领益智造（002600）：拟收购立敏达，跻身英伟达液冷核心供应商：领益智造（002600）：

Investment Rating - The report upgrades the investment rating to "Buy" for the company, indicating a positive outlook for its stock performance in the coming months [5][11]. Core Insights - The company plans to acquire a 35% stake in Limin Da for 875 million yuan, which will allow it to control 52.78% of the voting rights in Limin Da, subsequently consolidating it into the company's financial statements [3][5]. - Limin Da specializes in thermal management solutions and has been a key player in the industry for over 30 years, focusing on liquid cooling and air cooling technologies [5][6]. - The financial projections for the company show significant growth, with expected revenues increasing from 44.211 billion yuan in 2024 to 73.481 billion yuan by 2027, representing a compound annual growth rate (CAGR) of 16% [4][14]. - The net profit forecast for the company is adjusted to 2.453 billion yuan for 2025, with a projected CAGR of 44% from 2025 to 2027 [5][11]. Financial Data Summary - As of September 30, 2025, the company has a net asset value of 3.18 yuan per share and a debt-to-asset ratio of 55.03% [1]. - The total revenue for Limin Da in Q1-Q3 of 2025 was 486 million yuan, with a net profit of 21.21 million yuan [6][7]. - The company's gross profit margin is projected to improve from 15.8% in 2024 to 18.6% by 2027 [4][14]. Product and Market Position - Limin Da's product offerings include liquid cooling plates, quick connectors, and manifolds, positioning it as a core supplier in the NVIDIA liquid cooling supply chain [5][8]. - The company serves major clients in the computing power industry, including NVIDIA, Intel, and Foxconn, indicating a strong market presence [5][8].