Company Overview - Suzhou Tianmai Thermal Technology Co., Ltd. was established in 2007, initially focusing on thermal interface materials, which have high technical barriers in the mid-to-high-end product market [2][4]. - The company has developed high thermal conductivity, low volatility, and low oil thermal silicone sheets, widely used in consumer electronics, security monitoring, automotive electronics, and communication equipment [2][4]. Product Development - In 2012, the company independently developed artificial graphite materials for heat dissipation, responding to the increasing demand for thermal management in consumer electronics [3]. - The company has invested in research and development of heat pipes and temperature equalization plates since 2014, despite initial market uncertainties [3]. New Projects - The company plans to invest in two new projects: 1. **Suzhou Tianmai Thermal Products Intelligent Manufacturing Base**: - Land area: 100 acres - Total investment: 1.7 billion CNY - Expected annual production capacity: 30 million high-end temperature equalization plates [4][5]. 2. **Suzhou Tianmai Thermal Products Intelligent Manufacturing Base (Hui Kai Road)**: - Total investment: 600 million CNY - Expected annual production capacity: 18 million high-end temperature equalization plates [5]. Financial Performance - For the first three quarters of 2025, the company reported: - Revenue: 818.44 million CNY, a year-on-year increase of 18.42% - Non-recurring net profit: 137.49 million CNY, a year-on-year increase of 2.24% [9][10]. - The lower growth rate of non-recurring net profit compared to revenue is attributed to increased management and R&D expenses, which rose by 38.76% and 36.20% respectively [10]. Strategic Goals - The 2025 restricted stock incentive plan aims to set challenging performance targets based on: 1. Industry prospects and market opportunities, particularly in emerging fields like smartphones, new energy vehicles, and 5G base stations [8]. 2. The company's strategic investments and capacity layout, which provide a solid foundation for future revenue growth [8]. 3. A balance between challenge and feasibility in performance targets to effectively motivate the team [8][9]. Product Applications - The company's thermal interface materials include thermal pads, thermal gels, phase change materials, thermal pastes, and liquid metals, with thermal conductivity reaching up to 15 W/m.K [10].

Core Insights - A total of 77 stocks in the Shanghai and Shenzhen markets have experienced net inflows of main funds for five consecutive days or more as of November 5, with Cambricon Technologies (寒武纪-U) leading with 50 days of continuous inflow [1] - The total net inflow of main funds for Cambricon Technologies reached 6.325 billion yuan, followed by Shanghai Pudong Development Bank with a net inflow of 777 million yuan over five days [1] - In terms of the proportion of net inflow to trading volume, *ST Baoying ranks first, with a 47.72% increase over the past eight days [1] Summary by Category Stocks with Continuous Net Inflows - Cambricon Technologies (688256) has seen net inflows for 50 days totaling 6.325 billion yuan, with a price increase of 44.33% [1] - Shanghai Pudong Development Bank (600000) recorded net inflows of 777 million yuan over five days, with a price increase of 0.42% [1] - CITIC Bank (601998) had net inflows of 439 million yuan over six days, with a price increase of 3.85% [1] Notable Performers - *ST Baoying had the highest net inflow ratio, with a significant price increase of 47.72% over the last eight days [1] - Other notable stocks include Jiangsu Bank (600919) with a net inflow of 342 million yuan and a price increase of 5.70%, and Yaxing Anchor Chain (601890) with a net inflow of 331 million yuan and a price increase of 10.16% [1] Additional Stocks with Inflows - Other stocks with notable net inflows include: - China Shenhua (601088) with 314 million yuan and a 3.42% increase [1] - Haotian Co., Ltd. (603759) with 166 million yuan and a 64.35% increase over 11 days [1] - Microelectronic Physiology (688351) with 140 million yuan and a 12.94% increase [1]

Group 1 - Suzhou Tianmai's stock increased by 5.33%, reaching 145.88 CNY per share, with a trading volume of 1.04 billion CNY and a turnover rate of 1.39%, resulting in a total market capitalization of 16.875 billion CNY [1] - Suzhou Tianmai Thermal Technology Co., Ltd. specializes in the research, production, and sales of thermal management materials and components, with 98.37% of its revenue coming from thermal management materials and components [1] - The company was established on July 25, 2007, and went public on October 24, 2024 [1] Group 2 - Among the top ten holdings, one fund from China Europe Fund holds shares in Suzhou Tianmai, specifically the China Europe Selected Mixed A Fund, which held 182,400 shares, accounting for 2.31% of the fund's net value [2] - The China Europe Selected Mixed A Fund has a total scale of 988 million CNY and has achieved a return of 28.44% this year, ranking 3250 out of 8150 in its category [2] - The fund manager, Wang Jian, has a tenure of 16 years and 12 days, with the best fund return during his tenure being 200.87% [2]

