中证智能财讯飞荣达（300602）1月23日晚间披露2025年度业绩预告，预计2025年归母净利润3.6亿元至4.2亿元，同比增长57.23%-83.43%；扣非净利润预计 3.13亿元至3.73亿元，同比增长59.14%-89.65%。以1月23日收盘价计算，飞荣达目前市盈率（TTM）约为48.14倍-56.17倍，市净率（LF）约5.09倍，市销率 （TTM）约3.25倍。 以本次披露业绩预告均值计算，公司近年市盈率（TTM）图如下所示： 近年来市盈率变化情况（倍） 200 @00 100.65 72045 5767 44 83 32q45 0 -65.61 -100 -200 -300 -364.11 -400 2022-06-30 " 2021-06-30 ' 2021-12-37 2022-12-37 J-12-37 3-06-30 23-12-3- 2n- -○- 公司 -○- 行业均值 100 97a39 97,03 ହ 90 80 80-55 70 60 6 Tr 50 40 30 2549 20 10 3.99 0 2020-12-37 |> 2027-12-37 | -2-06-30 1 ...

Core Viewpoint - Suzhou Tianmai is intensifying its investment in the server liquid cooling heat dissipation sector by establishing a joint venture with partners, aiming to leverage their combined expertise in technology, production, and market access to enhance its competitive position in the industry [1][2][3]. Group 1: Joint Venture and Investment - Suzhou Tianmai plans to set up a joint venture named Tianmai Shengtong Technology (Suzhou) Co., Ltd. with a registered capital of 100 million yuan, where Suzhou Tianmai will hold a 92.5% stake [2][3]. - The joint venture will focus on the research, production, and sales of server liquid cooling products, with the collaboration expected to enhance product development and customer validation [3]. Group 2: Financial Performance and Growth - Suzhou Tianmai has shown continuous growth in its business scale and operating performance, with revenue increasing from 708 million yuan in 2021 to 943 million yuan in 2024, and net profit rising from 64.54 million yuan to 185 million yuan during the same period [5][6]. - In the first three quarters of 2025, the company achieved a revenue of 818 million yuan, representing an 18.42% year-on-year increase, while net profit grew by 1.54% to 143 million yuan [6][7]. Group 3: Research and Development - The company has maintained a strong focus on R&D, with R&D expenses increasing significantly, reaching 8.52% of revenue in the first three quarters of 2025 [7]. - R&D expenditures for 2023 to the first three quarters of 2025 were 55.34 million yuan, 69.59 million yuan, and 69.70 million yuan, reflecting year-on-year growth rates of 10.31%, 25.75%, and 36.20% respectively [7]. Group 4: Future Plans and Capital Raising - Suzhou Tianmai plans to issue convertible bonds to raise up to 786 million yuan for the construction of an intelligent manufacturing base for heat dissipation products, which will enhance its production capacity by adding an annual output of 30 million high-end uniform temperature plates [8].

Core Viewpoint - Suzhou Tianmai plans to establish a joint venture, Tianmai Shengtong Technology (Suzhou) Co., Ltd., focusing on liquid cooling solutions for servers, with a registered capital of 100 million yuan, where Suzhou Tianmai will hold 92.5% [1][2] Group 1: Joint Venture Details - The joint venture will be funded by three partners, who have significant experience in the technology sector, enhancing product development and customer validation [1][2] - The investment has been approved by the company's board and does not require shareholder approval, thus not constituting a related party transaction or major asset restructuring [1] Group 2: Market Context and Strategic Fit - The increasing demand for liquid cooling solutions in the server industry aligns with the company's strategic focus, as it addresses the dual pressures of computational power enhancement and energy consumption constraints [2] - The collaboration is expected to leverage Suzhou Tianmai's strengths in R&D, production, quality control, and branding, creating significant synergies and complementing each other's advantages [2] Group 3: Performance Incentives and Future Outlook - A stock incentive plan has been disclosed, linking the core team's interests to the joint venture's performance, with specific revenue and profit targets set for the years 2026 to 2030 [2][3] - Achieving these targets could open new profit growth avenues for Suzhou Tianmai, transitioning from general thermal management to high-end niche markets, thereby enhancing overall profitability and industry valuation [3]

