Core Viewpoint - The company, Feirongda, anticipates significant growth in revenue and net profit for the first three quarters of 2025, driven by market expansion and enhanced operational efficiency [1][2] Group 1: Financial Performance - The company expects to achieve approximately 4.617 billion yuan in revenue for the first three quarters of 2025, representing a year-on-year increase of about 29.95% [1] - The projected net profit attributable to shareholders for the same period is estimated to be between 275 million yuan and 300 million yuan, reflecting a growth of 110.80% to 129.96% compared to the previous year [1] - For the third quarter, the anticipated revenue is around 1.734 billion yuan, with net profit expected to be between 109 million yuan and 134 million yuan, indicating a year-on-year growth of 100.00% to 145.91% [1] Group 2: Market and Product Development - The company is actively exploring emerging market sectors and enhancing its supply chain capabilities, contributing to stable revenue growth in the first three quarters of 2025 [1] - There is a notable increase in demand for electromagnetic shielding and thermal management materials in the consumer electronics market, driven by market recovery and technological upgrades [2] - The company is optimizing its product structure through iterative advancements in product and process development, leading to improved profitability in the consumer electronics sector [2] - The company's related business in flexible electronics is progressing well, with products currently undergoing certification and testing with domestic clients, laying the groundwork for future business expansion [2]

Core Viewpoint - The company expects a net profit of 275 million to 300 million yuan for the first three quarters of 2025, representing a year-on-year growth of 110.80% to 129.96% [1] Group 1: Financial Performance - The company has achieved stable revenue growth during the reporting period [1] - The anticipated net profit growth indicates a significant improvement in profitability [1] Group 2: Market Strategy - The company is actively exploring emerging market sectors and deepening its engagement in the upstream and downstream of the industry chain [1] - There is a focus on enhancing operational efficiency and cost control across the entire industry chain [1] Group 3: Research and Development - The company is increasing investment in research and development in cutting-edge areas such as server liquid cooling and AI smart terminals [1] - The company aims to align its product offerings with customer demands, thereby strengthening its core competitiveness in research, production, and sales [1] Group 4: Business Structure - The company is working on improving its business layout and product structure across various application fields [1] - This strategic approach has contributed to a steady enhancement of the company's profitability [1]

