Investment Rating - The report maintains a "Buy" rating for the company [5][11]. Core Insights - The company, Tongfei Co., Ltd., specializes in industrial temperature control and is expanding into energy storage and data center liquid cooling sectors, positioning itself to benefit from these growing markets [2][3][4]. - The company has established a strong market presence with notable clients in the energy storage sector, projecting a revenue of approximately 1.18 billion yuan in 2024, reflecting a year-on-year growth of about 30% from 2022 [3]. - The company is actively investing in new facilities to support its growth, with plans to establish projects in Hebei and Suzhou, totaling an investment of approximately 900 million yuan [4]. Summary by Sections 1. Industrial Temperature Control and Product Expansion - Tongfei Co., Ltd. has been deeply engaged in the industrial temperature control sector since its establishment in 2001, focusing on technological innovation and specialized development [19]. - The company has diversified its product lines to include solutions for energy storage and data centers, with a growing international footprint in regions such as Europe, the USA, Singapore, and Thailand [2][19]. 2. Market Potential in Energy Storage and Data Centers - The energy storage industry is experiencing high demand, and the company is well-positioned to benefit from its leading market position, offering reliable temperature control products that perform well in extreme environments [3][4]. - The data center market is also expanding, with the company introducing a full suite of liquid cooling solutions, which are expected to drive new growth opportunities [4]. 3. Financial Performance and Growth Projections - The company has shown significant revenue growth, with projections indicating revenues of 2.88 billion yuan in 2025, 3.89 billion yuan in 2026, and 5.01 billion yuan in 2027, alongside net profits of 2.8 billion yuan, 4.3 billion yuan, and 5.9 billion yuan respectively [5][6]. - The revenue from liquid temperature control equipment is expected to continue to grow, driven by the rapid expansion of the energy storage market [29]. 4. Operational Efficiency and Management - The company has maintained a stable shareholding structure, which supports governance efficiency and strategic planning [45]. - The management team has extensive experience, with many executives having served for nearly a decade, contributing to the company's operational stability [51]. 5. Investment in Future Capabilities - The company is investing in new production bases to enhance its capacity, with plans to start construction on approximately 60 acres of industrial land in 2026 [4]. - The establishment of a robust service network both domestically and internationally is aimed at improving customer support and enhancing market penetration [50].

Investment Rating - The report indicates a positive outlook for the power equipment industry, particularly in the renewable energy sector, with significant investments and technological advancements expected to drive growth [1][2][4]. Core Insights - The report highlights that the State Grid's investment during the "14th Five-Year Plan" period is projected to reach 4 trillion yuan, marking a 40% increase compared to the previous plan [2]. - The report emphasizes the stability in polysilicon prices and the continuous rise in battery component prices, with N-type battery prices increasing to 0.40 yuan per watt [15][16]. - The report identifies three key areas of focus: supply-side reform leading to price increases in the industry chain, long-term growth opportunities from new technologies, and industrialization opportunities from perovskite GW-level layouts [16]. Summary by Sections 1. New Energy Generation 1.1 Photovoltaics - Polysilicon prices remain stable, while battery component prices are on the rise, with N-type battery prices reaching an average of 0.40 yuan per watt [15]. - The report notes that leading component companies are responding to industry self-discipline by raising component prices, with distributed sales prices reaching 0.72 yuan per watt [15][16]. - Key companies to watch include Tongwei Co., GCL-Poly, LONGi Green Energy, JA Solar, and Trina Solar [16]. 1.2 Wind Power & Grid - The UK AR7 offshore wind auction results exceeded expectations, with a total scale of approximately 8.4GW, validating the upward trend in European offshore wind [17]. - The State Grid's investment is expected to enhance transmission capacity significantly, addressing bottlenecks in renewable energy delivery [18]. - Companies to focus on include Goldwind, Yunda Wind Power, Mingyang Smart Energy, and Sany Heavy Energy [18]. 1.3 Hydrogen & Energy Storage - By 2025, the production and sales of fuel cell vehicles in China are projected to reach 7,797 units, reflecting a 44% year-on-year increase [20]. - The report anticipates that new energy storage installations will reach 58.6GW/175.3GWh by 2025, with significant growth expected in the energy storage sector [21]. - Key players in the hydrogen sector include Shuangliang Energy, Huadian Heavy Industries, and Shenghui Technology [20]. 2. New Energy Vehicles - Solid-state batteries are gaining traction, with several automakers making progress towards mass production by 2026 [29]. - Companies such as BYD, Changan Automobile, and Chery are expected to achieve significant milestones in solid-state battery technology [29]. - The report suggests monitoring companies like Xiamen Tungsten, Hailiang Co., and Nanjing Advanced Lithium Battery [29]. 3. Industry Trends - The report notes a 0.4% increase in the new energy equipment sector from January 12 to January 16, 2026, with a cumulative increase of 5.3% since the beginning of the year [12]. - The photovoltaic equipment sector saw a 3.52% increase, while the wind power equipment sector experienced a decline of 1.28% during the same period [13].

