强瑞技术：首次覆盖报告：移动终端稳健增长，新能源汽车和散热带动业绩弹性

Investment Rating - The report gives a "Hold" rating to Qiangrui Technology (301128) with a neutral target price of 60 RMB and an upside target price of 70 RMB [7][14][115] Core Views - Qiangrui Technology benefits from the recovery of the consumer electronics market and the AI-driven smartphone replacement cycle, particularly through its integration into the Apple supply chain via clients like Luxshare Precision, Foxconn, and Jabil Green Point [2][14] - The company has entered the new energy vehicle (NEV) sector, supplying major automakers such as BYD, Seres, and others, and is expected to benefit from the increasing market share of its core clients in the NEV market [2][30] - The company has expanded into the liquid cooling sector through acquisitions and is actively developing new clients, which is expected to provide significant earnings elasticity and valuation upside [2][15] Mobile Terminal Business - Qiangrui Technology's mobile terminal business is driven by the steady recovery of smartphone sales and the frequent release of new models, which require updates to fixtures and equipment [2][14] - The company has established relationships with major smartphone manufacturers, including Huawei, OPPO, and vivo, and is well-positioned to benefit from the AI-driven smartphone replacement cycle [14][40] - The company's fixtures and equipment demand is expected to grow due to the rapid iteration of smartphone models and the need for frequent updates [14][22] New Energy Vehicle Business - Qiangrui Technology entered the NEV market in 2022 and has secured partnerships with major players like BYD and Seres, which are expected to drive growth as NEV sales and market penetration increase [2][30] - BYD, the company's core client, is the global leader in NEV sales, with a market share expected to reach 25% by 2024, while Seres is also gaining market share, expected to reach 2.5% by 2024 [30][47] - The company's NEV-related products are expected to enter a rapid growth phase as the NEV market expands [30] Liquid Cooling Business - The company has entered the liquid cooling market through acquisitions and is actively expanding its client base, including Huawei, ZTE, and potential North American clients [2][15] - With the increasing power density of data centers, liquid cooling is expected to become the mainstream solution, and Qiangrui Technology is well-positioned to benefit from this trend [15][68] - The company plans to expand its liquid cooling production capacity, which is expected to provide significant earnings elasticity and valuation upside [15][95] Financial Projections - The report forecasts Qiangrui Technology's revenue to grow by 60.2% in 2024, 51.3% in 2025, and 24.6% in 2026, with net profit expected to reach 110 million RMB in 2024, 172 million RMB in 2025, and 223 million RMB in 2026 [8][82] - The company's EPS is projected to be 1.48 RMB in 2024, 2.32 RMB in 2025, and 3.01 RMB in 2026, with a P/E ratio of 37x in 2024, 24x in 2025, and 18x in 2026 [8][115] Industry Trends - The global smartphone market is recovering, with AI-driven features expected to accelerate the replacement cycle, benefiting Qiangrui Technology's mobile terminal business [21][22] - The NEV market is experiencing rapid growth, with global penetration expected to increase, driving demand for Qiangrui Technology's NEV-related products [45][47] - The liquid cooling market is expected to grow significantly due to increasing data center power density, providing opportunities for Qiangrui Technology's new business segment [68][70]