Core Viewpoint - The company, Feilong Co., Ltd. (002536.SZ), is primarily supplying products such as turbine housings, exhaust manifolds, mechanical water pumps, and electronic pumps to overseas markets, indicating a strong international presence in its product offerings [1] Group 1 - The main products supplied by the company to overseas markets include turbine housings, exhaust manifolds, mechanical water pumps, and electronic pumps [1] - The company has over 50 major overseas clients, including well-known names such as BorgWarner, Cummins, Garrett, Ford, Vovlo, Daimler, General Motors, and Vietnam's VINFAST [1]

格隆汇8月12日丨飞龙股份(002536.SZ)于近期投资者关系活动表示，目前公司液冷领域主要客户及建立 联系的达80家，有超120个项目正在进行中，部分项目已经量产。另外，公司在稳固国内市场的同时， 正积极通过中国台湾地区客户拓展海外服务器液冷市场，持续扩大业务版图。 ...

Group 1 - The company expects a significant increase in net profit for the first half of 2023, projecting a range of 130 million to 150 million yuan, representing a year-on-year growth of 440.43% to 523.57% [1] - The increase in profit is attributed to a rise in orders, higher export revenue, and a substantial growth in operating income compared to the same period last year [1] - The company has seen a rapid increase in the penetration rate of turbochargers and a surge in hybrid vehicle production, contributing to steady growth in turbocharger housing products [1] Group 2 - The company is focusing on the development of new energy thermal management products, which have seen rapid growth, particularly in the context of the expanding new energy vehicle market [2] - The automotive industry has shown strong recovery, with a 14.2% year-on-year increase in industrial added value for the automotive manufacturing sector from January to May 2023, significantly outpacing the overall industrial growth [2] - The company is actively expanding its business into civilian sectors, with over 40 ongoing projects in areas such as 5G base stations, agricultural machinery, and renewable energy storage [2] Group 3 - The automotive parts manufacturing industry is facing both opportunities and challenges, with the rapid growth of new energy vehicles and storage creating new demand for components [3] - The traditional parts market remains highly competitive, necessitating continuous investment from companies to maintain competitiveness [3]

Group 1 - A total of 24 automotive parts listed companies in A-shares have released their performance forecasts for the first three quarters, with 18 companies expecting positive results [1] - Six companies, including Wan'an Technology and Feilong Co., are projected to have a net profit growth rate exceeding 100% year-on-year, driven by sufficient orders and strong sales of core products [1] - Feilong Co. anticipates a net profit of 205 million to 230 million yuan for the first three quarters, representing a year-on-year increase of 252.82% to 295.84%, attributed to increased export revenue and substantial growth in operating income [1] Group 2 - The overall profitability of parts manufacturers is increasing due to the rising sales scale in the automotive market, with domestic car sales hitting new highs from June to September [2] - In the first three quarters, China's automotive production and sales reached 21.075 million and 21.069 million units, respectively, marking year-on-year growth of 7.3% and 8.2% [2] - The electric and intelligent transformation in the automotive industry is expected to further boost consumer policies, leading to significant growth in the market for automotive parts, especially in the fields of new energy and intelligent connected vehicles [2]

Core Viewpoint - The company expects revenue improvement in the second half of 2025 driven by new overseas projects, growth in orders for integrated modules for new energy vehicles, and increasing sales of liquid cooling products [1] Group 1: Revenue Drivers - New overseas projects are gradually ramping up [1] - Orders for integrated modules in the new energy vehicle sector are increasing [1] - The company's liquid cooling product line is expected to see gradual growth [1] Group 2: Liquid Cooling Product Details - The liquid cooling product line primarily consists of electronic pump series and temperature control valve series, with plans to expand into temperature control modules [1] - The company currently has four production lines for liquid cooling products, with an annual capacity of up to 1.2 million units [1] - The company has established connections with 80 major clients and is involved in over 120 ongoing projects, some of which have already entered mass production [1]

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, focusing on thermal management systems for vehicles [3] - The company has two main development phases: before 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive markets [4] - The company operates four R&D centers and has established a national-level enterprise technology center [4] Group 2: Subsidiary Information - Zhengzhou Feilong, established in 2013, has over 330 employees and total assets of 500 million RMB, with production capabilities of 1 million electronic water pumps and 2 million temperature control valves annually [5] - Anhui Hangyi Technology, founded in July 2025 with a registered capital of 50 million RMB, specializes in non-automotive liquid cooling pumps for data centers and charging stations [6] Group 3: Financial Performance - In the first half of 2025, the company experienced a year-on-year increase in performance due to stable raw material prices, optimized product structure, and improved management [7] - The expected revenue for the second half of 2025 is optimistic, driven by new overseas projects and increased orders for new energy vehicle integrated modules [8] Group 4: Product Applications and Market - The company's products, including electronic pumps and temperature control valves, are widely used in automotive, data centers, AI cooling, and various other high-tech fields [9][14] - The company has established partnerships with over 50 overseas clients, including major automotive manufacturers [8] Group 5: Global Strategy and Expansion - The company is constructing a production base in Thailand to enhance its global strategy, aiming to mitigate trade risks and expand into Southeast Asia and Central Asia [11][12] - The company plans to deepen its market layout by leveraging its Thai base for international operations [11] Group 6: Future Development Strategy - The company aims to solidify its automotive thermal management business while expanding into new applications in various high-tech fields [14] - Plans include integrating thermal management technology with robotics and other emerging industries to create long-term growth engines [14]

