| 证券代码：002937 | 证券简称：兴瑞科技 公告编号：2026-009 | | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | 宁波兴瑞电子科技股份有限公司 关于控股股东部分股份质押展期的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 宁波兴瑞电子科技股份有限公司（以下简称"公司"）近日接到控股股东浙 江哲琪投资控股集团有限公司（以下简称"哲琪投资"）的通知，获悉其所持有 的本公司部分股份办理了质押展期，现将有关事项公告如下： 三、其他说明 本次股份质押后，哲琪投资及其一致行动人的质押股份累计数量 5,523 万股， 占其所持股份比例 41.46%，占公司总股本比例 18.55%。 截至本公告披露日，哲琪投资及其一致行动人累计质押股份不存在平仓风险， 亦不会对公司生产经营和公司治理产生实质性影响。公司将根据相关法律法规对 后续股份质押情况履行信息披露义务。 四、备查文件 1、中国证券登记结算有限责任公司深圳分公司证券质押及司法冻结明细表 特此公告。 二、股东股份累计质押情况 截至本公告披露日，哲琪投资及其一致行动 ...

| 证券代码：002937 | 证券简称：兴瑞科技 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：127090 | 债券简称：兴瑞转债 | | 宁波兴瑞电子科技股份有限公司 公司回购股份的时间、数量、价格及集中竞价交易的委托时段均符合《深圳 证券交易所上市公司自律监管指引第 9 号——回购股份》的相关规定。 1、公司未在下列期间回购公司股份： 关于回购股份进展情况的公告 本公司及董事会全体成员保证公告内容真实、准确和完整，不存在任何虚假 记载、误导性陈述或者重大遗漏。 宁波兴瑞电子科技股份有限公司（以下简称"公司"）于 2025 年 4 月 11 日 召开第四届董事会第三十次会议，于 2025 年 4 月 28 日召开 2025 年第一次临时 股东大会分别审议通过了《关于回购公司股份方案的议案》，同意公司使用自筹 资金以集中竞价交易方式回购公司部分发行的人民币普通股（A 股）股份，用于 股权激励或员工持股计划或法律法规允许的其他激励类型。公司拟用于回购的资 金总额不低于人民币 6,000 万元（含），且不超过人民币 12,000 万元（含），回 购股份实施期限为自公 ...

Core Viewpoint - The report from Huaxin Securities highlights that Xingrui Technology, with over 20 years of experience in precision mold and component manufacturing, has established a strong client base including global companies such as Vantiva, Sagemcom, Verizon, and Sony. The company is expected to see a performance turnaround, with a "buy" investment rating given for its traditional business foundation and potential growth in liquid cooling and robotics sectors [1] Financial Performance - For the first three quarters of 2025, the company achieved revenue of 1.328 billion yuan, representing a year-on-year decrease of 10.13% [1] - The net profit attributable to the parent company was 119 million yuan, reflecting a year-on-year decline of 38.42% [1] Business Outlook - The traditional business is seen as a solid foundation, while the liquid cooling and robotics segments are anticipated to contribute to new performance and valuation flexibility [1]

Group 1 - The company is currently involved in AI liquid cooling server products, primarily focusing on server cabinets and quick connectors [2] - The revenue contribution from these AI liquid cooling products is relatively small compared to the company's overall revenue in 2025 [2] - The company encourages stakeholders to refer to its periodic reports and announcements for more detailed information [2]

Summary of Conference Call Notes Industry Overview - The focus is on the AI-related sectors, particularly liquid cooling and power generation, which are experiencing significant growth and interest in the current market environment [1][2]. Key Points and Arguments - The second half of the bull market is expected to see more frequent rotations, with AI liquid cooling and power generation being areas with relatively fewer discrepancies and strong catalysts from orders, performance, and industry developments [2][3]. - Notable company NV has reported impressive financial results, and the upcoming GTC conference in March is anticipated to clarify the Rubin liquid cooling solution, with potential for technology advancements to exceed expectations [2][3]. - Key changes in NV's product offerings include cold plates (related to microchannels) and CDU (components like pumps and valves), with a focus on domestic suppliers such as YWK and SQ gaining market share [3]. - Domestic companies are also expected to benefit, with the upcoming release of DS V4 being favorable for domestic computing power, particularly Huawei's Ascend (950 utilizing liquid cooling solutions). There is optimism regarding major AI capital expenditures in 2026, indicating significant long-term growth potential for liquid cooling penetration [3]. Recommended Stocks - **Feilong Co.**: A core stock in NV, domestic, and ASIC sectors, with a main profit value of 80 million, projected AI liquid cooling profits of 2-5 million in 2026-2027, and a target of 300 million [4]. - **Xingrui Technology**: Another core stock in NV and domestic sectors, with a main profit value of 40 million, projected AI liquid cooling profits of 1-2 million in 2026-2027, starting from a valuation of 10 billion [4]. - **Yinlun Co.**: Offers the greatest elasticity in liquid cooling options, with a main profit value of 250 million, and projected AI business profits (liquid cooling and power generation) of 3-8 million in 2026-2027, with a target of 600 million [4]. - **Minshi Group**: A quality company with a Taiwanese background, engaging with the top five Taiwanese liquid cooling ODMs, and has new joint ventures in robotics. It is expected to leverage time for space in the long term [4]. Additional Important Content - The emphasis on domestic suppliers and the potential for increased market share highlights a shift in the supply chain dynamics within the liquid cooling industry [3]. - The projected profits for the recommended stocks indicate a strong growth outlook for the AI liquid cooling sector, suggesting a robust investment opportunity [4].

