利和兴：华为与新凯来供应商 四大景气赛道共振驱动

Core Viewpoint - The company, Lihexing, is gaining significant attention in the market as a long-term partner within the Huawei ecosystem, leveraging its collaborations in emerging fields to drive new growth momentum [1] Group 1: Partnership with Huawei - Lihexing has been a qualified supplier for Huawei since 2013, with over 10 years of collaboration, initially focusing on testing equipment for Huawei's Mate series smartphones, capturing over 10% market share in the smart terminal testing sector [2] - The partnership has expanded beyond mobile devices to include 5G base stations, new energy vehicles, and digital energy, with Lihexing becoming a core manufacturer for Huawei's liquid cooling ultra-fast charging equipment [2] - The company is also involved in Huawei's solar storage supply chain, providing precision components for photovoltaic inverters and energy storage systems, benefiting from the acceleration of new energy infrastructure [2] Group 2: Semiconductor Component Collaboration - In response to the accelerated domestic semiconductor localization, Lihexing has partnered with semiconductor equipment company Xinkailai, entering the high-margin precision components sector and becoming a core supplier [3] - Xinkailai currently has a robust order book, serving leading domestic wafer fabs such as Shenzhen Pengxinwei and SMIC, indicating a phase of explosive growth [3] Group 3: Liquid Cooling Technology and AI Computing - The demand for AI applications is driving a surge in computing power needs, with liquid cooling technology becoming a standard for AI servers [5] - Lihexing has developed an automatic maintenance testing system for liquid cooling servers and has successfully entered Huawei's Ascend server supply chain, addressing high-power cooling challenges [5] - The global liquid cooling market is projected to exceed 100 billion yuan by 2026, quadrupling from 2025, positioning Lihexing to benefit from technological advancements and infrastructure acceleration [5] Group 4: Humanoid Robot Development - Leveraging its expertise in precision machinery, automation, and machine vision, Lihexing is advancing into the humanoid robot sector [6] - The company has developed high-precision transmission testing equipment for robotic joints and is involved in the joint drive development for Huawei's Jimo robot, while also supporting Tesla's humanoid robot supply chain [6] Group 5: Growth Potential - Lihexing's strategy of being a core supplier for Huawei, entering the semiconductor component market, capitalizing on liquid cooling technology, and expanding into humanoid robotics presents a significant growth potential [7] - The company is expected to continue breaking through in multiple high-growth sectors, ushering in a new phase of accelerated growth [7]