Current Period Performance Forecast The company forecasts significant net profit growth for the first three quarters of 2025, primarily due to the acquisition of Jiangsu Zhongyu and retrospective financial adjustments [1.1 Performance Forecast Period](index=1&type=section&id=1.1%20Performance%20Forecast%20Period) The company announced its performance forecast for the first three quarters of 2025, expecting positive net profit and year-on-year growth - The performance forecast period is from January 1, 2025, to September 30, 2025[3](index=3&type=chunk) - Net profit is expected to be positive and show year-on-year growth[3](index=3&type=chunk) [1.2 Performance Forecast Details](index=1&type=section&id=1.2%20Performance%20Forecast%20Details) The company expects significant growth in net profit attributable to shareholders and non-recurring net profit for Q1-Q3 2025, primarily due to the acquisition of Jiangsu Zhongyu and retrospective financial adjustments Key Financial Data for Q1-Q3 2025 Performance Forecast (Unit: CNY 10,000) | Item | Current Period (Estimated) | Prior Year (Restated) | Year-on-Year Growth Rate (Estimated) | | :--- | :--- | :--- | :--- | | Net Profit Attributable to Shareholders | 27,500 - 30,000 | 13,045.50 | 110.80% - 129.96% | | Net Profit Excluding Non-recurring Gains/Losses | 23,800 - 26,300 | 11,796.38 | 101.76% - 122.95% | - The company's wholly-owned subsidiary, Feirongda Technology (Jiangsu) Co., Ltd., completed the acquisition of **100% equity in Jiangsu Zhongyu Rubber & Plastic Technology Co., Ltd.**, a company under common control, in March 2025, consolidating it into financial statements and retrospectively adjusting prior year's financial data[4](index=4&type=chunk) Communication with Accounting Firms This performance forecast represents the company's preliminary estimates and has not been audited by certified public accountants [2.1 Audit Status Explanation](index=1&type=section&id=2.1%20Audit%20Status%20Explanation) This performance forecast is based on the company's preliminary estimates and has not been audited by certified public accountants - This performance forecast has not been audited by certified public accountants[5](index=5&type=chunk) Explanation of Performance Changes Performance changes are driven by overall operational growth, strong performance across key business segments, and the impact of share-based payments and non-recurring items [3.1 Overall Operating Performance Growth](index=1&type=section&id=3.1%20Overall%20Operating%20Performance%20Growth) The company achieved significant revenue and net profit growth in Q1-Q3 2025, driven by market expansion, operational efficiency, cost control, and R&D investment in new areas Key Financial Data for Q1-Q3 and Q3 2025 (Unit: CNY 100 million / CNY 10,000) | Indicator | Q1-Q3 2025 (Estimated) | Year-on-Year Growth Rate (Estimated) | Q3 2025 (Estimated) | Year-on-Year Growth Rate (Estimated) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | Approx. CNY 4.617 billion | Approx. 29.95% | Approx. CNY 1.734 billion | - | | Net Profit Attributable to Shareholders | CNY 27,500 - 30,000 | 110.80% - 129.96% | CNY 10,891.11 - 13,391.11 | 100.00% - 145.91% | | Net Profit Excluding Non-recurring Gains/Losses | CNY 23,800 - 26,300 | 101.76% - 122.95% | - | - | - The company continuously expands into emerging markets and deepens its presence across the upstream and downstream industrial chain, achieving **stable growth in operating revenue**[7](index=7&type=chunk) - **Operational efficiency** and **cost and expense control capabilities** across the entire industrial chain are continuously enhanced[7](index=7&type=chunk) - Increased R&D investment and market penetration in cutting-edge fields such as **server liquid cooling and AI intelligent terminals**[7](index=7&type=chunk) [3.2 Business Segment Development](index=2&type=section&id=3.2%20Business%20Segment%20Development) The company's core business segments—consumer electronics, communications, and new energy vehicles—showed strong progress, driven by market recovery, new project ramp-ups, technological accumulation, and strategic布局 - **Consumer electronics market demand recovered** and technology upgraded, significantly increasing demand and usage of electromagnetic shielding and thermal management materials and devices in terminal products[7](index=7&type=chunk) - New product launches for key customers are ramping up, **increasing the company's market share and profitability** in the consumer electronics sector[7](index=7&type=chunk) - Dexterous hand-related businesses are progressing orderly, with products having passed certification by some domestic customers and currently in the **sampling and testing phase**[7](index=7&type=chunk) - Communications business is developing smoothly, with **AI server thermal management** related collaborations with key customers progressing orderly, leading to an increase in operating revenue[8](index=8&type=chunk) - The new energy vehicle sector shows a positive development trend, with **orders from designated projects continuously released** and new project designations steadily advancing, leading to increased capacity utilization[8](index=8&type=chunk) [3.3 Impact of Expenses and Non-recurring Gains/Losses](index=2&type=section&id=3.3%20Impact%20of%20Expenses%20and%20Non-recurring%20Gains%2FLosses) Share-based payment expenses from the equity incentive plan impacted net profit, while non-recurring gains, primarily government subsidies and the acquisition of Jiangsu Zhongyu, positively contributed - Share-based payment expenses of approximately **CNY 23 million** from the company's equity incentive plan had an impact on net profit attributable to shareholders for the current period[8](index=8&type=chunk) - Non-recurring gains and losses are expected to impact net profit attributable to shareholders by approximately **CNY 37 million**, mainly from government subsidies and the consolidation of Jiangsu Zhongyu under common control[8](index=8&type=chunk) Other Relevant Information This performance forecast is preliminary and unaudited; detailed financial data will be disclosed in the Q3 2025 report, and investors are advised to exercise caution [4.1 Risk Warning and Disclosure Plan](index=2&type=section&id=4.1%20Risk%20Warning%20and%20Disclosure%20Plan) This performance forecast is preliminary and unaudited; detailed financial data will be disclosed in the Q3 2025 report, and investors are advised to exercise caution - This performance forecast is a preliminary estimate by the company and has not been audited by an auditing firm[9](index=9&type=chunk) - Specific financial data will be disclosed in detail in the **2025 Third Quarter Report**[9](index=9&type=chunk) - Investors are advised to make prudent decisions and be aware of investment risks[9](index=9&type=chunk) Supporting Documents The company provides the board of directors' explanation regarding the current period's performance forecast as a supporting document [5.1 List of Supporting Documents](index=3&type=section&id=5.1%20List%20of%20Supporting%20Documents) The company provided the board of directors' explanation regarding the current period's performance forecast as a supporting document - Supporting documents include the board of directors' explanation regarding the current period's performance forecast[10](index=10&type=chunk)