Market Overview - The general equipment sector experienced a decline of 0.47% on January 15, with Daye Co., Ltd. leading the losses [1] - The Shanghai Composite Index closed at 4112.6, down 0.33%, while the Shenzhen Component Index closed at 14306.73, up 0.41% [1] Top Gainers in General Equipment Sector - Jingce Electronics (300567) saw a closing price of 119.00, with an increase of 8.10% and a trading volume of 185,800 shares [1] - Xinlei Co., Ltd. (301317) closed at 37.25, up 7.60%, with a trading volume of 91,100 shares [1] - Yingliu Co., Ltd. (603308) closed at 48.44, increasing by 5.83% with a trading volume of 266,700 shares [1] - Other notable gainers include Youlide (688628) at 36.92 (+5.79%), Tongfei Co., Ltd. (300990) at 91.37 (+5.34%), and Baonanchangke (688433) at 80.68 (+5.05%) [1] Top Losers in General Equipment Sector - Daye Co., Ltd. (603278) reported a significant drop of 10.03%, closing at 12.92 with a trading volume of 437,400 shares [2] - Aerospace Power (600343) also fell by 10.00%, closing at 44.09 with a trading volume of 905,600 shares [2] - Other major decliners include Luxin Investment (600783) at 31.95 (-10.00%), JuLi Sockets (002342) at 12.60 (-10.00%), and Snowman Group (002639) at 24.23 (-9.99%) [2] Capital Flow Analysis - The general equipment sector saw a net outflow of 4.127 billion yuan from institutional investors, while retail investors contributed a net inflow of 3.994 billion yuan [2] - The sector experienced a net inflow of 134 million yuan from speculative funds [2] Individual Stock Capital Flow - Jingce Electronics (300567) had a net inflow of 244 million yuan from institutional investors, accounting for 11.41% of its trading volume [3] - New Lai Materials (300260) reported a net inflow of 162 million yuan, with a net outflow of 52.41 million yuan from speculative funds [3] - Other stocks with notable capital flows include Zongshen Power (001696) with a net inflow of 96.49 million yuan and a net outflow of 99.06 million yuan from retail investors [3]

证券日报网讯 1月14日，同飞股份在互动平台回答投资者提问时表示，公司将严格按照相关法律法规及 监管规则要求履行上市公司信息披露义务，关于公司业务进展和业绩情况请关注公司在指定信息披露媒 体披露的定期报告和相关公告。公司重视投资者关系管理工作，持续通过业绩说明会、互动易平台、投 资者电话、电子邮箱等多种形式与广大投资者保持常态化沟通交流，及时传递公司价值。 （文章来源：证券日报） ...

Group 1 - The core viewpoint of the article highlights the advantages of liquid cooling technology, which includes efficient heat dissipation and energy saving, leading to long-term environmental and economic benefits [2]

Investment Rating - The report maintains a "Recommended" investment rating for the power equipment sector [6][17]. Core Viewpoints - The domestic data center industry is entering a new cycle of expansion and upgrades, with direct current (DC) power supply equipment expected to benefit first. The market size of China's data center industry is projected to exceed 318 billion yuan in 2025, representing a year-on-year growth of approximately 14.7%. By 2030, it may reach 1.2 trillion yuan, with a compound annual growth rate (CAGR) of about 25%-28% [5][15]. - The load scale of data centers is expected to be around 7.05 GW in 2025, increasing to 9.37 GW by 2030, with a CAGR of approximately 5.85%. The demand for AI computing power is driving significant capital expenditure from leading internet companies, with ByteDance planning to invest about 160 billion yuan in AI infrastructure in 2026, and Alibaba expecting to invest over 380 billion yuan in cloud and AI hardware from 2025 to 2027 [5][15]. - The industry is experiencing an unexpected expansion, with infrastructure technology upgrades creating investment opportunities in IDC-compatible DC power supply equipment [5][15]. Summary by Sections Investment Viewpoints - The report suggests focusing on the IDC sector, recommending companies such as Kehua Data and Jinpan Technology, as well as Sifang Co. and Liangxin Co. for their potential in the HVDC/SST industry. It also highlights the importance of high-voltage circuit breakers and suggests monitoring companies like Zhongheng Electric, Magmeter, and Oulu Tong in the power supply sector [6][16]. Key Companies and Profit Forecasts - The report includes profit forecasts for several companies, with notable mentions: - Kehua Data (002335.SZ): EPS forecast of 1.86 yuan for 2026, currently unrated [18]. - Liangxin Co. (002706.SZ): Rated "Buy" with an EPS forecast of 0.44 yuan for 2026 [19]. - Magmeter (002851.SZ): Rated "Buy" with an EPS forecast of 2.07 yuan for 2026 [19]. - Sunshine Power (300274.SZ): Rated "Buy" with an EPS forecast of 7.74 yuan for 2026 [19]. - Jinpan Technology (688676.SH): Rated "Buy" with an EPS forecast of 2.20 yuan for 2026 [19]. Market Performance - The power equipment sector saw a 5.02% increase last week, ranking 12th among 28 sub-industries, outperforming the Shanghai Composite Index by 1.21 percentage points [46].