Core Viewpoint - Suzhou Tianmai (301626.SZ) plans to sign an investment agreement with Mr. Li Wei, Mr. Liu Xiaochuan, and Mr. Lv Lei to establish a partnership for an employee stock ownership platform and jointly invest in a new joint venture focused on server liquid cooling technology [1] Group 1: Investment Agreement - The investment agreement involves the establishment of Suzhou Tianxing Zhihu Enterprise Management Partnership (Limited Partnership) as an employee stock ownership platform [1] - The partnership will jointly invest in a new joint venture named Tianmai Shengtong Technology (Suzhou) Co., Ltd., which will focus on the research, production, and sales of server liquid cooling products [1] Group 2: Joint Venture Details - The registered capital of the joint venture is set at RMB 100 million, with the company contributing RMB 92.5 million, representing 92.5% of the total registered capital [1] - The employee stock ownership platform will contribute RMB 7.5 million, accounting for 7.5% of the registered capital [1] - The joint venture will be consolidated into the company's financial statements, and all shareholders will contribute capital in proportion to their shareholding [1]

Core Viewpoint - The company plans to establish a joint venture, Tianmai Shengtong Technology (Suzhou) Co., Ltd., with partners Li Wei, Liu Xiaochuan, and Lv Lei, focusing on the research, production, and sales of server liquid cooling products [1] Group 1: Joint Venture Details - The registered capital of the joint venture is set at 100 million yuan, with the company contributing 92.5 million yuan, representing a 92.5% stake [1] - The joint venture aims to leverage the technical, production, and market advantages of each partner to enhance the development of server liquid cooling projects [1] Group 2: Partner Expertise - Li Wei, Liu Xiaochuan, and Lv Lei possess extensive experience and resources in the server industry, which is expected to effectively drive product development and customer validation for the joint venture's liquid cooling business [1]

Core Insights - The company is focusing on server liquid cooling as an important expansion direction for its new business [1] - Since the beginning of the year, the company has been increasing resource investment in product research and development, customer development, and capacity construction in the liquid cooling field [1] - Currently, the customer introduction, product certification, and mass production supply work for liquid cooling modules and core materials are accelerating [1]

Core Viewpoint - The company, Feirongda, anticipates significant growth in net profit for the first three quarters of 2025, driven by market expansion and operational efficiency improvements [1][2] Group 1: Financial Performance - Feirongda expects net profit attributable to shareholders for the first three quarters of 2025 to be between 275 million and 300 million yuan, representing a year-on-year increase of 110.80% to 129.96% [1] - For the third quarter of 2025, the anticipated net profit is projected to be between 109 million and 134 million yuan, reflecting a year-on-year growth of 100% to 145.91% [1] Group 2: Market Expansion and Product Development - The company has been actively exploring emerging market sectors and enhancing its supply chain operations, leading to stable revenue growth in the first three quarters of 2025 [1] - Increased demand for electromagnetic shielding and thermal management materials in the consumer electronics market has contributed to a rise in market share, aided by new projects from key clients [2] - Feirongda is focusing on product and process innovation, which has led to improved profitability in the consumer electronics sector [2] Group 3: New Energy Vehicle Sector - The company is experiencing positive growth in the new energy vehicle sector, with ongoing project orders contributing to increased sales revenue [2] - The stable delivery of new project orders in the new energy sector has resulted in higher capacity utilization and the gradual realization of economies of scale [2]

