Allied Machinery(SH:605060) Xin Lang Cai Jing·2025-08-22 05:27Core Viewpoint - Linde Co., a leading company in the compressor casting segment, is expanding its business boundaries from traditional industrial scenarios to digital infrastructure, particularly in the AI computing power industry, which is driving a significant performance turnaround for the company [1][2]. Financial Performance - In Q2 2025, Linde Co. achieved operating revenue of 312 million yuan, a year-on-year increase of 8.24%, and a net profit attributable to shareholders of 62.96 million yuan, up 37.20% year-on-year and 36.39% quarter-on-quarter [2]. - The company's management expenses decreased by 9.29% year-on-year, reflecting ongoing improvements in internal governance and operational efficiency, while R&D expenses increased by 11.35%, enhancing competitiveness in core areas [2]. - The asset-liability ratio stands at 18.30%, with a net cash flow from operating activities of 124 million yuan, indicating strong short-term solvency [2]. Market Position and Opportunities - Linde Co. is positioned as a leader in providing components for AI computing power applications, particularly in data center temperature control systems, which are critical for stable computing power output [3]. - The company’s core products are well-aligned with two major compressor tracks: air compressors and refrigeration compressors, with the latter being essential for data center cooling systems [3]. - The global AI computing power market is projected to grow significantly, with estimates reaching 25.9 billion USD in 2025, representing a 36.2% year-on-year increase [4]. International Expansion - Linde Co. is accelerating its overseas order expansion, which has become a key driver of overall revenue growth in the first half of the year [6]. - The company has made significant progress in establishing its factory in Mexico and has achieved a customer satisfaction rate of over 98% [6]. - The marketing network in Japan is taking shape, and preparations for a marketing organization in Europe are underway, enhancing the company's global footprint [6]. Future Outlook - The demand for global AI computing power is expected to gradually increase, and with the unexpected advancement of Linde Co.'s expansion in North America, Japan, and Europe, the company is poised for a significant performance breakthrough in the second half of the year [7].