Core Viewpoint - Suzhou Tianmai has shown significant trading activity with a notable increase in financing and stockholder engagement, indicating potential growth and investor interest in the company. Group 1: Financial Performance - As of September 30, 2025, Suzhou Tianmai achieved operating revenue of 818 million yuan, representing a year-on-year growth of 18.42% [2] - The net profit attributable to the parent company for the same period was 143 million yuan, reflecting a year-on-year increase of 1.54% [2] Group 2: Stock and Financing Activity - On November 3, Suzhou Tianmai's stock price increased by 2.97%, with a trading volume of 406 million yuan [1] - The financing buy-in amount on the same day was 50.25 million yuan, while the financing repayment was 25.33 million yuan, resulting in a net financing buy of 24.92 million yuan [1] - The total financing and securities balance reached 642 million yuan, accounting for 8.80% of the circulating market value, which is above the 90th percentile of the past year [1] Group 3: Shareholder Information - As of September 30, 2025, the number of shareholders for Suzhou Tianmai was 10,800, an increase of 6.39% from the previous period [2] - The average circulating shares per person decreased by 6.00% to 2,407 shares [2] - The company has distributed a total of 64.78 million yuan in dividends since its A-share listing [3]

Core Insights - The company reported a revenue of 310 million yuan in Q3 2025, representing a year-on-year increase of 32.51% [1] - The net profit attributable to shareholders for Q3 2025 was 48.11 million yuan, up 9.63% year-on-year, influenced by fluctuations in gross margin and increased expenses [1] - The company plans to invest up to 2 billion yuan in a new smart manufacturing base for thermal management products in Suzhou [1] - The company aims to enhance production capacity for high-end uniform temperature plates, with an investment of up to 600 million yuan, which will add an annual production capacity of 18 million units [1] Revenue Growth and Market Position - The company has established a competitive advantage in heat pipes and uniform temperature plates, with R&D efforts starting in 2014 and 2017 [2] - The application rate of uniform temperature plates is expected to rise significantly, with 68% of high-end smartphones in China projected to feature them in 2024, up from 54% in 2023 [2] - Major brands like Apple have begun incorporating uniform temperature plates into their products, indicating a growing market trend [2] Long-term Goals and Incentives - The company has introduced a stock incentive plan, granting up to 1.28 million restricted shares, aimed at motivating key personnel [3] - The performance targets for the incentive plan include ambitious revenue and net profit growth rates of 80%, 150%, and 200% over the next three years [3] Investment Outlook - The company is projected to achieve revenues of 1.14 billion yuan, 2.1 billion yuan, and 3 billion yuan in 2025, 2026, and 2027, respectively, with net profits of 190 million yuan, 360 million yuan, and 520 million yuan [4]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 20% compared to the benchmark index within the next six months [8][16]. Core Insights - The company has demonstrated robust revenue growth, achieving 310 million yuan in revenue for Q3 2025, a year-on-year increase of 32.51%. The net profit attributable to shareholders for the same period was 48.11 million yuan, reflecting a 9.63% increase year-on-year [3][4]. - The company is expanding its production capacity for thermal management products to meet increasing customer demand, with planned investments totaling up to 26 billion yuan for new manufacturing facilities [3][4]. - The company is strategically positioned to benefit from the rising demand for heat pipes and uniform temperature plates, particularly in the context of the growing high-performance consumer electronics market [4][13]. Company Overview - The latest closing price of the company's stock is 135.20 yuan, with a total market capitalization of 15.6 billion yuan [2]. - The company has a low debt-to-asset ratio of 11.7%, indicating a strong financial position [2]. - The company is involved in the research, development, production, and sales of thermal management materials and devices, with a focus on high-quality products for major clients such as Samsung, OPPO, and Huawei [13][14]. Financial Projections - Revenue projections for the company are 1.14 billion yuan in 2025, 2.09 billion yuan in 2026, and 2.99 billion yuan in 2027, with corresponding net profits of 190 million yuan, 360 million yuan, and 523 million yuan respectively [8][10]. - The company is expected to maintain a healthy growth trajectory, with significant increases in both revenue and net profit over the next few years [10][15]. Incentive Plans - The company has announced a stock incentive plan aimed at motivating key personnel, with a total of 1.28 million restricted shares to be granted, representing 1.107% of the total share capital [5][7].

