宁波精达三季度业绩说明会：订单增长、海外市场扩张“双翼”齐飞

Core Insights - Ningbo Jinda (603088.SH) showcased its strong growth resilience amid market competition, achieving a record high in backlog orders with a 23% year-on-year increase in overall orders for the first three quarters of 2025 [2] - The company is focusing on global expansion and enhancing core technology collaboration, particularly in emerging sectors like liquid cooling and robotics, to create new growth opportunities [4] Group 1: Order and Performance - As of the end of Q3, the company reported a significant increase in orders, particularly in heat exchanger products, which saw a 61.9% year-on-year growth due to expanding market demand in HVAC, refrigeration, and data centers [2] - The precision press segment also rebounded, with a quarter-on-quarter increase in orders driven by the recovery in the new energy battery and storage sectors [2] - The management expressed confidence in achieving annual targets, with production schedules extending into Q1 2026 and measures in place to expedite overseas order acceptance [2] Group 2: Overseas Expansion - The company has accelerated its overseas business layout, with a rising proportion of overseas sales contributing to a gross margin increase to 41.76% in Q3 [3] - In North America, the integration of Wuxi Micro Research has enhanced market access and technical collaboration, while in Europe, the joint venture with German company Schaurer is progressing well [3] Group 3: Emerging Technologies - The company is actively developing liquid cooling technologies for data centers, with applications across various environments, and has entered the supply chain of Weidi Technology [4] - In the robotics sector, the company is conducting market research and plans to establish a new division in Q4, leveraging its manufacturing capabilities and potential acquisitions [4] - Overall, the company aims to deepen its presence in liquid cooling and robotics while expanding its market boundaries and enhancing intrinsic value for investors [4]