Group 1: Financial Performance - The company's revenue from the new energy business in 2024 increased significantly by 361.36% compared to 2023, primarily driven by the volume growth of high-frequency welded liquid cooling plates for electric vehicles [2][3] - In Q1 2025, the net profit attributable to shareholders reached 10.08 million CNY, a remarkable increase of 839.66% year-on-year, with a net profit excluding non-recurring items of 7.61 million CNY, up 1,371.38% [4][5] - The growth in net profit is mainly attributed to the rapid expansion of the liquid cooling plate business for electric vehicle batteries and overseas communication services [5] Group 2: Business Development and Strategy - The company plans to continue focusing on the new energy sector and artificial intelligence, aiming to develop thermal management solutions and products to create more value for core customers [5] - The subsidiary, Suzhou Ruitai Technology Co., Ltd., has established a competitive advantage in the thermal management field for new energy power batteries, leveraging its leading core technologies and sustainable R&D capabilities [3][4] - The company is adopting a dual-driven model of collaborative manufacturing and independent production and sales for its data center cooling business to enhance market share and customer confidence [8] Group 3: Acquisition and Market Position - The company is in the process of acquiring Dongguan Zhaoke Electronic Materials Technology Co., Ltd., with ongoing discussions and evaluations for the acquisition [6][7] - The acquisition includes Zhaoke's subsidiaries and aims to strengthen the company's market position in electronic materials [6] - The company is actively pursuing the integration of resources and enhancing its competitive edge in the automotive sealing strip business, which saw a revenue growth of 62.17% in 2024 compared to the previous year [9]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the increasing demand for efficient thermal management solutions driven by the rise in power density of electronic devices across various sectors, including consumer electronics, industrial automation, new energy vehicles, and data centers [9][10] - The research aims to analyze the global and regional market size, growth trends, and technological applications of thermal modules, providing a reference for companies and research institutions in the industry [11][12] - The report emphasizes the importance of thermal modules in enhancing device performance, stability, and lifespan, particularly in the context of emerging technologies such as 5G, AI, and IoT [9][10] Summary by Sections Chapter 1: Research Overview - The background of the research indicates that modern technology's rapid development has led to a growing reliance on efficient thermal management solutions [9] - The purpose of the research is to provide reliable references for thermal module enterprises and research institutions by analyzing market trends and technological applications [11] - The methodology includes data collection from various sources to ensure the reliability and authority of the report [13] Chapter 2: Industry Policies - The management system of the thermal module industry in China is primarily composed of national and local government departments, with the Ministry of Industry and Information Technology (MIIT) being the main regulatory body [20] - Various industry policies and strategic plans have been introduced to support the development of thermal management technologies, particularly in high-performance applications [22][23] Chapter 3: Upstream and Downstream Industry Chain Analysis - The thermal management industry chain encompasses several stages, including heat source management, thermal conduction, and thermal exchange [34] - The upstream industry involves raw material supply, production equipment, and technology research and development, with key materials including aluminum and copper [42] - The downstream applications of thermal modules span across consumer electronics, data centers, new energy vehicles, and industrial equipment [53] Chapter 4: Global Thermal Management Status and Market Capacity - The report outlines the evolution of thermal management technologies from simple air cooling to advanced liquid cooling and phase change materials [55] - The current market trends indicate a significant shift towards more efficient thermal management solutions to meet the demands of high-power and high-density electronic devices [56][57]

