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)

证券研究报告 | 2025年10月11日 AI 服务器散热技术领先，将深度受益 AI 服务器液冷需求爆发增长。液冷散 热应用是 AI 算力需求下产业趋势，正在迎来黄金发展期。根据 Markets and Markets 数据，全球数据中心液冷市场规模将从 2025 年的 28.4 亿美元增长 至 2032 年的 211.4 亿美元，2025-2032 年复合增速达 33.21%。公司掌握单 相/两相液冷模组、3D-VC 散热模组等核心技术，AI 服务器散热产品已获得 批量订单并实现量产交付，深度受益数据中心液冷量价齐升的产业趋势。 人形机器人：领先布局散热解决方案，控股收购灵巧手领先企业。2025 年上 半年，公司战略投资控股果力智能，果力智能是业内领先的灵巧手及具身智 能机器人专精特新企业，研发的灵巧手拥有业内独创柔软智能单元，具备触 觉、本体与柔软智能多模态感知能力，技术领先。公司基于散热、电磁屏蔽 领域的核心能力，已开发出应用于机器人灵巧手、关节模组、控制板等部位 的散热与电磁屏蔽解决方案，有望深度受益人形机器人产业发展机遇。 投资建议：公司是领先的热管理平台型公司，受益下游消费电子需求回暖和 AI 服 ...

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].

格隆汇9月29日丨飞荣达(300602.SZ)在投资者互动平台表示，公司子公司果力智能前期在机器人应用场 景探索和研究过程中，仅出售过部分样机。果力智能现阶段侧重于灵巧手的开发及应用，目前已通过国 内部分客户认证，已在送样、测试过程中。未来，公司及果力智能将持续在联合研发、全球化量产制造 和应用场景等方面开展全方位深度协同，深入推进灵巧手产业发展，助力人形机器人行业发展。 ...

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]

Core Viewpoint - The stock of Feirongda has experienced a decline of 2.02% on September 26, with a current price of 33.50 CNY per share, while the company has shown significant growth in revenue and net profit year-on-year [1][2]. Financial Performance - For the first half of 2025, Feirongda achieved a revenue of 2.883 billion CNY, representing a year-on-year increase of 32.92% [2]. - The net profit attributable to the parent company for the same period was 166 million CNY, marking a substantial year-on-year growth of 193.70% [2]. Stock Market Activity - As of September 26, the stock has seen a year-to-date increase of 74.64%, with a slight decline of 1.33% over the last five trading days [1]. - The trading volume on September 26 was 285 million CNY, with a turnover rate of 2.11% and a total market capitalization of 19.492 billion CNY [1]. Shareholder Information - As of September 10, the number of shareholders for Feirongda was 44,400, which is a decrease of 8.43% from the previous period [2]. - The average number of circulating shares per shareholder increased by 9.21% to 8,896 shares [2]. Dividend Distribution - Since its A-share listing, Feirongda has distributed a total of 143 million CNY in dividends, with 41.116 million CNY distributed over the past three years [3]. Institutional Holdings - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth largest circulating shareholder, holding 11.7208 million shares, an increase of 8.8499 million shares from the previous period [3]. - The Southern CSI 1000 ETF is the seventh largest circulating shareholder, holding 2.6802 million shares, which is an increase of 50,350 shares from the previous period [3].