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、误导性陈述或者重大遗漏。 三河同飞制冷股份有限公司（以下简称"公司"）于 2024 年 4 月 15 日召开 第三届董事会第七次会议和第三届监事会第七次会议，并于 2024 年 5 月 7 日召 开 2023 年年度股东大会，审议通过了《关于使用部分暂时闲置募集资金（含超 募资金）及自有资金进行现金管理的议案》，同意公司使用暂时闲置募集资金（含 超募资金）不超过人民币 4,000 万元及自有资金不超过人民币 50,000 万元进行现 金管理。使用期限自股东大会审议通过之日起 12 个月内有效，在上述投资额度 和期限范围内资金可滚动使用。 公司保荐机构对上述事项发表了专项核查意见。具体内容详见公司在巨潮资 讯网（http://www.cninfo.com.cn）上披露的《关于使用部分暂时闲置募集资金（含 超募资金）及自有资金进行现金管理的公告》（公告编号：2024-024）。 近日，公司部分暂时闲置自有资金现金管理到期赎回。现就相关情况公告如下： 证券代码：300990 证券简称：同飞股份 公告编号：2025-012 三河同飞制冷股份有限 ...

Core Viewpoint - The article highlights the advancements and innovations in the energy storage industry showcased at the ESIE 2025 event, focusing on product launches, technological improvements, and strategic collaborations among leading companies. Company Dynamics - Companies are enhancing their soft power with a strong focus on AI integration to address industry pain points such as safety and operational efficiency. Notable examples include CATL's launch of the energy storage management platform "Tianheng Zhichu," and Sungrow's release of the "BM²T Battery Management Technology White Paper" [2][7][10] - The competition in large-capacity energy storage systems is intensifying, with companies introducing systems ranging from 6MWh to 8MWh. Examples include CRRC's 6.X energy storage battery cabin and EVE's 6.9MWh storage system [2][18][19] - The construction of an energy storage ecosystem is accelerating, with many companies emphasizing strategic partnerships and collaborations to develop storage projects and enhance product compatibility [2] Product Launches - Trina Storage launched the Elementa King Kong 3, featuring a 500Ah+ large-capacity cell, achieving a 12.5% reduction in levelized cost of storage (LCOS) compared to previous models [3][5] - CATL introduced the "Tianheng Zhichu" smart energy storage management platform, which utilizes AI and big data to enhance operational efficiency and reduce unplanned downtime losses by 75% [7][9] - Sungrow released the industry's first "BM²T Battery Management Technology White Paper," focusing on AI-driven battery management to improve grid responsiveness and safety [10][12] - BYD showcased a range of innovative energy storage products, including the MC Cube-T Pro ESS and Chess Plus commercial storage solution, designed for various applications [12][15] - CRRC's new 6.X energy storage battery cabin boasts a 38% increase in energy density and a 20% reduction in station investment costs [18] - EVE's 6.9MWh storage system features a 20% increase in energy density and a 10% reduction in pack costs [19][22] Technological Innovations - Trina Storage's Elementa King Kong 3 incorporates advanced safety features and real-time monitoring capabilities, achieving an energy efficiency of 87.13% in real-world tests [6][5] - CATL's platform can predict faults seven days in advance with an accuracy rate of over 99.99%, significantly enhancing operational reliability [9] - Sungrow's technology enables precise battery health monitoring and early warning for thermal runaway, achieving a prediction accuracy of over 99% [13] - EVE's new system employs a "透视者" technology for lifecycle monitoring and has achieved an operational efficiency exceeding 95.5% [22] Strategic Collaborations - Companies are increasingly signing strategic cooperation agreements to enhance their product offerings and market reach, as seen with CRRC's partnerships with multiple industry leaders [18] - Trina Storage has also engaged in strategic collaborations with several leading firms to bolster its market position [31] Market Trends - The energy storage industry is witnessing a shift towards larger capacity systems and AI integration, with companies focusing on enhancing safety, efficiency, and economic viability [2][10] - The emphasis on ecosystem building and strategic partnerships indicates a trend towards collaborative innovation in the energy storage sector [2]

