证券研究报告·公司点评报告·通用设备 宏盛股份（603090） ◼ 板翅式换热器龙头，渠道优势叠加产品优势，确定液冷核心生态位 液冷技术是解决数据中心散热压力的必由之路，其具备低能耗、高散热、低 噪声和低 TCO 的优势，同时其能降低数据中心 PUE 值，满足国家要求。现阶 段液冷的主要方案中冷板式占据主流地位，浸没式有望成为未来的发展方向。 冷板式液冷系统由室内及室外侧组成，CDU 和分集液管成本占比最高。 2025 年业绩预告点评：订单增长叠加业务 结构优化，利润弹性显著释放 增持（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 695.93 | 713.04 | 759.95 | 1,005.61 | 1,357.30 | | 同比（%） | (2.57) | 2.46 | 6.58 | 32.33 | 34.97 | | 归母净利润（百万元） | 53.78 | 49.36 | 79.67 | 198.35 | ...

Core Viewpoint - The company has introduced TLVR inductors as a solution to traditional VR structure inductors, which significantly enhance load transient response and reduce output capacitor size and cost, particularly in AI server applications [1]. Group 1: TLVR Inductor Technology - TLVR inductors utilize a cross-inductor voltage regulator structure, enabling rapid load transient response [1]. - The technology allows for a substantial reduction in the size and cost of output capacitors [1]. Group 2: AI Server Market Demand - The increasing demands for data storage, information processing, and transmission in AI servers are driving up overall system power requirements [1]. - The growth in computational power per unit is raising the power demands for various xPU chips within AI servers, necessitating improved thermal management and power density in surrounding components [1]. Group 3: Industry Trends - Traditional VR structures are inadequate for handling rapid fluctuations in high current loads, leading to the emergence of the TLVR concept [1]. - The ongoing trend of increasing power requirements in AI servers is expected to further expand the application of TLVR topology products [1].

Core Viewpoint - The company emphasizes its mission of "technology creates the future" and has established a three-tier R&D system focusing on production, reserve, and research [1] Group 1: R&D and Technological Advancements - The company has developed advanced technologies in various fields including AI edge computing, smart vehicles, embodied intelligence, commercial aerospace, and AI servers [1] - Key innovations include self-developed aerospace-grade UTG flexible glass, high-degree-of-freedom robotic dexterous hand modules, precision automatic assembly lines for AI edge hardware, and innovative materials for AI server structural components [1]

Core Viewpoint - The storage chip sector continues to show strength, with companies like Puran Co., Ltd. (688766.SH) experiencing significant stock price increases, driven by market expectations of a price upcycle in the industry [3][5]. Group 1: Company Performance - Puran Co., Ltd. is expected to achieve a revenue of 2.32 billion yuan in 2025, a year-on-year increase of 28.63%, but a net profit of 205 million yuan, a decrease of 29.89% [5][6]. - The company anticipates a substantial increase in net profit for Q4 2025, projected at 1.46 billion yuan, representing a quarter-on-quarter growth of 711.1% [6][9]. - The growth in Q4 is attributed to product price increases and the successful launch of the "Storage+" series, which has gained market share [6][9]. Group 2: Market Trends - The storage chip industry is experiencing a price upcycle, with several leading companies, including Dongxin Co., Ltd. (688110.SH) and Jiangbolong (301308.SZ), also reaching historical stock price highs [3][8]. - The market is currently characterized by high expectations for 2026 earnings, with a significant focus on whether companies can sustain the high growth rates seen in Q4 2025 [9][10]. - The global storage chip market is projected to grow significantly, with TrendForce forecasting a 134% year-on-year increase in industry value in 2026, reaching $551.6 billion [9][10]. Group 3: Valuation and Expectations - The current high valuations in the storage sector reflect market optimism about future growth potential, with Puran Co., Ltd.'s price-to-earnings ratio (PE) at approximately 298 times [8][9]. - The sustainability of these high valuations will depend on the companies' ability to deliver on earnings expectations in 2026, particularly in the first quarter [9][11]. - Analysts emphasize the importance of identifying companies that can convert cyclical benefits into sustainable growth, focusing on those with technological advantages and strong customer loyalty [10][11].

纳芯微(02676)涨超133%，截至发稿，涨13.31%，报160港元，成交额3607.55万港元。 消息面上，继存储芯片接连涨价后，芯片涨价的公司、品类都在扩容。据上海证券报，记者从产业链了 解到，既存储芯片大幅涨价后，已有模拟芯片公司开始对部分产品进行涨价。公开资料显示，从2025年 底起，德州仪器、ADI等国际模拟公司开始对部分产品陆续启动涨价，涨价品类对应的下游应用领域主 要为AI服务器、汽车电子等。值得一提的是，德州仪器最新给出的强劲展望，凸显模拟芯片订单回 升。 弗若斯特沙利文资料显示，2024年按模拟芯片收入计，纳芯微在中国模拟芯片厂商中位列第五，同时也 是国内前十厂商里唯一重点布局传感器、信号链芯片、电源管理芯片三大产品线的企业。开源证券此前 研报指出，2026年随下游需求持续复苏及AI资本开支维持高景气，国内模拟需求及价格亦存在上行机 会。 ...

