FRD(SZ:300602) Zheng Quan Shi Bao Wang·2025-10-13 13:55Core Insights - The demand for thermal management products has surged due to the AI wave, leading to improved performance for related companies [1] - Feirongda (300602) expects a net profit of 275 million to 300 million yuan for the first three quarters of 2025, representing a year-on-year increase of 110.80% to 129.96% [1] Group 1: Company Performance - Feirongda has increased its R&D investment in cutting-edge areas such as server liquid cooling and AI smart terminals, resulting in steady improvement in profitability [1] - The company has seen a significant increase in demand and usage of electromagnetic shielding and thermal management materials in consumer electronics, contributing to market share growth [1] - Revenue from AI server cooling-related business is growing as collaborations with key clients progress smoothly [1] Group 2: Business Development - The company is experiencing a positive trend in the new energy vehicle sector, with ongoing project orders driving sales revenue [2] - Capacity utilization is steadily increasing as new project orders in the new energy sector are being delivered [2] - Feirongda's main products include electromagnetic shielding materials, thermal materials, and lightweight composite materials, which are widely used in communication, consumer electronics, and new energy sectors [2] Group 3: Financial Impact - The company reported a share-based payment expense of approximately 23 million yuan due to the implementation of an equity incentive plan, which has impacted net profit [2] - Non-recurring gains and losses are expected to affect net profit by approximately 37 million yuan, mainly from government subsidies and the impact of consolidating Jiangsu Zhongyu [2]