Core Viewpoint - The company, Feirongda, is expected to achieve significant revenue and profit growth in the first three quarters of 2025, driven by expanding market presence and operational efficiency improvements [2][3]. Financial Performance - Estimated revenue for the first three quarters of 2025 is approximately 4.617 billion yuan, representing a year-on-year increase of about 29.95% [2]. - The net profit attributable to shareholders is projected to be between 275 million and 300 million yuan, reflecting a year-on-year growth of 110.80% to 129.96% [2]. - The net profit after deducting non-recurring gains and losses is expected to be between 238 million and 263 million yuan, showing a growth of 101.76% to 122.95% compared to the previous year [2]. - For the third quarter alone, the estimated revenue is around 1.734 billion yuan, with net profit expected to be between 108.91 million and 133.91 million yuan, indicating a growth of 100.00% to 145.91% year-on-year [2]. Market Expansion and Product Development - The company is actively exploring emerging market sectors and enhancing its supply chain capabilities, leading to stable revenue growth in the first three quarters of 2025 [2]. - There is a notable increase in demand for electromagnetic shielding and thermal management materials in the consumer electronics market, contributing to the company's market share growth [3]. - The company is advancing its product and process development, optimizing product structure, and improving profitability in the consumer electronics sector [3]. - The "Smart Hand" business is progressing, with products undergoing testing and certification, laying the groundwork for future expansion [3]. Sector-Specific Developments - The telecommunications sector is performing well, with stable revenue growth and ongoing collaborations in AI server cooling solutions [3]. - The company is experiencing positive growth in the new energy vehicle sector, with ongoing project orders contributing to increasing sales revenue [3]. - The utilization rate of production capacity is improving, and the scale effects of the industry are becoming more apparent due to stable project deliveries in the new energy sector [3]. Impact of Incentives and Non-Recurring Gains - The implementation of the company's equity incentive plan has resulted in share-based payment expenses of approximately 23 million yuan, impacting net profit [3]. - Non-recurring gains are expected to affect net profit by about 37 million yuan, primarily from government subsidies and the consolidation of Jiangsu Zhongyu [3].

Core Viewpoint - The company, Feirongda, anticipates significant revenue and profit growth for the first three quarters of 2025, driven by increased investment in cutting-edge technologies and a recovering consumer electronics market [1] Financial Performance - The company expects to achieve approximately 4.617 billion yuan in revenue for the first three quarters of 2025, representing a year-on-year increase of about 29.95% [1] - For the same period, the net profit attributable to shareholders is projected to be between 275 million and 300 million yuan, reflecting a growth of 110.80% to 129.96% compared to the previous year [1] - The net profit after deducting non-recurring gains and losses is estimated to be between 238 million and 263 million yuan, indicating a growth of 101.76% to 122.95% year-on-year [1] - In the third quarter alone, the company anticipates revenue of approximately 1.734 billion yuan and a net profit of between 108 million and 133 million yuan, with the latter showing a year-on-year growth of 100.00% to 145.91% [1] Growth Drivers - The company attributes its performance growth to increased R&D investment in advanced fields such as server liquid cooling and AI smart terminals, which has led to improved profitability [1] - The recovery in consumer electronics market demand and technological upgrades have significantly boosted the demand and usage of electromagnetic shielding and thermal management materials and devices, enhancing the company's market share in the consumer electronics sector [1] - The business related to AI server cooling is progressing well with key clients, contributing to revenue growth [1] - The company's dexterous hand-related business is also advancing, with products currently undergoing certification with domestic clients and in the sampling and testing phase, laying the groundwork for future business expansion [1]

Core Viewpoint - The company, Feirongda, expects a significant increase in net profit for the first three quarters of 2025, driven by market expansion and operational efficiency improvements [1] Financial Performance - The projected net profit attributable to shareholders is between 275 million to 300 million yuan, representing a year-on-year growth of 110.80% to 129.96% [1] - The net profit after deducting non-recurring gains and losses is expected to be between 238 million to 263 million yuan, showing a year-on-year increase of 101.76% to 122.95% [1] Business Strategy - The company has been actively exploring emerging market sectors and deepening its engagement in the upstream and downstream of the industry chain [1] - Continuous improvement in operational efficiency and cost management has been a focus, alongside increased investment in research and development in cutting-edge areas such as server liquid cooling and AI smart terminals [1] - The company aims to enhance its core competitiveness in research, production, and sales by aligning with customer demands and optimizing its business layout and product structure across various application fields [1]