溯联股份 20250928 摘要 全球液冷市场规模预计到 2030 年将达 2000 亿人民币，其中 UQD（快 速断开接头）市场规模预计达 200 亿人民币，国产算力增长是关键驱动 因素。 UQD 市场由欧美企业主导，如派克汉尼芬和史陶比尔，但中国企业如苏 联股份正尝试通过尼龙等工程塑料替代金属，以降低成本并简化制造工 艺。 苏联股份积极布局数据中心液冷领域，已开发符合 OCP 标准的 UQD 产 品，并与国内服务器制造商及国际热管理厂商建立联系，积累小批量生 产经验。 苏联股份在汽车尼龙管路和接头方面拥有丰富经验，尤其是在热管理系 统方面，这为其转型至服务器液冷领域提供了技术和成本控制优势。 苏联股份的接头能力提升了其在汽车零部件市场的议价能力，使其过去 两年单季度毛利率基本保持在 22%左右，成本控制能力是关键。 苏联股份注重系统工程能力，能够快速调整产品以适应市场变化，这在 迭代速度快的数据中心液冷市场中尤为重要。 预计苏联股份明后年营收成长速度约为 25%，业绩增速可能达到 35% 左右，但需关注 UQD 发展不及预期以及原材料价格上涨等风险。 Q&A 服务器液冷市场的未来发展前景如何？ 服务器液冷 ...

Core Insights - The company, Feilong Co., has achieved over 90% self-manufacturing rate for its electronic pump series products, including injection molding, motors, and chip placement [2] - Feilong Co. primarily supplies electronic pumps, thermal control valves, and integrated modules for pure electric vehicles, and exhaust manifolds, turbine housings, electronic pumps, thermal control valves, and integrated modules for hybrid vehicles [2] - The company is advancing thermal management technology integration with various cutting-edge fields such as server liquid cooling, data center liquid cooling, artificial intelligence liquid cooling, and more [2] - Major clients for the new energy thermal management integrated module products include Chery, Nanjing Automobile, Li Auto, Geely, Lantu, and SAIC, with some client projects already in mass production and a year-on-year increase in orders for this product line [2]

Group 1 - The company has indicated that its specialty high polymer materials can be used in server cooling and data transmission components [2] - The company is in the process of acquiring Walka Sealing Products (Shanghai) Co., Ltd., which produces corrugated pipes that can be used for liquid cooling connections in servers [2] - The company is actively exploring related markets for these applications [2]

Group 1 - The board of directors of Changzhou Tenglong Automotive Parts Co., Ltd. held its 22nd meeting of the 5th session on September 12, 2025, with all 7 attending directors present, complying with relevant laws and regulations [2][3]. - The board approved the establishment of a wholly-owned subsidiary with an investment of 50 million yuan in Changzhou, focusing on the research, production, and sales of liquid cooling components and products for energy storage and servers, aiming to extend the business from the automotive sector to non-automotive sectors [3][4]. - The board also approved the transfer of 22.5% equity in the controlling subsidiary Zhejiang Lichi Leao Environmental Technology Co., Ltd. from shareholder Zhong Yafeng to his wife Wang Shuwen for 0 yuan, with no significant impact on the company's financial and operational status [5][6]. Group 2 - The board's decisions were unanimously approved with 7 votes in favor, and no votes against or abstentions [4][6]. - The announcement was made by the board of directors on September 13, 2025 [7][8].

Group 1: Key Insights on Xiangxin Technology (002965.SZ) - The company reported a revenue of 3.6 billion yuan in Q2 2025, representing a year-on-year increase of 22% and a quarter-on-quarter increase of 18% [8] - The automotive parts and accessories manufacturing segment saw a revenue of 1.94 billion yuan, accounting for 54% of total revenue, with a year-on-year growth of 3% [8] - The company is focusing on liquid cooling solutions for servers and robotics, with significant investments in R&D, leading to a 18% increase in R&D expenses [9][10] Group 2: Financial Performance and Projections - For H1 2025, the company achieved a total revenue of 3.6 billion yuan, with a net profit of 110 million yuan, reflecting a year-on-year decrease of 36% [6] - The projected net profits for 2025-2027 are estimated at 350 million, 500 million, and 630 million yuan respectively, with corresponding PE ratios of 33, 23, and 18 [10] Group 3: Industry Context and Growth Opportunities - The company is capitalizing on the growth of the new energy vehicle market, which saw a total sales volume of 6.94 million units, a year-on-year increase of 40% [8] - The communication equipment manufacturing sector is also experiencing growth, with the company’s revenue from this segment reaching 360 million yuan, a year-on-year increase of 146% [8] - The company is developing liquid cooling solutions for both automotive and computing servers, indicating a strategic shift towards high-growth technology sectors [10]