Core Viewpoint - Tongfei Co., Ltd. (300990.SZ) is advancing its industrial temperature control business by launching two major investment projects in Hebei and Jiangsu, with a total investment of 900 million yuan, reflecting its strategic ambition to capture emerging market opportunities [1][2]. Group 1: Investment Projects - The southern headquarters project in Suzhou will involve an investment of 600 million yuan to establish a production base for cooling equipment and components, covering four product series, including liquid temperature control devices and special heat exchangers, targeting high-growth sectors such as CNC equipment and new energy vehicles [2][3]. - The northern base in Sanhe will focus on local upgrades with a planned investment of 300 million yuan for a liquid cooling temperature control project, aimed at enhancing core production capacity and expanding revenue scale [2][3]. Group 2: Market Demand and Growth - The demand for industrial temperature control equipment is expanding due to the rapid development of emerging industries like new energy vehicles and data centers, with liquid cooling technology becoming a mainstream solution due to its efficiency [3]. - In 2025, Tongfei Co., Ltd. is expected to see a recovery in performance, with a projected revenue of 2.081 billion yuan in the first three quarters, marking a 51.5% year-on-year increase, and a net profit of 180 million yuan, up 158.11% [4][5]. Group 3: Business Performance - The company has experienced continuous growth in net profit for four consecutive quarters, with significant increases in each quarter from Q4 2024 to Q3 2025, showcasing strong financial performance [4]. - The growth is driven by the dual engines of energy storage and liquid cooling businesses, with energy storage temperature control revenue reaching 681 million yuan, a year-on-year increase of 87%, benefiting from partnerships with leading clients [5].

Group 1 - The company, Tongfei Co., announced a strategic cooperation agreement with the Suzhou Science and Technology City Management Committee on January 7, 2026 [2] - The investment for the project is approximately 600 million yuan, aimed at establishing a southern headquarters and a cooling equipment and components project [2] - A wholly-owned subsidiary will be set up to implement the project [2]

Core Viewpoint - The company plans to invest approximately 300 million yuan in a liquid cooling temperature control project in Sanhe Economic Development Zone, as approved by its board of directors [1] Group 1 - The company held its 23rd (temporary) meeting of the third board of directors on January 6, 2026, to review the investment proposal [1] - The project agreement was signed with the Sanhe Economic Development Zone Management Committee on January 7, 2026 [1] - The investment is aligned with the company's operational development planning and strategic layout needs [1]

证券代码：300990 证券简称：同飞股份 公告编号：2026-004 三河同飞制冷股份有限公司 关于与三河经济开发区管理委员会签订项目协议暨对外 投资的进展公告 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、对外投资概述 四、备查文件 公司于 2026 年 1 月 6 日召开第三届董事会第二十三次（临时）会议，审议 通过了《关于与三河经济开发区管理委员会签订项目协议暨对外投资的议案》。 根据《深圳证券交易所创业板股票上市规则》《深圳证券交易所上市公司自律监 管指引第 2 号——创业板上市公司规范运作》及《公司章程》等有关规定，本次 投资事项在公司董事会审批权限范围内，无需提交股东会审议。董事会同意授权 公司管理层全权办理此次对外投资有关事宜，包括但不限于投资相关的登记备案、 资产购置、相关合同及协议的签订以及办理其他与本事项相关的一切事宜，上述 授权自公司董事会审议通过之日起至上述授权事项办理完毕之日止。 根据经营发展规划与战略布局需要，公司拟与河北三河经济开发区管理委员 会签署《三河同飞制冷股份有限公司液冷温控项目协议》，计划在三河市经济开 发区投 ...