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage [8]. Core Insights - The company is deepening its layout in AI and data center businesses, indicating a promising future for its data center operations [6]. - The company has established a strong presence in the industrial temperature control sector, with a gradual ramp-up in its energy storage business [5]. - The company has launched various products aimed at providing efficient temperature control solutions for data centers, including plate liquid cooling and immersion cooling products [6]. Summary by Sections Market Performance - The report highlights the company's stock price at 42.18 yuan, with a total market capitalization of 71 billion yuan and a total share count of 169 million shares [1]. Investment Highlights - The company has been focused on providing systematic solutions in the industrial temperature control field, with four main product series: liquid temperature control equipment, electrical box temperature control devices, pure water cooling units, and special heat exchangers [5]. - The energy storage business includes centralized energy storage temperature control, commercial energy storage temperature control, and high-pressure cascade direct-connected energy storage temperature control solutions, making the company a supplier for major players like CATL and Sungrow [5]. - The company has successfully launched a specialized industrial air conditioning unit for semiconductor manufacturing and has partnered with Ruike Laser for further development in laser cooling technology [5]. Earnings Forecast - The company is expected to see revenue growth from 23.8 billion yuan in 2024 to 45.6 billion yuan in 2026, with corresponding EPS of 0.86 yuan, 1.40 yuan, and 2.13 yuan for the same years [7]. - The current price-to-earnings (PE) ratios are projected to be 49.2, 30.2, and 19.8 for the years 2024, 2025, and 2026 respectively [7].

Investment Rating - The report assigns a "Buy" investment rating for the company, marking the first coverage of the stock [8]. Core Insights - The company is deepening its layout in AI and data center businesses, indicating a promising future for its data center operations [6]. - The company has established a strong presence in the industrial temperature control sector, with a gradual ramp-up in its energy storage business [5]. - The company has launched various products aimed at different applications, including CNC machine tools, lasers, semiconductors, and energy storage [5]. Summary by Sections Market Performance - The report highlights the company's stock price at 42.18 yuan, with a total market capitalization of 71 billion yuan and a 52-week price range of 23.69 to 55.19 yuan [1]. Business Developments - The company announced the establishment of subsidiaries in Shenzhen and Hangzhou, with the Shenzhen branch commencing operations on March 18 and signing a strategic cooperation agreement with Xingyuan Cloud Intelligence [4][6]. - The company is focusing on providing efficient and stable temperature control solutions for data centers, having introduced plate liquid cooling and immersion liquid cooling products [6]. Financial Forecast - Revenue projections for the company are as follows: 23.8 billion yuan in 2024, 32.6 billion yuan in 2025, and 45.6 billion yuan in 2026, with corresponding EPS of 0.86, 1.40, and 2.13 yuan [7][10]. - The report anticipates a significant growth rate in revenue, with an expected increase of 83.1% in 2023, followed by 28.9% in 2024, and continuing growth in subsequent years [10].

证券代码：300990 证券简称：同飞股份 公告编号：2025-009 三河同飞制冷股份有限公司 第三届董事会第十三次会议决议公告 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、误导性陈述或者重大遗漏。 一、董事会会议召开情况 三河同飞制冷股份有限公司（以下简称"公司"）第三届董事会第十三次会 议于 2025 年 3 月 7 日以专人送出、电话、邮件等方式通知了公司全体董事，会 议于 2025 年 3 月 17 日以现场结合通讯会议的方式在公司会议室召开。会议应出 席董事 9 名，实际出席董事 9 名（其中董事陈振国先生以通讯方式出席）。会议 由公司董事长张国山先生主持，公司其他相关人员列席了会议。本次会议的召集 和召开程序符合《公司法》及《公司章程》的相关规定。 1、审议通过《关于 2025 年度向银行申请综合授信额度的议案》 根据公司 2025 年经营计划安排，为适应公司业务发展的需要，开拓多种融 资渠道，降低融资成本，经审议，董事会同意公司向银行申请总额不超过人民币 60,000 万元的综合授信额度，授权期限自本次董事会审议通过之日起 12 个月内 有效。在授权期限内，上述授 ...