Investment Rating - The report assigns an "Outperform" rating for the company, with a reasonable valuation range of 40.35 to 45.39 CNY per share [5]. Core Insights - The company is a leading thermal management platform benefiting from the recovery in consumer electronics demand and the explosive growth in AI server cooling needs, with expansion into humanoid robot dexterous hands and cooling solutions opening up greater growth potential [3][4]. - The company has established deep ties with major domestic and international clients across various sectors, including consumer electronics, data centers, and new energy vehicles [1][14]. - The AI server cooling technology is positioned to benefit significantly from the anticipated surge in demand for liquid cooling solutions in data centers, with the global liquid cooling market projected to grow from 2.84 billion USD in 2025 to 21.14 billion USD by 2032, reflecting a compound annual growth rate (CAGR) of 33.21% [2][61]. Summary by Sections Company Overview - The company is recognized as a leading provider of thermal management and electromagnetic shielding solutions, with a strong focus on innovation and technology [13][14]. - Established in 1993, the company has developed a robust client base, including major players like Huawei, Microsoft, and BYD, and has manufacturing bases in multiple locations [14][40]. Financial Performance - The company has shown steady revenue growth, with a projected increase from 43.46 billion CNY in 2023 to 99.37 billion CNY by 2027, representing a CAGR of 23.1% [4][25]. - Net profit is expected to rise significantly, from 1.03 billion CNY in 2023 to 8.70 billion CNY in 2027, with a notable increase of 104.3% in 2025 [4][25]. Market Trends - The demand for AI servers and related cooling technologies is expected to drive substantial growth, with the AI server market projected to capture nearly 70% of the overall server market by 2028 [51][64]. - The liquid cooling market is anticipated to experience rapid growth, with the Chinese market expected to reach 2.37 billion USD in 2024, growing at a CAGR of 46.8% from 2024 to 2029 [61]. Investment Recommendations - The report suggests that the company is well-positioned to capitalize on the recovery in consumer electronics and the growth in AI server cooling, with a forecasted net profit of 3.86 billion CNY in 2025, corresponding to a price-to-earnings (PE) ratio of 54 [3][4].

Group 1 - The core viewpoint of the article highlights the strong performance of graphene concept stocks in the A-share market, driven by new export controls on lithium batteries and graphite negative materials announced by the Ministry of Commerce and the General Administration of Customs [1] - The export controls will take effect on November 8, 2025, targeting lithium-ion batteries with a weight energy density of 300Wh/kg or more, as well as related equipment and materials [1] - A breakthrough by scientists at Monash University in Australia has developed a highly flexible new graphene structure that combines high power and energy density, paving the way for advanced supercapacitors and applications in electrification and next-generation consumer electronics [1] Group 2 - Notable stock performances include: - Henghui Anfang (恒辉安防) with a 20% increase, market cap of 6.731 billion [2] - Baotailong (宝泰隆) and Delv Future (德尔未来) both with a 10% increase, market caps of 6.264 billion and 4.616 billion respectively [2] - Dongfang Carbon (东方碳素) up by 9.4%, market cap of 1.593 billion [2] - Feirongda (飞荣达) increased by 7.5%, market cap of 21.7 billion [2] - Ningxin New Materials (宁新新材) up by 4.44%, market cap of 1.531 billion [2] - The overall market sentiment is positive, indicated by the MACD golden cross signal formation for these stocks [2]