Investment Rating - The report does not explicitly state an investment rating for the industry Core Insights - The report highlights the increasing demand for efficient thermal management solutions due to the rising power density of electronic devices across various sectors, including consumer electronics, industrial automation, new energy vehicles, and data centers [9][10] - The research aims to analyze the global and regional market size, growth trends, and technology applications in the thermal module sector, providing a reference for companies and research institutions [11][12] - The report emphasizes the importance of thermal modules in enhancing device performance, stability, and lifespan, driven by technological advancements and environmental policies [9][10] Industry Policy - The thermal module industry in China is primarily managed by the Ministry of Industry and Information Technology (MIIT), which formulates policies and technical standards to promote industry upgrades [20] - Various national policies support the development of high-performance thermal materials and technologies, particularly in data centers, high-end electronic devices, and new energy vehicles [22][23] Industry Chain Analysis - The thermal management industry encompasses several processes, including heat source management, heat conduction, heat exchange, and temperature control [34][35] - Thermal modules play a crucial role in the industry chain, connecting heat source management with the implementation of thermal management systems [39] Market Size and Trends - The report indicates a growing market for thermal management solutions, driven by the increasing complexity and power requirements of modern electronic devices [55] - The evolution of thermal management technologies has progressed from simple air cooling to more advanced methods such as liquid cooling, heat pipe cooling, and phase change materials [56][57] Upstream and Downstream Analysis - The upstream industry includes raw material supply, production equipment, and technology research and development, with key materials being aluminum and copper for thermal modules [42][46] - The downstream applications of thermal modules span various sectors, including consumer electronics, data centers, new energy vehicles, and industrial equipment, highlighting the widespread reliance on effective thermal management solutions [53][54]

无锡方盛换热器股份有限公司 投资者关系活动记录表 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 带法律责任。 一、 投资者关系活动类别 √特定对象调研 □业绩说明会 □媒体采访 证券代码：832662 证券简称：方盛股份 公告编号：2025-047 □现场参观 □新闻发布会 □分析师会议 □路演活动 □其他 二、 投资者关系活动情况 活动时间：2025 年 5 月 7 日至 2025 年 5 月 9 日 活动地点：上海、北京 参会单位及人员：西部证券、国泰海通证券、铁林资本、富安达资产管理(上 海)有限公司、国海证券，上海岙夏投资管理有限公司、上海市普陀区国有资产 经营有限公司、东吴证券、浙江弘悦私募基金管理有限公司、财通证券、趋势投 资、开源证券、东北证券、一创证券、山西证券、中泰证券、兴业证券、首创证 券、中金公司、长承汇美、中德高路、明德天盛投资管理中心 本次投资者关系活动的主要问题及公司对问题的回复概要如下： 问题 1、按照不同下游领域，公司 2025 年发展与规划？ 回复：公司总体发展策略是，在巩固成熟市 ...

问：亚太近年分红情况不错，后续会持续吗，谢谢 答：您好！公司2025年4月18日第六届董事会第二十六次会议审议通过了《关于2024年度利润分配预案》以实施本次 权益分派的股权登记日总股本扣除购专用证券账户股份后的股本为基数，向全体股东每10股派发现金股利2.00元人民 币(含税)；不送股；不以公积金转增股本。以2025年3月31日公司总股本1,251,517,988股扣除购专用证券账户股份 15,837,354股后的股本1,235,680,634股为基数为例进行计算，本次拟派发现金股利共计247,136,126.80元人民币(含 税)，本次实际派发现金股利总额以权益分派实施股权登记日总股本扣除购专用证券账户股份后的股本为基数确认。 同时，董事会审议通过《关于2025年度中期分红安排的议案》和《关于未来三年股东报规划(2025年-2027年)的议 案》。谢谢！ 2、公司本期盈利水平如何？ 您好！2024年度公司实现营业收入7,432,576,105.61元，同比增长4.53%，实现归属于上市公司股东的净利润 462,883,318.15元，实现归属于上市公司股东扣除非经常性损益的净利润442,822,551.8 ...

