Core Viewpoint - Feirongda (300602) expects a significant increase in net profit for 2025, projecting a range of 360 million to 420 million yuan, representing a year-on-year growth of 57.23% to 83.43% [2] Business Performance - The company has experienced overall positive development in the telecommunications sector, with stable performance in base station-related businesses [2] - The switch business has seen a smooth operation with a continuous increase in order volume [2] - There is a growing demand for AI server liquid cooling solutions, and the company is advancing collaborations with several key clients [2] - Revenue from liquid cooling solutions for energy storage has also shown positive progress, contributing to stable revenue growth [2]

Core Viewpoint - Feirongda (300602.SZ) expects a significant increase in net profit for 2025, projecting a growth of 57.23% to 83.43% year-on-year, amounting to a net profit of 360 million to 420 million yuan [1] Group 1: Financial Projections - The company anticipates net profit attributable to shareholders for 2025 to be between 360 million and 420 million yuan [1] - This represents a year-on-year growth of 57.23% to 83.43% compared to the previous year [1] Group 2: Business Focus and Product Development - The company is actively focusing on the development of embodied intelligence, particularly in humanoid robots and smart wearable applications [1] - It is positioning itself to meet the demand for thermal management and structural support in AI chips, joint motors, and sensors [1] - The company offers a range of products including thermal materials, fans, liquid cooling systems, dexterous hands, joint modules, and lightweight structural components [1] - These products are designed to support high power density, miniaturization, and dynamic interaction scenarios, ensuring stable operation of smart terminal products [1] - Some products have already passed certification from several key clients and are currently in the sampling, testing, or small batch supply stages [1]

证券代码：300602 证券简称：飞荣达 公告编号：2026-003 深圳市飞荣达科技股份有限公司 2025 年度业绩预告 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、本期业绩预计情况 1、业绩预告期间：2025年1月1日至2025年12月31日 单位：万元 | 项 目 | 本报告期 | | | | 上年同期 | | --- | --- | --- | --- | --- | --- | | 归属于上市公司股 东的净利润 | | 36,000 | ～ | 42,000 | 22,896.87 | | | 比上年同期增长 | 57.23% | ～ | 83.43% | | | 扣除非经常性损益 后的净利润 | | 31,300 | ～ | 37,300 | 19,668.22 | | | 比上年同期增长 | 59.14% | ～ | 89.65% | | 注："上年同期"为追溯调整后的数据，公司全资子公司飞荣达科技（江苏）有限公司于 2025 年 3 月 完成对同控企业江苏中煜橡塑科技有限公司 100%股权的收购，并于 2025 年 3 月将其纳入合并报 ...

格隆汇1月20日丨飞荣达(300602.SZ)在互动平台表示，公司有产品已应用于AI相关领域。随着AI的快速 发展和广泛应用，对算力基础设施提出更高的要求，同时将会对散热及电磁屏蔽解决方案提出更高的需 求，为行业带来了新的机遇和挑战。公司深耕热管理与电磁屏蔽领域多年，产品矩阵涵盖导热材料、散 热器件、风冷/液冷方案、电磁屏蔽材料及器件等，公司具备较为完整的产业体系、深厚的研发实力、 丰富的场景应用经验，产品可广泛应用于消费电子、网络通信、数据中心、服务器、新能源汽车、光伏 储能、人工智能、医疗及家用电器等领域，可以为相关客户提供电磁屏蔽方案及相关产品和散热解决方 案及产品。公司也将持续关注相关技术领域的发展动态，不断提高综合竞争优势。 ...

Group 1 - The core point of the news is that Feirongda's stock price has dropped by 5.1%, currently trading at 31.28 yuan per share, with a total market capitalization of 18.201 billion yuan [1] - Feirongda Technology Co., Ltd. specializes in the research, design, production, and sales of electromagnetic shielding materials and thermal management materials, with its main business revenue composition being 39.94% from thermal management materials, 28.83% from electromagnetic shielding materials, 27.97% from lightweight functional devices, and 3.26% from other sources [1] Group 2 - According to data, Ping An Fund holds a significant position in Feirongda through its Ping An Xinsong Mixed Fund A, which has 17,300 shares, accounting for 3.34% of the fund's net value, making it the sixth-largest holding [2] - The Ping An Xinsong Mixed Fund A has a total scale of 11.5616 million yuan and has achieved a year-to-date return of 4.6%, ranking 4586 out of 8848 in its category [2] Group 3 - The fund manager of Ping An Xinsong Mixed Fund A, Liu Rongjun, has a tenure of 9 years and 297 days, with the best fund return during his tenure being 96.55% and the worst being -48.33% [3] - The other fund manager, Ding Lin, has a tenure of 5 years and 163 days, with a total asset scale of 2.301 billion yuan, achieving a best return of 34.8% and a worst return of -25.99% during his tenure [3]