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、误导性陈述或者重大遗漏。 证券代码：300990 证券简称：同飞股份 公告编号：2025-011 三河同飞制冷股份有限公司 关于 2025 年度向银行申请综合授信额度的公告 经审议，监事会认为：公司拟向银行申请的不超过人民币 60,000 万元的综 合授信额度的事项有利于增强公司的经营效率和盈利能力，符合公司整体利益。 本事项的审议程序合法、有效，不存在损害公司及全体股东利益的情形，同意公 司 2025 年度向银行申请综合授信额度的有关事项。 三、备查文件 1、第三届董事会第十三次会议决议； 2、第三届监事会第十二次会议决议。 特此公告。 三河同飞制冷股份有限公司（以下简称"公司"）于 2025 年 3 月 17 日召开 了第三届董事会第十三次会议和第三届监事会第十二次会议，分别审议通过了 《关于 2025 年度向银行申请综合授信额度的的议案》，同意公司向银行申请不超 过人民币 60,000 万元的综合授信额度。具体内容如下： 一、本次申请综合授信的基本情况 根据公司 2025 年经营计划安排，为适应公司业务发展的需要，开拓多种融 资渠 ...

证券代码：300990 证券简称：同飞股份 公告编号：2025-010 三河同飞制冷股份有限公司 第三届监事会第十二次会议决议公告 本公司及监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、误导性陈述或者重大遗漏。 一、监事会会议召开情况 三河同飞制冷股份有限公司（以下简称"公司"）第三届监事会第十二次会 议于 2025 年 3 月 7 日以专人送出、电话、邮件等方式通知了公司全体监事。会 议于 2025 年 3 月 17 日在公司会议室以现场方式召开。会议应出席监事 3 名，实 际出席监事 3 名。会议由监事会主席高淑春女士主持。会议的召开符合《公司法》 及《公司章程》的有关规定。 2 根据公司 2025 年经营计划安排，为适应公司业务发展的需要，开拓多种融 资渠道，降低融资成本，经审议，监事会同意公司向银行申请总额不超过人民币 60,000 万元的综合授信额度，授权期限自审议通过之日起 12 个月内有效。在授 权期限内，上述授信额度可以循环使用。 具体内容详见公司同日刊登于巨潮资讯网（http://www.cninfo.com.cn）的《关 于 2025 年度向银行申请综合授信额度的公告》 ...

Investment Rating - The report suggests a positive investment outlook for the power supply, liquid cooling, and supporting electrical equipment sectors within the data center industry [3]. Core Insights - The report highlights the increasing value and redundancy in power supply configurations for data centers, particularly with the rise of AI computing demands [3]. - It emphasizes the transition from traditional data centers to AI Data Centers (AIDC), which require higher power densities and specialized cooling solutions [8]. - The liquid cooling market is expected to grow significantly, with cold plate cooling becoming mainstream and immersion cooling waiting for further development [33]. Summary by Sections 1. Power Supply: Growth Direction from Inside to Outside the Cabinet - The report notes that the value of power supply systems is increasing due to the unique power consumption characteristics of data centers, with a projected market size of approximately 150 billion yuan for HVDC systems by 2027 [3]. - The average rack density for AI servers is expected to increase significantly, leading to higher demand for server power supplies, with a projected market size of 373 billion yuan by 2027 [3][31]. 2. Liquid Cooling: Gradual Adoption of Cold Plate and Immersion Cooling - Cold plate liquid cooling is projected to account for 40% of the market by 2027, with a market size of 221 billion yuan, while immersion cooling is expected to reach 89.8 billion yuan [45]. - The report discusses the advantages of cold plate cooling, including lower costs and better compatibility with existing systems, while immersion cooling faces challenges related to liquid properties and system compatibility [36][37]. 3. Supporting Electrical Equipment: Transformers, Busbars, and Power Quality Devices - The demand for busbars is expected to rise as they can support high current loads required by AI-powered cabinets, with significant growth potential in the market [3]. - The report highlights the increasing acceptance of SiC-based power quality products in the data center sector, indicating a shift towards more efficient and compact solutions [3]. 4. Market Forecasts - The report provides detailed forecasts for the growth of the data center market, including the number of standard racks and total power capacity, projecting a total power capacity of 68.7 GW by 2027 [31][45]. - It also outlines the expected market sizes for various power supply solutions, including UPS and HVDC systems, with significant growth anticipated in the coming years [31].

