressure common rail supplier, enhancing its supply chain capabilities [18]. 3. Investment Strategy and Recommendations - The report recommends an "Overweight" rating for the industry, with specific stock recommendations including: 1. Weichai Power for its diversified AIDC power generation equipment [20]. 2. Silver Wheel Holdings for its potential in liquid cooling automotive components [20]. 3. XPeng Motors and SAIC Group for their growth potential in the European market [20]. 4. Nexperia and China Automotive Research for advancements in intelligent driving [20]. 5. Delta Electronics and Ningbo Huaxiang for their long-term positioning in the humanoid robot sector [20].

Core Viewpoint - The company plans to increase its overseas data center product capacity, with liquid cooling expected to be a key driver of profit growth [1] Group 1: Business Strategy - The company aims to enhance its product offerings in the data center liquid cooling sector through a strategic acquisition of Deep Blue, which will complement its existing capabilities [1] - A comprehensive product matrix is being developed, covering CDU, Manifold, cooling plates, cooling towers, and immersion cooling equipment [1] - The company is transitioning from single product offerings to integrated CDU system modules, which will enhance its value and profitability [1] Group 2: Market Outlook - Significant growth in overseas demand for data center liquid cooling is anticipated, positioning this business segment as a critical area for future profit expansion [1] - The company is accelerating its overseas capacity construction, including a new factory in Mexico and plans for a production base in Thailand with an investment of 150 million yuan, expected to reach full production by 2027 [1] Group 3: Financial Projections - The North American segment is projected to achieve stable profitability by 2025, with the Polish factory expected to turn profitable as well [1] - Continuous acquisition of overseas orders and capacity release is expected to enhance the profitability of overseas factories, with a further increase in overseas revenue and profit share by 2026 [1] - Comparable companies have an average PE valuation of 37 times for 2026, with a target price set at 55.87 yuan, maintaining a "buy" rating [1]

Core Viewpoint - Senior management personnel of Zhejiang Yinlun Machinery Co., Ltd. plan to reduce their shareholdings due to personal financial needs, with a total of up to 523,000 shares to be sold within a specified period [2][3][5]. Group 1: Reduction Plan Details - The reduction will involve three senior management personnel: Chen Min, Liu Hao, and Chen Junyi, who hold shares of 976,025, 1,021,025, and 135,032 respectively, representing 0.1168%, 0.1222%, and 0.0161% of the total share capital after excluding repurchased shares [2][7]. - The planned reduction period is from February 6, 2026, to May 5, 2026, excluding any legally prohibited periods [5][7]. - The shares to be reduced represent 0.0626% of the total share capital after excluding repurchased shares [2][5]. Group 2: Shareholding Source and Method - The shares being reduced were obtained through equity incentives [4]. - The reduction will be executed through centralized bidding transactions [5][6]. Group 3: Compliance and Governance - The reduction plan is consistent with previously disclosed intentions and commitments of the senior management personnel [7]. - The senior management personnel are not subject to restrictions on share reduction as per relevant regulations [7].

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 55.87 CNY [3][6]. Core Insights - The company plans to increase its overseas data center product capacity, with liquid cooling expected to be a key area for profit growth [2]. - The projected EPS for 2025-2027 is 1.14, 1.51, and 1.93 CNY respectively, with an average PE valuation of 37 times for comparable companies in 2026 [3]. - The company is investing approximately 2.69 billion CNY in a new subsidiary in Mexico to enhance its manufacturing capabilities for commercial vehicles and data center thermal management products, reflecting confidence in overseas business growth [11]. - A planned acquisition of Deep Blue Co., which will enhance the company's liquid cooling product offerings, is expected to improve competitive advantages and profitability [11]. - The demand for overseas data center liquid cooling products is anticipated to grow significantly, driven by increased orders from major clients like NVIDIA and Google, positioning the company to capture a larger market share [11]. Financial Summary - The company's revenue is projected to grow from 11,018 million CNY in 2023 to 21,502 million CNY in 2027, with a CAGR of approximately 18.5% [5]. - Operating profit is expected to increase from 816 million CNY in 2023 to 2,107 million CNY in 2027, reflecting a strong growth trajectory [5]. - The net profit attributable to the parent company is forecasted to rise from 612 million CNY in 2023 to 1,631 million CNY in 2027, indicating robust profitability [5]. - The gross margin is expected to improve slightly from 20.5% in 2023 to 21.7% in 2027, while the net margin is projected to increase from 5.6% to 7.6% over the same period [5].

Core Viewpoint - The company has established a clear product layout in the field of embodied intelligence, consisting of a 1+4+N structure, which aims to meet customer needs effectively [2] Group 1: Product Layout - The "1" in the layout represents the company's understanding of the entire machine system, ensuring a comprehensive grasp of customer requirements [2] - The "4" refers to four categories of assembly products: rotating joint modules, actuator modules, dexterous hand modules, and thermal management modules [2] - The "N" signifies the numerous components supporting the four main modules, including motor modules, micro motors, body structural parts, and heat exchangers [2] Group 2: Customer Collaboration - The company has formed partnerships with several key clients, with some product categories already in supply and others still in the development phase [2]

Group 1 - The company has established a clear product layout in the field of embodied intelligence, defined as 1+4+N, where 1 represents a comprehensive understanding of the entire system to meet customer needs [1] - The four categories of assembly products include rotary joint modules, actuator modules, dexterous hand modules, and thermal management modules [1] - The N represents various components supporting the four main modules, including motor modules, micro motors, body structure parts, and heat exchangers [1] Group 2 - The company has formed partnerships with several key clients, with some product categories already in supply and others still in the development phase [1] - There is ongoing inquiry from investors regarding which components and modules have received product certification from major clients and which categories have established strong strategic supply relationships [3]