Core Viewpoint - The stock of Feirongda has experienced fluctuations, with a recent decline of 2.00% and a total market value of 18.794 billion yuan, indicating a mixed performance in the market [1]. Group 1: Stock Performance - As of January 20, Feirongda's stock price was 32.30 yuan per share, with a trading volume of 1.91 billion yuan and a turnover rate of 1.48% [1]. - Year-to-date, the stock has decreased by 2.59%, with a 1.16% increase over the last five trading days and a 9.01% increase over the last 20 days [1]. - The stock has seen a decline of 1.55% over the last 60 days [1]. Group 2: Financial Performance - For the period from January to September 2025, Feirongda achieved a revenue of 4.617 billion yuan, representing a year-on-year growth of 34.89% [2]. - The net profit attributable to shareholders for the same period was 286 million yuan, showing a significant increase of 175.85% year-on-year [2]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Feirongda was 46,600, an increase of 3.46% from the previous period [2]. - The average number of circulating shares per shareholder was 8,480, which decreased by 3.34% compared to the previous period [2]. - The company has distributed a total of 143 million yuan in dividends since its A-share listing, with 41.116 million yuan distributed over the last three years [3]. Group 4: Major Shareholders - As of September 30, 2025, Hong Kong Central Clearing Limited was the third-largest circulating shareholder, holding 15.2945 million shares, an increase of 3.5737 million shares from the previous period [3]. - The fifth-largest circulating shareholder, Fortune Innovation Technology Mixed A, held 3.7001 million shares as a new shareholder [3]. - The seventh-largest shareholder, Southern CSI 1000 ETF, held 2.6621 million shares, a decrease of 18,100 shares from the previous period [3].

Core Viewpoint - Feirongda has shown significant growth in revenue and net profit, indicating strong operational performance and investor interest in the company [2][3]. Group 1: Financial Performance - For the period from January to September 2025, Feirongda achieved a revenue of 4.617 billion yuan, representing a year-on-year increase of 34.89% [2]. - The net profit attributable to the parent company reached 286 million yuan, marking a substantial year-on-year growth of 175.85% [2]. Group 2: Stock and Financing Activity - On January 16, Feirongda's stock price increased by 1.97%, with a trading volume of 780 million yuan [1]. - The company recorded a financing buy-in of 114 million yuan on the same day, with a net financing purchase of 31.977 million yuan [1]. - As of January 16, the total balance of margin trading and securities lending for Feirongda was 694 million yuan, with the financing balance accounting for 3.60% of the circulating market value [1]. Group 3: Shareholder Information - As of December 19, the number of shareholders for Feirongda was 46,600, an increase of 3.46% from the previous period [2]. - The average number of circulating shares per shareholder was 8,480, which decreased by 3.34% compared to the previous period [2]. - The company has distributed a total of 143 million yuan in dividends since its A-share listing, with 41.12 million yuan distributed over the past three years [3].

Core Viewpoint - The report highlights the continuous growth and optimization of the supply-demand structure in the Chinese electric vehicle (EV) industry, supported by favorable policies and strong market demand [2][3]. Industry Performance - In December, China's monthly production and sales of new energy vehicles reached 1.718 million and 1.71 million units, respectively, marking year-on-year increases of 12.3% and 7.2% [2][3]. - For the entire year of 2025, cumulative production and sales are projected to reach 16.626 million and 16.49 million units, reflecting year-on-year growth of 29% and 28.2% [2][3]. - New energy vehicle sales are expected to account for 47.9% of total new car sales in the market [2][3]. Supply and Demand Dynamics - The supply side is characterized by the continuous introduction of new products from battery and main engine manufacturers, with positive feedback from demand [2][3]. - The industry has experienced significant price declines, leading to reduced capital expenditures, while the supply-demand balance is improving [2][3]. - The industry is actively optimizing capacity and supply, aiming to stabilize prices and ensure profitability for enterprises [2][3]. Price Trends - The report indicates that the prices within the industry are at a bottom level and are beginning to stabilize and recover [2][3]. - Strong demand and tight supply for certain materials, such as lithium carbonate and lithium iron phosphate, are leading to price increases [2][3]. Investment Strategy - The report maintains a "recommended" rating for the new energy vehicle industry, emphasizing the selection of companies that are expected to deliver excess returns [3]. - Focus areas for investment include robotics, solid-state batteries, battery materials, and liquid cooling technologies [3][4]. Industry Dynamics - Recent price movements in the supply chain include lithium carbonate prices rising to 157,900 CNY/ton, an increase of 12.7% from the previous week [6]. - The Ministry of Industry and Information Technology plans to accelerate breakthroughs in solid-state battery technology by 2026 [7].