香港聯合交易所有限公司與證券及期貨事務監察委員會對本申請版本的內容概不負責，對其 準確性或完整性亦不發表任何意見，並明確表示概不就因本申請版本全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Jiangxi Tongbo Technology Co., Ltd. 江西銅博科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （「本公司」） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證 監會」）的要求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件， 即代表 閣下知悉、接納並向本公司、本公司的獨家保薦人、整體協調人、顧問或包銷團成員 表示同意： 倘於適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據與香港公司註冊處處 長註冊的本公司招股章程作出投資決定，招股章程的文本將於發售期內刊發。 (a) 本文件僅為向香港公眾人士提供有關本公司的資料，概無任何其他目的；投資者不應根 據本文件中的資料作出任何投資決定； (b) 在聯交所網站登載本文件或其補充 ...

证券日报网讯1月27日，华正新材（603186）在互动平台回答投资者提问时表示，公司聚焦AI服务器、 通信、汽车电子等高端应用领域的客户开发，目前多个项目进展顺利，并逐步转化为订单，后续将继续 加大相关领域的投入，以提升营收占比。公司铝塑膜产品持续推进在固态电池领域的产品级验证。 ...

Core Viewpoint - The storage chip sector continues to show strong performance, with companies like Puran Co., Ltd. (688766.SH) reaching historical stock price highs, driven by expectations of a price increase cycle in the industry, despite projected declines in net profit for 2025 [1][2]. Group 1: Company Performance - Puran Co., Ltd. forecasts a net profit of approximately 205 million yuan for 2025, a year-on-year decrease of 29.89%, while expected revenue is 2.32 billion yuan, an increase of 28.63% [2]. - The company anticipates a significant increase in fourth-quarter net profit to 146 million yuan, representing a quarter-on-quarter growth of over 711.1%, marking the first time quarterly profit exceeds 100 million yuan since its listing [2][3]. - The growth in revenue is attributed to product price increases and the expansion of its "Storage+" series, which is expected to gain market share due to favorable changes in the storage chip market supply dynamics [3]. Group 2: Market Trends - The storage chip industry is experiencing a price increase cycle, with several leading companies, including Dongxin Co., Ltd. (688110.SH), Jiangbolong (301308.SZ), and Zhaoyi Innovation (603986.SH), also reaching historical stock price highs [1][4]. - The current market sentiment reflects a strong expectation for future profit growth, with the stock price of Puran Co., Ltd. increasing over 100% in January alone, and a cumulative increase of 254% since the beginning of 2025 [4]. - The global storage chip market is projected to see a significant increase in value, with TrendForce predicting a 134% year-on-year growth in 2026, reaching $551.6 billion, and further growth to $842.7 billion in 2027 [6]. Group 3: Future Challenges - The high valuations in the storage sector are contingent on the ability of companies to deliver on expected earnings, with the first quarter of 2026 being a critical verification point for sustained growth [5]. - The current price increase cycle is driven by a mismatch in supply and demand, particularly due to surging server demand, which differs from previous cycles [6]. - Market analysts emphasize the importance of identifying companies that can convert cyclical benefits into sustainable growth, focusing on those with technological barriers, customer loyalty, and cost control capabilities [6].

Group 1 - The semiconductor industry is expected to experience a new wave of price increases, with IC design firms like MediaTek indicating plans to adjust prices in response to rising costs [1] - The price increase trend in the IC design sector is anticipated to become clearer after the Lunar New Year, with power management ICs likely being the first to see successful price hikes [1] - MediaTek's CEO has expressed optimism for the company's growth this year, stating that they will strategically adjust prices and allocate production capacity to reflect rising manufacturing costs [1] Group 2 - The rising prices of metals and the increased costs from packaging and testing firms are driving the need for IC design companies to raise prices to maintain profit margins [1] - Major packaging and testing companies, such as ASE and ChipMOS, have already raised their prices by up to 20% due to severe supply shortages in semiconductor packaging and testing capacity [1] - In the wafer foundry sector, companies like SMIC have raised some capacity prices by approximately 10%, while other Taiwanese firms are also adjusting their prices in both advanced and mature processes [2]

（记者 曾健辉） 每经AI快讯，博迁新材1月27日晚间发布业绩预告，预计2025年度实现归属于母公司所有者的净利润为 2亿元到2.4亿元，与上年同期相比，预计增加约1.13亿元到约1.53亿元，同比增长128.63%~174.36%。业 绩变动主要原因是，报告期内，公司主营产品镍粉的主要下游MLCC 市场由"规模增长"向"规格升级"演 进，行业景气度持续回升，叠加AI 服务器等终端设备对高性能MLCC的需求增加，带动公司高端镍粉 出货量增长，产品结构明显改善。因此，公司归属于上市公司股东净利润较去年同期上升50%以上。 每经头条（nbdtoutiao）——国际金价冲破5000美元！7年涨了280%，什么时候才见顶？专家：关键还 看美元，重点关注国际货币体系、降息和科技革命 ...