证券日报网讯 8月11日晚间，飞龙股份发布公告称，公司子公司郑州飞龙和芜湖飞龙于2025年5月8日分 别使用暂时闲置募集资金5，000万元购买中国工商银行西峡支行的结构性存款。近日上述现金管理产品 已经到期赎回，归还至募集资金专户。郑州飞龙收回募集资金本金5，000万元，芜湖飞龙收回募集资金 本金5，000万元，合计取得收益近58万元。 （编辑 李家琪） ...

Investment Rating - The industry investment rating is Neutral [8] Core Insights - AI liquid cooling is transitioning from an optional to a necessary solution, with demand expected to drive rapid growth in market space and penetration rates [8] - The acceleration of ASIC layouts and the increase in domestic computing cluster scale will open new growth opportunities for the liquid cooling market [8] - The overseas supply gap in liquid cooling will provide opportunities for domestic suppliers to expand internationally, with expectations of moving from component supply to modular and integrated solutions [8] - The AI liquid cooling sector has high barriers to entry and significant value, suggesting a favorable competitive landscape and profitability in the medium to long term [8] Summary by Sections Liquid Cooling Market Dynamics - The demand for AI computing centers is driving the need for high-density GPU clusters, leading to a shift towards liquid cooling solutions [8] - Major cloud service providers are accelerating the development of customized ASICs and integrating liquid cooling solutions [8] Investment Recommendations - Suggested companies to watch include: - Yinvik (002837, Not Rated) - Yinlun (002126, Buy) - Feilong (002536, Not Rated) - Chuanhuan Technology (300547, Not Rated) - Xiangxin Technology (002965, Not Rated) - Sulian Technology (301397, Not Rated) - Zhongding (000887, Not Rated) [3]

证券代码：002536 证券简称：飞龙股份 公告编号：2025-067 飞龙汽车部件股份有限公司 | | | | 公司 | 签约银行 | 产品名称 | 产品类型 | 赎回金额 | 资金来源 | 起始日期 | | | | 到期日期 | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 名称 | | | | （万元） | | | | | | | | | | 郑州 | 中国工商 银行西峡 | 结构性存 | 保本浮动 | 5,000 | 暂时闲置 | 2025 年 5 | 月 | 8 日 | 2025 | 年 8 | 月 8 | 日 | | 飞龙 | | 款 | 收益型 | | 募集资金 | | | | | | | | | | 支行 | | | | | | | | | | | | | 芜湖 | 中国工商 | 结构性存 | 保本浮动 | | 暂时闲置 | | | | | | | | | | 银行西峡 | | | 5,000 | | 2025 年 5 | 月 | 8 日 | 2025 | 年 8 | ...

Core Viewpoint - Liquid cooling technology is expanding beyond GPU servers to network devices and ASIC chips, driven by the scaling of AI clusters and a shift in market perception towards a revaluation of the liquid cooling industry [1][2][3] Group 1: Reasons for the Surge in Liquid Cooling - Liquid cooling technology is gaining traction as it is no longer limited to GPU servers, with potential applications in network devices and ASIC chips [2] - Recent developments include Broadcom introducing liquid cooling in switch devices, AMD emphasizing liquid cooling in its MI350 series, and Taiwanese cooling leaders predicting a rapid increase in water cooling adoption over the next two years [2] - The industry is transitioning from conceptual discussions to tangible implementations, with changes in revenue structures, customer bases, and production expansions expected [2] Group 2: Market Dynamics and Future Prospects - The market is at a tipping point where the recognition of liquid cooling trends is leading to significant market reactions, driven by increasing power consumption and the diversification of AI clusters [3] - The power consumption of systems like NVL72 has reached 120kW, surpassing the limits of air cooling systems, prompting a shift towards liquid cooling [3] - Major companies such as Meta, Google, and Amazon are advancing their AI architectures, which will likely include liquid cooling systems in the future [3] Group 3: Competitive Landscape and Strategic Considerations - The core competitive issue in the liquid cooling industry revolves around the ability to avoid "internal competition" and maintain a strong competitive edge [4] - Chip manufacturers may prefer decoupled solutions to reduce costs and improve installation efficiency, while cloud providers favor integrated delivery models for stability and operational efficiency [4] - Companies with robust system integration capabilities, including cold plates, CDU, UQD, cooling liquids, redundancy control, and engineering implementation, are likely to become preferred partners for major cloud service providers [4] Group 4: Investment Recommendations - Core recommendation includes Invec (002837) for its system capabilities and international expansion potential [5] - Other companies to watch include Dongyangguang (600673), Shuguang Shuchuang (872808), Shenling Environment (301018), and Gaolan Co. (300499) [5][6]