Core Insights - The report highlights the continuous optimization of the supply-demand structure in the new energy vehicle (NEV) industry, supported by favorable policies and strong demand feedback, leading to a recovery in prices across the industry chain [3][4] - The report maintains a "recommended" rating for the NEV industry, emphasizing the potential for excess returns in sectors such as solid-state batteries, autonomous driving, and battery materials [4] - The lithium price has seen significant increases, with carbonate lithium and hydroxide lithium prices rising by 12.7% and 12.8% respectively, indicating a bullish trend in the industry [5][34] Market Tracking - In December, China's NEV production and sales reached 1.718 million and 1.71 million units respectively, marking year-on-year increases of 12.3% and 7.2% [3][49] - The NEV market accounted for 47.9% of total new car sales in 2025, reflecting a 7 percentage point increase from the previous year [3][49] - The report notes that the NEV index, lithium battery index, and charging pile index have shown positive growth, with respective weekly increases of 1.29%, 1.50%, and 3.16% [5][22] Lithium Battery Industry Price Tracking - The report details that lithium carbonate prices have increased to 157,900 CNY/ton, while lithium hydroxide prices reached 148,900 CNY/ton, both reflecting significant weekly increases [34][37] - The price of phosphoric iron lithium has risen to 52,400 CNY/ton, up 11.3% from the previous week, indicating strong demand in this segment [34][37] - The report also notes stable prices for aluminum-plastic films and separators, with no significant changes observed [37] Industry Dynamics - The report mentions that the Ministry of Industry and Information Technology aims to accelerate breakthroughs in solid-state battery technology and autonomous driving by 2026 [6][67] - Key developments include the launch of L3-level autonomous driving trials by BAIC New Energy and a partnership between Yuanrong Qixing and an international OEM for L3-level technology [6][67] - The report emphasizes the importance of enhancing the self-controllable capabilities of the supply chain and accelerating the development of key technologies in the NEV sector [67] Key Company Announcements - Haopeng Technology forecasts a revenue of 5.7 to 6 billion CNY for 2025, with a net profit increase of 113.69% to 141.09% [71] - The company plans to invest approximately 1.2 billion CNY in solid-state battery production, aiming to capitalize on the growth opportunities in the sector [72] - The report highlights a significant procurement agreement between Rongbai Technology and CATL for the supply of phosphoric iron lithium materials, valued at over 120 billion CNY [72]

Core Viewpoint - The polymer-based thermal interface materials (TIM) industry is experiencing steady growth driven by advancements in AI, 5G, and electric vehicles, with the Chinese market expanding at a faster rate than the global market. The demand for high-end thermal management solutions in sectors like data centers and ADAS is expected to significantly increase, with the ADAS TIM market projected to reach $600 million by 2033 [1][6]. Industry Overview - Polymer-based TIMs are essential for electronic thermal management, designed to fill microscopic gaps between heat-generating devices and heat sinks, thereby reducing thermal resistance and ensuring efficient operation [1][3]. - TIMs are categorized into TIM1, which is used between chips and packaging, and TIM2, which is used between packaging and heat sinks, with TIM1 requiring higher performance standards [3][4]. Industry Policies - The polymer-based TIM industry is part of the new materials sector, which is a strategic focus for national development. Various policies have been implemented to support technological research, industrial application, and market promotion, facilitating breakthroughs in high-end technology and accelerating domestic substitution [5][6]. Industry Chain - The upstream of the TIM industry includes polymer matrices and high thermal conductivity fillers, while the midstream focuses on material formulation and composite process innovation. The downstream applications span consumer electronics, electric vehicles, 5G communication, and data centers, with electric vehicles and data centers being key growth drivers [5][6]. Market Size and Growth - The global TIM market is projected to grow from $2.012 billion in 2024 to $4.148 billion by 2031, with a compound annual growth rate (CAGR) of 10.74%. The Chinese TIM market is expected to grow from $1.027 billion in 2024 to $2.164 billion by 2031, with a CAGR of 11.09%, indicating strong growth potential [6][7]. Competitive Landscape - The competitive landscape shows a dynamic balance where international giants dominate the high-end market while local companies like Huitian New Materials and Feirongda are making significant advancements. These local firms are transitioning from cost advantages to competing directly in high-end supply chains through technological breakthroughs [7][8]. Development Trends - The industry is expected to evolve around three core directions: technological upgrades focusing on high thermal conductivity and multifunctional integration, deepening industry chain collaboration for domestic substitution, and expanding application scenarios that drive customized solutions [8][9][10]. - Future innovations will emphasize high-performance materials with integrated functionalities, while collaboration between upstream and downstream players will enhance the self-sufficiency of the supply chain [10][11].