“果链”巨头市值 1100 亿，江门女首富又瞄准英伟达

Core Viewpoint - Linyu Intelligent Manufacturing, a key supplier for Apple, has made headlines by announcing the acquisition of a 35% stake in liquid cooling company Limin Da for 875 million yuan, reflecting a staggering premium of over 34 times its valuation, which has raised questions about the strategic logic behind this move [9][10][11]. Company Background - Founded in 2006 by Zeng Fangqin, Linyu Intelligent Manufacturing initially focused on precision parts for Nokia and later became a significant player in Apple's supply chain [3][6]. - The company has grown to become the largest manufacturer in its field, expanding its operations to include various high-tech sectors such as automotive and medical devices [6][8]. Recent Acquisition - The acquisition of Limin Da is part of Linyu's strategy to diversify its business and strengthen its position in the AI and server cooling market, particularly in collaboration with NVIDIA [9][11]. - Limin Da, despite its smaller size, has a strong relationship with NVIDIA, providing critical cooling components for high-performance servers, which justifies the high acquisition premium [10][11]. Strategic Shift - Linyu has been actively restructuring its business by divesting non-core operations while investing in high-growth sectors, such as AI and clean energy [8][12]. - The company aims to transition from being a mere parts supplier to a comprehensive solutions provider, aligning with industry trends towards integrated technology solutions [11][13]. Financial Performance - Linyu's revenue has shown significant growth, with projections indicating an increase from 225 billion yuan in 2018 to 442.11 billion yuan in 2024 [7]. - The company's net profit margins, however, remain relatively low, highlighting the competitive pressures within the industry [12].