远东股份：“电能+算力+AI”多维布局 业绩逐步释放 天风证券给予买入评级

Core Viewpoint - Tianfeng Securities has given a "buy" rating for Far East Holdings, highlighting the company's sustainable growth driven by its focus on "electricity + computing power + AI" [1] Group 1: Financial Performance - In the first half of 2025, Far East Holdings achieved a revenue of 12.976 billion, representing a year-on-year growth of 14.38%, marking a record high for the same period [1] Group 2: Business Strategy - The company is actively expanding into emerging markets related to artificial intelligence, computing power, and robotics, integrating "computing power + AI" into its development strategy [1] - Far East Holdings is enhancing its equipment side by accelerating the development of liquid cooling technology, high-speed connectors, high-speed copper cables, multimode optical fibers, AI servers, and backup power supplies for data centers [1] Group 3: Market Position and Partnerships - The company has supported over 200 large data centers, including those for China Telecom and Alibaba Cloud, establishing a comprehensive support system [2] - Far East Holdings has obtained vendor codes from leading global AI chip companies, enabling bulk supply of power lines and automotive lines [2] Group 4: Technological Development - The company is focusing on the research and development of liquid cooling technology, particularly in biomimetic manifold microchannel and material innovation, to meet the increasing performance requirements of cooling solutions [2] - Far East Holdings has developed a new generation of liquid cooling technology and is conducting sample testing, leveraging its proprietary liquid cooling heat dissipation technology [2]