同星科技分析师会议-20251105

1. Reported Industry Investment Rating - No relevant information provided 2. Core View of the Report - The company is seizing opportunities in the emerging liquid cooling market for data centers and is also making strategic investments in the robot industry, aiming to open up new growth spaces in the intelligent era while consolidating its position in its main business areas [21][24] 3. Summary by Related Catalogs 3.1 Research Basic Situation - The research object is Tongxing Technology, and the reception time was on November 5, 2025. The listed company's reception staff included the board secretary, Liang Lufang, and the securities affairs representative, Pan Chenxi [17] 3.2 Detailed Research Institutions - The research institutions included Dongwu Securities and Southwest Securities, with representatives Wang Shijie and Wan Hongbing respectively [18] 3.3 Research Institution Proportion - No relevant information provided 3.4 Main Content Data - Data Center Field Layout: Due to the significant increase in market attention to artificial intelligence data centers, the liquid cooling industry is facing a new development opportunity. The company has actively deployed and expanded the data center liquid cooling market in recent years, focusing on the research and production of high - efficiency liquid cooling heat exchange equipment. The global data center market scale is expected to continue to expand [21] - Main Business Planning: The company's main business focuses on heat exchanger products, automotive air - conditioning system components, and thermal management, while actively expanding emerging businesses such as data center liquid cooling. Future business priorities include deepening the core products, strengthening cooperation with car companies, and expanding the data center liquid cooling market [21] - Robot Company Investment Planning: The company is optimistic about the robot industry and has invested in Jingzhi Embodied Intelligence. This investment aims to promote the technical implementation and scenario optimization of the smart factory project and bring advantages to the robot technology development and heat dissipation system solutions of Jingzhi Embodied Intelligence [24]