Group 1 - The core viewpoint of the article is that Xingrui Technology (002937.SZ) is currently involved in AI liquid cooling server-related products, which include server cabinets and quick connectors, but these products represent a small proportion of the company's revenue for 2025 [1] Group 2 - The company indicates that details regarding the revenue contribution of these products will be disclosed in its regular reports and temporary announcements [1]

Core Viewpoint - The company is currently involved in AI liquid cooling server-related products, which include server cabinets and quick connectors, but these products represent a small proportion of the company's revenue for 2025 [1] Group 1 - The company has stated that its AI liquid cooling server-related products mainly consist of server cabinets and quick connectors [1] - The revenue contribution of these products to the company is relatively small compared to the overall revenue expected in 2025 [1] - Investors are advised to pay attention to the company's periodic reports and announcements for more detailed information [1]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [7]. Core Insights - The company, Xingsui Technology, is a leading precision manufacturing enterprise focusing on three main business areas: electronic connectors, structural components, and embedded injection molding integrated parts, primarily serving the new energy vehicle and consumer electronics sectors [3]. - The company has established a strong customer base, including notable global clients such as Verizon and Sony, and automotive electronics accounted for 52.32% of its revenue in the first half of 2025 [3]. - Despite a revenue decline of 10.13% year-on-year to 1.328 billion yuan and a net profit drop of 38.42% to 119 million yuan in the first three quarters of 2025, the company is poised for a performance turnaround [3]. Business Expansion and Growth Potential - The company is expanding its product offerings and production capacity, adapting to trends in automotive electrification and integration of electronic systems [4]. - It has successfully entered new product areas, including precision components for laser radar and millimeter-wave radar, and is expanding its production capabilities across six bases in China and Southeast Asia [4]. - The strategic focus on emerging industries such as liquid cooling and robotics is expected to enhance the company's competitive edge and revenue streams [5][6]. Financial Projections - The company is projected to achieve net profits of 142 million yuan, 201 million yuan, and 253 million yuan for the years 2025, 2026, and 2027, respectively, with corresponding EPS of 0.48 yuan, 0.67 yuan, and 0.85 yuan [7][9]. - The current stock price corresponds to a PE ratio of 55, 39, and 31 for the years 2025, 2026, and 2027, indicating potential valuation upside as the company capitalizes on its traditional business and new ventures [7].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking its first coverage [7]. Core Insights - The company is a leading precision manufacturing enterprise focusing on three main business areas: electronic connectors, structural components, and integrated injection molding parts, primarily serving the new energy vehicle, smart terminal, and consumer electronics sectors [3]. - In the first three quarters of 2025, the company achieved revenue of 1.328 billion yuan, a year-on-year decrease of 10.13%, and a net profit attributable to shareholders of 119 million yuan, down 38.42% year-on-year, indicating a wait for performance inflection points [3]. - The company is expanding its product offerings and production capacity, which is expected to lay a foundation for future revenue growth, particularly in the automotive electronics sector, where it has seen significant revenue contributions [4]. - The strategic layout includes emerging industries such as liquid cooling and robotics, with partnerships and investments aimed at enhancing the company's competitive edge [5][6]. Summary by Relevant Sections Company Overview - Established in 2001, the company specializes in precision component manufacturing and R&D, with a focus on high-end customized system solutions for major global clients [3]. Financial Performance - The company forecasts net profits of 142 million yuan, 201 million yuan, and 253 million yuan for 2025, 2026, and 2027 respectively, with corresponding EPS of 0.48 yuan, 0.67 yuan, and 0.85 yuan [7][9]. - Revenue projections indicate a decline in 2025 followed by a significant recovery in subsequent years, with expected growth rates of 31.5% in 2026 and 19.4% in 2027 [9]. Product and Capacity Expansion - The company is actively expanding its production capacity across six major bases in China and Southeast Asia, with recent projects aimed at increasing output for new energy vehicle components [4]. Strategic Initiatives - The company has entered into a strategic cooperation agreement for liquid cooling technology and is investing in a robotics fund to explore synergies with its core business [5][6].

Group 1 - The company has production facilities in Indonesia and Vietnam, which commenced operations in 2019 and 2020, respectively [2] - The construction of the factory in Thailand is progressing as planned, with an expected operational start in the first half of 2026 [2]