Summary of Conference Call on Su Lian Co., Ltd. and UQD Market Company and Industry Overview - The conference call discusses Su Lian Co., Ltd. and the server liquid cooling UQD (Quick Connect Disconnector) market, which is projected to reach a market size of 20 billion RMB, with potential for even higher growth [2][4]. Core Insights and Arguments - The UQD market is expected to account for approximately 10% of the total server liquid cooling market value, translating to around 20 billion RMB by 2030 [4]. - Compared to the automotive thermal management market, the UQD market could potentially reach half the size of the global automotive thermal management piping and connector market [2][4]. - UQD technology has high barriers to entry, requiring strict no-leak technology, optimized flow rates, pressure drop management, and intuitive visual identification and automatic connection features [5]. - Domestic companies are rapidly developing in the server liquid cooling UQD sector, but the competitive landscape is still forming, with no long-established players like Parker Hannifin or Stäubli [6]. Su Lian Co., Ltd. Advantages - Su Lian Co., Ltd. has a strong foundation in the nylon piping market and extensive customer relationships, particularly in the new energy vehicle thermal management sector [2][7]. - The company has developed capabilities in injection mold design and product testing, which are crucial for entering the server liquid cooling UQD market [7]. - Su Lian Co., Ltd. has a comprehensive customer base in the new energy vehicle sector, including major players like Changan, BYD, and CATL, providing solutions across battery packs, chassis, motors, and air conditioning [8]. Upstream Industry Chain Development - The company has enhanced its precision mold processing and equipment design capabilities, which significantly benefit high-end new energy vehicles and complex server liquid cooling systems [9]. Recent Developments - Su Lian Co., Ltd. has established a subsidiary, Su Lian Intelligent Control, to expand into the intelligent computing market, aiming for multiple growth trajectories beyond the UQD market [3][10]. Market Outlook and Risks - The liquid cooling industry presents numerous opportunities, especially for companies transitioning from new energy vehicle thermal management systems [11]. - Risks include the potential underperformance of UQD development and significant increases in raw material prices [11].

Core Viewpoint - The company reported a revenue of 9.26 billion yuan for the first half of 2025, reflecting a year-on-year increase of 3.6%, and a net profit attributable to shareholders of 430 million yuan, up 8.5% year-on-year [1][2]. Group 1: Financial Performance - In Q2 2025, the company achieved a revenue of 4.92 billion yuan, representing a year-on-year growth of 6.1% and a quarter-on-quarter increase of 13.4% [1][2]. - The net profit attributable to shareholders for Q2 2025 was 220 million yuan, showing a year-on-year increase of 22.7% and a quarter-on-quarter growth of 1.3% [1][2]. Group 2: Market Development - The company secured a total of 526 new project approvals in the first half of 2025, with 161 in the automotive metal sector, where 89.97% of the new projects are in key products such as bumpers and battery shells [2]. - The company has also developed 365 new projects in the automotive piping system and received orders for liquid cooling products needed in energy storage, charging stations, and data centers, supporting long-term growth [2]. Group 3: Robotics and Sensor Business - The company has successfully delivered multiple small batch orders for its robotic sensors, and the six-dimensional force sensor design has been completed, with several foundational research projects underway [3]. - A decision has been made to establish a subsidiary for smart sensors to accelerate the development of the robotics business, which is expected to benefit from the rapid growth of embodied intelligence industries [3]. Group 4: New Business Growth Points - The company is advancing in the steer-by-wire business, having completed the design of an autonomous logistics vehicle steering system and entered the prototype manufacturing phase, exceeding expectations [4]. - The joint venture with AIDC is positioned to meet the increasing demand for liquid cooling solutions in data centers, which is anticipated to become a new growth point for the company [4]. Group 5: Investment Outlook - Revenue projections for 2025-2027 are estimated at 20.9 billion, 22.6 billion, and 24.4 billion yuan, with year-on-year growth rates of 11%, 8%, and 8% respectively [5]. - Net profit forecasts for the same period are 870 million, 990 million, and 1.15 billion yuan, with year-on-year growth rates of 32%, 15%, and 16% respectively [5].