Core Viewpoint - The company's Q1 performance met expectations with revenue and net profit showing significant year-on-year growth, indicating a positive trend in business operations and financial health [1][2]. Financial Performance - Q1 revenue reached 3.416 billion yuan, a year-on-year increase of 15.1% - Net profit attributable to shareholders was 212 million yuan, up 10.9% year-on-year - Non-recurring net profit attributable to shareholders was 208 million yuan, reflecting a 16.3% year-on-year growth - Gross margin slightly decreased to 19.8%, down 1.0 percentage points year-on-year, primarily due to annual pressure [1] Cost and Cash Flow - Operating expense ratio improved to 10.7%, down 1.6 percentage points year-on-year, with reductions in sales, management, and R&D expense ratios - Financial expense ratio decreased by 0.8 percentage points due to increased exchange gains - Net cash flow from operating activities improved to -135 million yuan, compared to -638 million yuan in the same period last year, driven by increased cash receipts from sales [1] Business Segments - Passenger vehicle revenue grew approximately 10% year-on-year, with the new energy segment increasing by about 21% - Commercial vehicle and digital energy business revenues rose by approximately 12% and 50% respectively - The energy storage business is expected to grow rapidly due to rising customer demand, while the diesel generator thermal management business is entering a capacity ramp-up phase [2] International Expansion - Q1 overseas sales revenue was approximately 880 million yuan, accounting for 25.85% of total revenue - North American profitability continues to improve, and the European Setrab company has turned profitable - The company plans to accelerate overseas development, including the construction of a third factory in Mexico and expansion in Poland and Malaysia [2] Future Outlook - EPS forecasts for 2025-2027 are projected at 1.26, 1.63, and 2.02 yuan respectively - The average PE ratio for comparable companies in 2025 is estimated at 24 times, with a target price set at 30.24 yuan, maintaining a buy rating [3]

Core Viewpoint - Suzhou Tianmai has demonstrated steady financial performance in 2024, with a focus on thermal management solutions and ongoing investment in production capacity and R&D projects [1][2][3] Financial Performance - In 2024, the company achieved total revenue of 943 million yuan, a year-on-year increase of 1.62% - The net profit attributable to shareholders reached 185 million yuan, reflecting a significant growth of 20.26% compared to the previous year, primarily due to improved production efficiency and cost control [1] Project Progress - The construction of the thermal product production base has reached an investment progress of 65.83% as of December 31, 2024, with the factory and related facilities completed and ready for use, while production line construction is ongoing [2] - The first phase of the Shengzhou Tianmai thermal base has been completed, and the company is currently undergoing system and customer certification [2] R&D Initiatives - Key R&D projects for 2024 include high heat flow density uniform plates, stainless steel chemical passivation mobile phone uniform plates, titanium chemical passivation mobile phone uniform plates, new composite capillary high-performance uniform plate cooling modules, and embedded liquid cooling systems [2] - These projects aim to enhance the product structure and core competitiveness of the company, catering to diverse customer needs and potentially increasing market share [2] Production Capacity Expansion - The company operates three production bases in Suzhou, Shengzhou, and Bắc Ninh, Vietnam, with good capacity utilization in 2024 [2] - In April 2025, the company plans to invest up to 2 billion yuan to establish an intelligent manufacturing base for thermal products in Wuzhong District, Suzhou, to further expand production capacity [2] Market Focus - The company will continue to focus on core areas such as consumer electronics and automotive electronics while also exploring emerging fields like low-altitude economy and humanoid robots [3] - There will be an increase in investment in R&D resources to align with market demands and company strategy, ensuring competitiveness across product lines [3]

