Report Summary 1. Reported Industry Investment Rating No information provided. 2. Core View of the Report The report provides insights into the operations and development of Sulian Co., Ltd. The company's gross profit is expected to remain stable and slightly increase, with its battery business growing rapidly and new businesses such as data liquid cooling showing promising progress [23]. 3. Summary by Relevant Sections 3.1. Research Basic Information - Research object: Sulian Co., Ltd. [16] - Industry: Not specified - Reception time: August 29, 2025 [16] - Company reception personnel: Director and Board Secretary Han Xiao, Director and Financial Officer Liao Qiang [16] 3.2. Detailed Research Institutions - Multiple institutions participated in the research, including securities companies (China International Capital Corporation, Zhongtai Securities, Huatai Securities), investment companies (Tianni Investment, Zeming Investment, Hengshi Investment), asset management companies (Xunyuan Asset, Dapu Asset, Shangcheng Asset), and others [17][18]. 3.3. Main Content Information - Gross profit outlook: Gross profit is expected to remain stable and slightly increase, benefiting from internal and external efforts such as new product development, material substitution, and cost - reduction measures [23]. - Top five customers: The top five customers in the first half of the year remained the same as last year, but the concentration decreased year - on - year [23]. - Battery business: The battery business is growing faster than the main business, with a dedicated battery division established. The company has received development tasks for various battery - related products and some products are in the process of production [23][24]. - Data liquid cooling business: The company has developed UQD products for data centers and established a subsidiary for related business. It is working on R & D of supporting components and solutions and has established business contacts with major customers [24]. - Other business expansion: The company is developing new products such as hydrogen fuel cell pipelines, air suspension products, and independent sales products. Air suspension products have been mass - produced in some models [25]. - Business similarity: The similarity between the main business and Sulian Zhikong's business is high, with a process and technology compatibility of over 70% [25].
溯联股份分析师会议-20250829