Core Viewpoint - The article emphasizes the growing importance of thermal management solutions in the electronics industry, driven by advancements in high-end smartphones, AI computing demands, and the increasing power density of electric vehicle control systems. The thermal materials industry is rapidly evolving, showcasing a vibrant ecosystem of domestic companies and innovative technologies [2]. Listed Companies - Feirongda (300602) is a leading expert in electromagnetic shielding and thermal management solutions, providing a complete product chain from thermal conductive materials to liquid cooling plates and heat spreaders. The company serves major clients like Huawei and BYD in the communication and new energy sectors [3][5]. - Siquan New Materials (301489) focuses on thermal management materials, offering a comprehensive range of products including graphite heat dissipation films and modules. The company has notable clients such as Xiaomi and Google [18][20]. - Suzhou Tianmai (301626) is recognized for its comprehensive thermal management solutions, with a strong emphasis on self-developed thermal interface materials and gel products, serving clients like Huawei and BYD [22][23]. - Zhongshi Technology (300684) specializes in high-performance synthetic graphite thermal solutions, becoming a core supplier for top global consumer electronics brands like Apple. The company reported significant revenue growth in 2024 [26][28]. - Lingyi Zhi Zao (002600) provides intelligent manufacturing services, with thermal management business revenue reaching 4.107 billion in 2024, showcasing a diverse product range [30][34]. - AAC Technologies (02018) leads in perception experience solutions, with its thermal business achieving substantial growth, particularly in the smartphone market [35]. - Shuo Beide (300322) offers antennas and thermal devices, reporting a revenue of 1.28 billion from thermal products in 2024 [36]. Financial Performance - Feirongda reported a revenue of 5.031 billion in 2024, with a net profit of 173 million, reflecting a 15.76% year-on-year growth [17]. - Siquan New Materials achieved a revenue of 656 million in 2024, marking a 51.10% increase compared to the previous year [21]. - Suzhou Tianmai's revenue for 2024 was 942 million, with a slight increase of 1.62% year-on-year [25]. - Zhongshi Technology's revenue reached 15.66 billion in 2024, with a net profit of 2.01 billion, indicating a 24.51% growth [29]. - Lingyi Zhi Zao's total revenue for 2024 was 442 billion, with a net profit of 17.59 billion, showing a 29.56% increase [34]. - AAC Technologies reported a revenue of 326 million from its thermal business, a 40.1% increase [35]. - Shuo Beide's thermal device revenue was 1.28 billion in 2024, with a total revenue of 18.6 billion [36]. Industry Trends - The thermal materials industry is characterized by rapid technological advancements and increasing domestic production capabilities, driven by the demand for efficient thermal management solutions in various high-tech applications [2]. - The article highlights the competitive landscape of the thermal materials sector, with numerous companies innovating to meet the growing needs of the electronics and automotive industries [2][3].

Core Viewpoint - Feirongda (300602.SZ) is focusing on the development and application of dexterous hands through its subsidiary Guoli Intelligent, which has previously sold only a few prototypes in its exploration of robotic applications [1] Group 1: Company Developments - Guoli Intelligent is currently emphasizing the development of dexterous hands and has received certification from some domestic clients [1] - The company is in the process of sample testing and delivery, indicating progress in its product development cycle [1] - Future plans include deep collaboration in joint research and development, global mass production, and application scenarios to advance the dexterous hand industry [1] Group 2: Industry Implications - The advancements in dexterous hand technology are expected to contribute to the development of humanoid robots, highlighting the potential growth in the robotics industry [1]

Core Viewpoint - Feirongda (300602.SZ) has technological reserves in micro-channel liquid cooling plates and is actively developing various cooling products for servers and terminal devices [1] Group 1: Technology and Product Development - The company is engaged in the research and development of thermal management products, including thermal conductive materials, various cooling modules, fans, 3D VC coolers, special coolers, single-phase liquid cooling plate modules, and two-phase liquid cooling plate modules [1] - Some of the company's products have already been delivered in bulk, indicating a level of market readiness and operational capability [1] Group 2: Market Position and Future Outlook - The company will continue to monitor developments in related technology fields to enhance its comprehensive competitive advantage [1]