Core Viewpoint - Suzhou Tianmai, a leading company in the thermal management materials sector, is set to be listed on the Shenzhen Stock Exchange on October 24, 2024, showcasing its significant technological advantages in the industry [1] Group 1: Business Performance - In Q3 2025, Suzhou Tianmai reported revenue of 818 million yuan, ranking 63rd among 88 companies in the industry, with the top company, Industrial Fulian, generating 603.93 billion yuan [2] - The main business revenue from thermal management materials and devices was 928 million yuan, accounting for 98.37% of total revenue, while other business revenue was 15.36 million yuan, making up 1.63% [2] - The net profit for the same period was 143 million yuan, placing the company 31st in the industry, with the leading company achieving a net profit of 22.52 billion yuan [2] Group 2: Financial Health - As of Q3 2025, Suzhou Tianmai's debt-to-asset ratio was 12.37%, down from 17.49% year-on-year, significantly lower than the industry average of 44.84%, indicating strong solvency [3] - The gross profit margin for Q3 2025 was 39.55%, slightly down from 40.53% year-on-year, but still well above the industry average of 19.47%, reflecting robust profitability [3] Group 3: Shareholder Information - As of September 30, 2025, the number of A-share shareholders increased by 6.39% to 10,800, with an average holding of 2,407.55 shares, a decrease of 6.00% [5] - The largest circulating shareholder, Hong Kong Central Clearing Limited, held 312,600 shares, a reduction of 260,400 shares from the previous period [5] Group 4: Management and Compensation - Chairman Xie Yi's compensation increased from 1.1424 million yuan in 2023 to 1.6864 million yuan in 2024, an increase of 544,000 yuan [4] - Xie Yi, born in August 1984, has been the chairman and general manager since January 2018 and was previously awarded the title of Young Technology Entrepreneur by Dongwu [4] Group 5: Future Outlook - The company maintains a "buy" rating with a target price of 185.7 yuan, expecting EPS growth of 62.0%, 138.4%, and 59.1% for 2025-2027 [5] - Key growth drivers include performance targets for stock incentives, advancements in steel-copper composite VC technology, and increasing market penetration in both high-end and mid-range Android devices [5]

Group 1 - Suzhou Tianmai experienced a 5% decline in stock price, trading at 132.52 CNY per share with a total market capitalization of 15.33 billion CNY as of the report date [1] - The company specializes in the research, production, and sales of thermal management materials and components, with 98.37% of its revenue coming from this core business [1] - The company was established on July 25, 2007, and went public on October 24, 2024 [1] Group 2 - Vanguard Fund holds a significant position in Suzhou Tianmai, with its Vanguard Quantitative Selected A fund reducing its holdings by 8,400 shares, now holding 10,000 shares, representing 3.24% of the fund's net value [2] - The Vanguard Quantitative Selected A fund has a total size of 38.25 million CNY and has achieved a year-to-date return of 23.06% [2] - The fund manager, Zeng Jie, has been in position for 2 years and 308 days, with the best fund return during this period being 68.52% [2]

Core Viewpoint - Suzhou Tianmai (301626.SZ) plans to issue convertible bonds to raise up to 786 million yuan for the construction of its intelligent manufacturing base for thermal conductive products [1][2][3] Group 1: Convertible Bond Issuance - The total amount to be raised from the issuance of convertible bonds is expected to be no more than 786 million yuan, which will be used for the construction of the Suzhou Tianmai intelligent manufacturing base [1][2] - The bonds will have a term of six years from the date of issuance, with interest paid annually and principal returned at maturity [2][3] - The bonds will be offered to a wide range of investors, including individuals and institutions, with priority given to existing shareholders [3] Group 2: Financial Performance - For the first three quarters of 2025, Suzhou Tianmai reported revenue of 818.44 million yuan, an increase of 18.42% year-on-year, and a net profit attributable to shareholders of 142.57 million yuan, up 1.54% [4][5] - The company’s net cash flow from operating activities was 129.11 million yuan, a decrease of 27.45% compared to the previous year [4][5] - In 2024, the company achieved revenue of 942.91 million yuan, a growth of 1.62%, and a net profit of 185.43 million yuan, reflecting a 20.26% increase year-on-year [6]

Core Points - Suzhou Tianmai's stock price decreased by 0.95% on October 28, with a trading volume of 506 million yuan [1] - The company recorded a net financing purchase of 17.16 million yuan on the same day, with a total financing balance of 629 million yuan, accounting for 8.50% of its market capitalization [1] - For the period from January to September 2025, Suzhou Tianmai achieved a revenue of 818 million yuan, representing a year-on-year growth of 18.42%, and a net profit attributable to shareholders of 143 million yuan, with a growth of 1.54% [1] Financing and Margin Trading - On October 28, Suzhou Tianmai had a financing purchase of 92.60 million yuan and a repayment of 75.44 million yuan [1] - The company had a margin trading balance of 30.93 thousand yuan with a remaining short selling volume of 2,200 shares [1] Shareholder Information - As of September 30, 2025, the number of shareholders for Suzhou Tianmai increased by 6.39% to 10,800, while the average circulating shares per person decreased by 6.00% to 2,407 shares [1] - The company has distributed a total of 64.78 million yuan in dividends since its A-share listing [2] - Hong Kong Central Clearing Limited is the seventh largest circulating shareholder, holding 312,600 shares, a decrease of 260,400 shares from the previous period [2]