Financial Performance - In the first half of the year, the company's operating revenue reached 12.935 billion yuan, a year-on-year increase of 5.8%, while the net profit attributable to shareholders decreased by 11.1% to 1.295 billion yuan [1] - In Q2, operating revenue was 7.167 billion yuan, showing a year-on-year growth of 9.7% and a quarter-on-quarter increase of 24.3%, but net profit attributable to shareholders decreased by 10.0% to 729 million yuan [1] Automotive Parts Business - The company's domestic and overseas automotive parts revenue for the first half was 9.270 billion yuan and 2.906 billion yuan, respectively, reflecting a year-on-year increase of 13.1% and a decrease of 11.2% [2] - The decline in overseas automotive parts revenue is attributed to the sales impact of certain models from major North American clients [2] - The company has established partnerships with several major players in the electric vehicle sector, including Rivian, Ford, General Motors, Stellantis, BMW, and Mercedes-Benz [2] Robotics Business - The company is advancing its robotics business by integrating resources and establishing an electric drive division, focusing on intelligent robotics [3] - The product range includes linear actuators, rotary actuators, and dexterous motors, with a leading industry coverage [3] - The anticipated completion of the Optimus Gen3 design by Elon Musk is expected to lead to mass production by 2026, positioning the company favorably in the robotics market [3] New Growth Opportunities - The company is expanding its thermal management technology into liquid cooling servers, energy storage, and robotics, with orders amounting to 1.5 billion yuan [3] - The liquid cooling server market is seen as a significant growth opportunity, with the company developing various related products and engaging with major clients like Huawei and NVIDIA [3] Profit Forecast and Valuation - The company has slightly adjusted its gross margin and expense ratios, forecasting net profits attributable to shareholders for 2025-2027 to be 3.391 billion, 4.216 billion, and 5.153 billion yuan, respectively [4] - The target price is set at 68.25 yuan, maintaining a buy rating based on a comparable company PE average of 35 times for 2025 [4]

Group 1 - The trend of liquid cooling in servers is becoming more prominent, and there is interest in the application of 3D printed copper powder materials for this purpose [2] - The company, Youyan Powder Materials (688456.SH), has confirmed that its 3D printed copper powder is already being used by clients to develop liquid cooling copper plates and other heat dissipation components, with related applications currently in progress [2]

Group 1 - The report highlights a sustained strengthening of GMV inflection points, indicating optimism for long-term growth in the education sector, particularly for Oriental Selection [4][5] - The report notes a significant increase in the dividend payout ratio to 60% for Excellence Education Group, which may support revenue growth in the second half of 2025 [10][11] - Shanghai Film's performance is under short-term pressure, but the release of "Wang Wang Mountain Little Monster" is expected to provide performance elasticity [13][15] Group 2 - Huabei Mining's revenue for H1 2025 decreased by 45% year-on-year, but cost control measures are expected to enhance future performance as quality projects are gradually put into production [19][21] - The report indicates that the pet ecosystem construction by Reap Bio is becoming increasingly comprehensive, with a notable increase in revenue and net profit in H1 2025 [24][25] - Silver Wheel's revenue and net profit showed significant growth in Q2 2025, driven by dual engines of "server liquid cooling + robotic joints" [27][29] Group 3 - Shaanxi Coal's production and sales volumes remained stable, with a slight increase in coal production in H1 2025, despite a decrease in revenue [31][33] - China Ruyi's net profit turned from loss to profit in H1 2025, driven by game publishing and content investment [36][37] - Light Media's animation production capacity continues to improve, with IP operations expected to become a new growth point [40][42] Group 4 - Cambrian's revenue for H1 2025 saw an extraordinary increase of 4347.82% year-on-year, with net profit also experiencing substantial growth [46]