Core Viewpoint - The electronic information industry in China is expected to experience significant growth due to advancements in electronic information technology and the promotion of new infrastructure strategies represented by 5G and data centers [2] Company Performance - In 2024, the company achieved a revenue of 943 million yuan, a year-on-year increase of 1.62%, and a net profit attributable to shareholders of 185 million yuan, a year-on-year increase of 20.26% [2] - The core business focuses on the research, production, and sales of thermal management materials and devices, with revenue from these products reaching 928 million yuan, accounting for 98.37% of total revenue [2] Production Efficiency and Strategy - The company has improved production efficiency through continuous optimization of production processes and increased automation, contributing to the significant growth in net profit for 2024 [3] - Future strategies include further optimizing production processes, enriching product structure, enhancing product added value, and strengthening market development [3] Client Relationships and Market Expansion - The company has established long-term stable partnerships with well-known manufacturers such as vivo and OPPO, and has successfully certified new clients like Google and Dixon in 2024 [3] - The company aims to deepen cooperation with existing major clients and continuously explore high-quality domestic and international customer resources [3] Technological Advancements - The company has developed several core technologies, including powder blending technology and surface modification processes, and is one of the few in the industry capable of mass production of mid-to-high-end thermal interface materials and heat pipes [3][4] - The company’s mass-producible heat pipes and temperature equalization plates have thicknesses as low as 0.3mm and 0.22mm, respectively, with corresponding heat transfer capacities exceeding 5W [4] Research and Development Investment - As of the end of 2024, the company invested 69.59 million yuan in R&D, a year-on-year increase of 25.75% [4] - Ongoing R&D projects include high heat flow density temperature equalization plates and various types of temperature equalization plates for mobile phones [4][5] Market Outlook - The demand for thermal management products is expected to grow due to the rapid development of downstream markets such as consumer electronics and automotive electronics [5] - The smartphone and laptop markets are projected to maintain high shipment volumes, while the automotive electronics sector, particularly in electric vehicles, will also drive demand for thermal management solutions [5] Future Development Strategy - The company plans to leverage its advantages in technology, brand, customer resources, and automated production to drive innovation and enhance its competitive position in the thermal management field [6]

Core Viewpoint - Company is focusing on expanding its business in emerging markets such as AI PCs and AI smartphones, leveraging the growing demand for comprehensive thermal management solutions in consumer electronics [2][10]. Business Expansion Plans - The company plans to enhance its market share and optimize product structure while developing new markets in electric vehicles, energy storage, servers, and smart home applications [2]. - A significant investment of $65 million is planned for establishing a production base in Vietnam, which will help expand production capacity and improve market share [3]. R&D and Product Development - In 2024, the company increased its R&D investment significantly, with a 72.97% growth in the number of R&D personnel and a 56.42% increase in R&D expenses compared to the previous year [4]. - The company obtained 15 new invention patents and 5 utility model patents, indicating a strong focus on innovation and technology advancement [4]. Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, while net profit decreased by 3.88% [5]. - For Q1 2025, the company reported a revenue of 183 million yuan, a 93.59% increase year-on-year, and a net profit of 17.72 million yuan, up 79.57% [5][13]. Market Trends and Future Outlook - The consumer electronics industry is expected to grow significantly in 2024, driven by advancements in AI, cloud computing, and 5G technologies [12]. - The company aims to strengthen its market position in graphite products and expand into new product areas such as liquid cooling and electronic adhesives [12]. Investment and Shareholder Returns - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares and increase capital reserves by converting 4 shares for every 10 shares held [6]. - Recent market performance shows a positive trend, with the stock price increasing from 55 to 62, reflecting investor confidence [6].

Group 1: Company Overview and Market Expansion - The company has expanded its thermal management applications since 2017 to include over 50 clients across various sectors, including HP, Xiaomi, and CATL, with more than 70 ongoing projects, some of which are in mass production [1] - The thermal management products are applicable in diverse fields such as 5G base stations, communication devices, AI cooling, and modern agricultural machinery [1] Group 2: Product Self-Manufacturing and Applications - The self-manufacturing rate of the company's electronic pump products exceeds 90%, with components like injection molding, motors, and chips produced in-house [2] - The electronic pump series can be utilized in multiple sectors beyond automotive, including server cooling, renewable energy storage, and robotics [2] Group 3: Competitive Advantages and Market Trends - The company possesses advantages in the thermal management components for civilian applications compared to its peers in the new energy vehicle sector, focusing on tailored products for specific customer needs [2] - Recent orders in the civilian sector have increased, with expectations for continued growth over the next two years [2] Group 4: Server Cooling Projects - A specialized technical and marketing team has been established for the server cooling sector, with some projects already in bulk supply and ongoing discussions for integrated thermal management modules [2] - The development direction in the server cooling field emphasizes customer needs and project research to enhance product adaptability and market competitiveness [2]