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》 ...

证券研究报告 | 电力设备 | 2 0 2 5年 2 月 2 2 日 摘要 资料来源：方正证券研究所 2 Ø 电源：数据中心供配电由于其用电特殊性，电源价值量及冗余配置大幅提升，价值量大+技术持续迭代+敏感度不高。 • 机柜外：1）HVDC和UPS的对比：HVDC核心在效率和可靠性上有所升级，效率方面：拓扑结构比 UPS 简单，少半个变压器，成本更低，转化效率 更高，不过 UPS 升级后效率差异有所减小。可靠性方面：蓄电池挂载位置不同，HVDC 直流电流直接挂载在直流母线上，后端出问题时仍能顶上， 宕机率比 UPS 低。2）规模测算：按照UPS电源国内价格大约在0.6元/W（不含铅酸电池）；HVDC电源大多是集采所以价格更低，大约0.5元/W （整流器件和PSU的用量减少），国内27年远期规模测算在150亿左右； • 机柜内：非标+定制化需求更高，带来更多溢价。2024-2029 年 AI 服务器平均机架密度将从 40-100kW 增加至 350-500kW。以英伟达最新的主 流机架 GB200 NVL72为例，单机架120kW对应约198kW 服务器电源（单个模块功率为5.5kW，总共36 个模块），容量配 ...

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].

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]. Company Overview - The company specializes in temperature control solutions, particularly in liquid cooling products, which have seen rapid growth. The main product categories include liquid temperature control devices, electrical box temperature control devices, and pure water cooling units [19][20]. - The company has a stable management team, with most executives having over 10 years of tenure. The chairman's son, Zhang Haolei, has been managing the company for over a decade [4][26]. Industry Situation - The global energy storage market is experiencing rapid growth, with the temperature control market expected to reach approximately 12.7 billion yuan in China and 17.5 billion yuan globally by 2026, reflecting a year-on-year increase of 49% and 96%, respectively [2]. - The data center temperature control market is projected to grow by about 26% year-on-year in 2023, reaching a market size of approximately 7.7 billion USD. The market is expected to reach 17.8 billion USD by 2028, with a CAGR of about 18.4% from 2023 to 2028 [2]. Financial Performance - The company reported a net profit of 182 million yuan in 2023, a year-on-year increase of 42.7%. The revenue is expected to grow to 2.159 billion yuan in 2024 and 3.208 billion yuan in 2025, with projected net profits of 141 million yuan and 263 million yuan, respectively [5][4]. - The company's liquid temperature control devices generated revenue of 1.215 billion yuan in 2023, a year-on-year increase of 125.33%, accounting for 65.86% of total revenue [20][29]. Growth Potential - The company is expanding into the data center and semiconductor temperature control sectors, with the AI infrastructure demand expected to drive significant growth in temperature control orders [1][3]. - The management anticipates that the energy storage temperature control segment will continue to grow, supported by increasing global energy storage installations [3][4].

证券代码：300990 证券简称：同飞股份 公告编号：2025-005 三河同飞制冷股份有限公司 第三届董事会第十二次会议决议公告 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"）第三届董事会第十二次会 议于 2025 年 2 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 2 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（其中董事长张国山先生、董事王淑芬女士以通 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。 二、董事会会议审议情况 1、审议通过《关于设立深圳分公司及杭州分公司的议案》。 1、第三届董事会第十二次会议决议； 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 于设立深圳分公司及杭州分公司的公告》。 表决结果：同意票 9 票，反对票 0 票，弃权票 0 ...