Core Insights - The article highlights the significant growth and opportunities within the semiconductor industry, particularly focusing on companies that are integral to the Huawei HiSilicon ecosystem, which is experiencing a surge in demand for advanced chips and related technologies. Group 1: Key Companies and Their Roles - Longi Technology (600584) is a global leader in packaging and testing, uniquely handling the 4nm Chiplet packaging for Huawei's Kirin X90 chip, which enhances chip performance by three times. The new automotive-grade chip factory is expected to contribute 5 billion yuan in annual revenue, solidifying its dominance in advanced packaging [1]. - Tuo Wei Information (002261) is a major player in the AI server market with over 30% market share, deeply involved in Huawei's AI innovation centers across key sectors. The company has server orders booked until Q1 2026, indicating strong revenue visibility [2]. - Shenzhen Huaqiang (000062) serves as a key distributor for Huawei's entire product line, with a 120% year-on-year increase in sales of the Ascend 910B chip. The company is positioned to benefit from the explosive growth in Huawei's chip shipments [3]. - Chipone Technology (688521) provides essential IP cores for Huawei's Kirin and Ascend AI chips, contributing an estimated 1.5 billion yuan to revenue in 2025, which is over 30% of its total revenue [4]. - Tongfu Microelectronics (002156) is a primary packaging and testing provider for Ascend chips, with a projected 50% growth in AI packaging orders by 2025, benefiting from the mass production of Huawei's Chiplet architecture [5]. Group 2: Emerging Technologies and Market Trends - Runhe Software (300339) is a dual ecosystem partner for HarmonyOS and HiSilicon, with over 40% market share in smart terminal OS adaptation. The company is leveraging its collaboration with Huawei to enhance its product offerings in smart home and vehicle networking [6]. - Zhongke Chuangda (300496) is a core player in automotive-grade solutions, providing algorithm optimization for Huawei's AI chips, with a 61.54% market share in global in-car infotainment systems [7]. - North Huachuang (002371) is a leading equipment supplier for semiconductor manufacturing, providing critical etching and ALD equipment, with 35% of its products compatible with 5nm technology [8]. - Huazheng New Materials (603186) has developed a breakthrough material that replaces traditional substrates, achieving a 45% annual growth in semiconductor materials revenue [9]. - Liyuan Information (300184) has been a long-time agent for Huawei's chips, with a projected net profit increase of 43%-65% in Q1 2025, benefiting from the growing demand in IoT and industrial control sectors [10]. Group 3: Strategic Collaborations and Future Prospects - Skyworth Digital (000810) is a pioneer in implementing Huawei's StarFlash technology, significantly reducing latency in smart home devices, with a projected 200% growth in related orders by 2025 [11]. - Megmeet (002881) is a benchmark partner for Huawei's 5G modules, with a 217% increase in revenue from the new energy vehicle sector, indicating strong growth potential in the 5G and vehicle networking markets [12]. - Guangdian Yuntong (002152) is a leader in financial technology solutions based on Huawei's Ascend chips, with a revenue visibility of 1 billion yuan for 2025, focusing on digital transformation in finance [13]. - Jing Sai Technology is a core supplier of crystal oscillators for Huawei's 5G base station chips, with a 15% revenue contribution from the new energy vehicle sector [14]. - Feirongda (300602) specializes in thermal management solutions for Huawei's chips, with a projected 120% growth in automotive business revenue in 2024 [15].

Core Viewpoint - Feirongda experienced a 5% decline in stock price, closing at 32.48 yuan per share, with a trading volume of 9.82 billion yuan and a turnover rate of 7.46%, resulting in a total market capitalization of 188.99 billion yuan [1] Company Overview - Shenzhen Feirongda Technology Co., Ltd. is located in the Guangming District of Shenzhen, Guangdong Province, and was established on November 10, 1993, with its listing date on January 26, 2017 [1] - The company's main business involves the research, design, production, and sales of electromagnetic shielding materials and devices, as well as thermal management materials and devices [1] - The revenue composition of the main business includes: thermal management materials and devices (39.94%), electromagnetic shielding materials and devices (28.83%), lightweight and functional devices (27.97%), and others (3.26%) [1] Fund Holdings - According to data, one fund under Xinda Australia holds a significant position in Feirongda, specifically the Xinao Transformation Innovation Stock A (001105), which held 516,600 shares in the second quarter, accounting for 4.52% of the fund's net value, ranking as the seventh largest holding [2] - The fund has experienced a floating loss of approximately 883,400 yuan as of the report date [2] - The Xinao Transformation Innovation Stock A fund was established on April 15, 2015, with a current scale of 169 million yuan, and has achieved a year-to-date return of 60.96%, ranking 289 out of 4220 in its category [2]