关于完成深圳分公司及杭州分公司工商注册登记的公告 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、误导性陈述或者重大遗漏。 三河同飞制冷股份有限公司（以下简称"公司"）于 2025 年 2 月 17 日召开 了第三届董事会第十二次会议，审议通过了《关于设立深圳分公司及杭州分公司 的议案》，同意公司在深圳及杭州设立分公司，并授权公司管理层负责上述事项 的具体实施并办理有关手续。具体内容详见公司于 2025 年 2 月 17 日在巨潮资讯 网（http://www.cninfo.com.cn）披露的《关于设立深圳分公司及杭州分公司的公 告》。 近日，公司完成了深圳及杭州分公司的工商注册登记手续，并取得了由深圳 市市场监督管理局以及杭州市临平区市场监督管理局颁发的《营业执照》，现将 具体信息公告如下： 一、深圳分公司工商注册登记信息 证券代码：300990 证券简称：同飞股份 公告编号：2025-008 三河同飞制冷股份有限公司 2、统一社会信用代码：91330113MAEAAR9D3K 1、分公司名称：三河同飞制冷股份有限公司深圳分公司 2、统一社会信用代码：91440300MAEBD0 ...

Investment Rating - The report initiates coverage with a "Buy" rating for the company [4]. Core Views - The company is positioned as a leader in temperature control solutions, with its data center liquid cooling business expected to create a second growth curve. In 2023, the company achieved revenue of 1.845 billion yuan, a year-on-year increase of 83%, with energy storage temperature control revenue reaching 900 million yuan [1][4]. - The AI infrastructure demand is anticipated to drive significant growth in data center temperature control orders, benefiting the company's overall performance [1][3]. Company Overview - The company specializes in temperature control solutions, with a focus on liquid cooling products that have seen rapid growth. Its main products include liquid temperature control devices, electrical box temperature control devices, and pure water cooling units [12][19]. - The company has a stable management team, with most executives having over 10 years of tenure. The management structure is designed to align the interests of core employees through performance-based incentives [4][26]. Industry Situation - The global energy storage temperature control market is projected to grow significantly, with a market size of approximately 2.7 billion yuan in China and 3.5 billion yuan globally in 2023, reflecting year-on-year growth rates of 49% and 96%, respectively [2]. - The data center temperature control market is expected to reach 7.7 billion USD in 2023, with a compound annual growth rate (CAGR) of approximately 18.4% from 2023 to 2028 [2]. - The semiconductor temperature control market in China was around 1.5 billion yuan in 2023, with a year-on-year growth of over 10% [2]. Financial Performance - The company reported a revenue of 1.845 billion yuan in 2023, with a year-on-year growth of 83.1%. The net profit attributable to shareholders was 182 million yuan, reflecting a growth of 42.7% [5][28]. - The company's revenue is expected to continue growing, with projections of 2.159 billion yuan in 2024 and 3.208 billion yuan in 2025, representing year-on-year growth rates of 17% and 48.5%, respectively [5][4]. - The earnings per share (EPS) for 2023 was 1.08 yuan, with expectations of 0.83 yuan in 2024 and 1.55 yuan in 2025 [5]. Investment Recommendations - The report suggests a "Buy" rating based on the company's strong growth potential in the temperature control market, particularly in energy storage and data centers, which are expected to drive future revenue growth [4][5].