12月26日，飞龙汽车部件股份有限公司（下称"飞龙股份"）在子公司郑州飞龙汽车部件有限公司接待了 长盛基金、华安基金、民生加银基金等17家机构的现场调研。公司管理层就发展历程、业务布局、子公 司运营及多领域热管理技术应用等问题与机构进行深入交流。调研显示，公司在液冷领域已布局超120 个研发项目，覆盖服务器、充电桩、储能等多个前沿场景，同时在汽车热管理集成模块等产品上已积累 奇瑞、理想、吉利等核心客户。 投资者活动基本信息 投资者关系活动类别 特定对象调研、现场参观 时间 2025年12月26日 地点 子公司郑州飞龙汽车部件有限公司 参与单位名称 东北计算机 长盛基金 华安基金 民生加银基金 鹏华基金 信达澳亚 银河基金 博时基金 交银施罗德 深圳 晋和 融通基金 胤胜资产 亚商投资 方以资产 大河财立方 运舟资本 中鼎开源 上市公司接待人员姓名 副董事长、总经理：孙耀忠 子公司郑州飞龙总经理：孙凯 子公司安徽航逸科技有限公司总经理：向晓东 公司及子公司业务情况介绍 公司发展历程：从部件专家到系统方案解决商 孙耀忠介绍，飞龙股份始建于1952年，发展历程分为两大阶段：2017年前聚焦汽车热管理部件研发生 产， ...

爱建证券研报指出，三花智控为全球热管理平台龙头，机器人业务拓成长边界。公司为全球制冷控制元 器件和汽车热管理系统的领军企业，产品涵盖电子膨胀阀、电磁阀、新能源车热管理集成组件等，业务 与产能高度全球化，2024年海外收入占比44.7%。全球制冷空调控制元器件市场规模稳步增长，整体复 合增速约7%，其中阀类与换热器贡献主要增量、增速领先。公司具备高可靠机电执行器领域的技术与 规模优势，使其具备向机器人赛道延伸的潜在能力，长期成长空间尚未被充分定价。公司在机器人机电 执行器相关产品通过验证、客户合作落地或订单披露；公司新能源车热管理业务持续放量、盈利能力稳 步改善。首次覆盖，给予"买入"评级。 ...

证券日报网讯12月23日，铂力特在互动平台回答投资者提问时表示，公司一直致力于探索金属3D打印 在热管理领域的应用，铂力特液冷板可以为新能源汽车、3C、机电设备、航空航天等行业提供更加经 济合理的创新解决方案。公司在TCTAsia2025现场展示两款液冷板，向业界呈现金属3D打印在热交换领 域的创新成果和铂力特全新可成形材料高导热铝合金BLT-AlAM300C的优势。 ...

Core Viewpoint - The company Lingyi Zhizao (002600) has signed a share transfer agreement to acquire a 35% stake in Dongguan Liminda Electronic Technology Co., Ltd. for 875 million yuan, gaining control over 52.78% of the voting rights of Liminda, which specializes in thermal management solutions for enterprise-level servers [1][2]. Group 1 - The acquisition will enable the company to quickly obtain technical reserves and customer certification qualifications for server liquid cooling business from specific domestic and international clients [2]. - Liminda has a strong technical foundation and extensive industry experience in thermal management, offering core hardware products such as liquid cooling quick-disconnect connectors, manifolds, and cooling modules [1]. - The strategic synergy between Liminda and the company's existing server business will enhance the product matrix of the server segment and improve the scale and profitability of the AI hardware server business [2]. Group 2 - Liminda is a certified supplier for NVIDIA's AVL/RVL and provides liquid cooling components, indicating its capability to meet high industry standards [2]. - The company joined the universal quick-connect interconnect alliance led by Intel in August 2025, which signifies that its products have passed rigorous compatibility tests, offering greater flexibility and options for data center clients [2].

Group 1 - The core point of the article is that Lingyi Zhizao has signed a share transfer agreement to acquire 35% equity in Liminda for 875 million yuan, gaining control over 52.78% of the voting rights in the target company [1][2] - Liminda specializes in thermal management solutions for enterprise-level servers, offering products such as liquid cooling quick-disconnect connectors, manifolds, and cooling modules, and has established long-term relationships with major clients in the overseas computing industry [1][3] - The acquisition is expected to enhance Lingyi Zhizao's capabilities in the server liquid cooling business, reduce development costs, and shorten product validation cycles, thereby expanding its product matrix and improving profitability in the AI hardware server segment [3] Group 2 - The payment for the acquisition will be made in two phases, with the first phase covering 51% of the total price and the second phase covering the remaining 49%, both adjusted for applicable personal income taxes [2] - A voting rights entrustment agreement will be signed simultaneously, allowing Lingyi Zhizao to exercise the voting rights of an additional 17.78% equity held by Zhang Qiang after the completion of the share transfer [2]

Core Viewpoint - Feirongda (300602.SZ) has confirmed that there is no business relationship with Nabichuan, emphasizing its focus on thermal management and electromagnetic shielding sectors [1] Group 1: Company Overview - The company has been deeply engaged in the thermal management and electromagnetic shielding fields for many years [1] - Its product matrix includes thermal conductive materials, heat dissipation devices, air-cooled/liquid-cooled solutions, and electromagnetic shielding materials and devices [1] - The company possesses a relatively complete industrial system, strong R&D capabilities, and rich application experience [1] Group 2: Product Applications - The products can be widely applied in various fields such as consumer electronics, network communication, data centers, servers, new energy vehicles, photovoltaic energy storage, artificial intelligence, medical devices, and household appliances [1] - The company provides electromagnetic shielding solutions and related products, as well as heat dissipation solutions and products for relevant customers [1]

证券日报网讯12月15日，松芝股份（002454）在互动平台回答投资者提问时表示，自成立以来，公司始 终深耕于大中型客车热管理行业，已进入行业头部客户的供应商体系。另一方面，公司已建立覆盖东南 亚、南美、欧洲、北非以及中东地区的售后服务网络，并已组建专业国际销售团队，积极开拓国际市 场，为国际客户提供优质产品及完善的售后服务，助力公司持续巩固行业前列地位。 ...

Core Insights - The demand for spherical alumina is rapidly increasing due to its critical role in thermal interface materials, especially in the electric systems of new energy vehicles [1][7] - The market size of China's spherical alumina industry is projected to reach 1.5 billion yuan in 2024 and grow to 2.1 billion yuan by 2025 [1][7] Industry Overview - Spherical alumina, a functional material produced through high-temperature melting and spraying, is widely used in thermal management applications due to its high thermal conductivity and low thermal expansion coefficient [3][7] - The industry chain includes upstream raw materials like aluminum salts and downstream applications in thermal materials, ceramics, and electronic optics [5][6] Market Dynamics - The spherical alumina market is experiencing significant growth driven by the booming new energy vehicle sector, which requires effective thermal management solutions [1][7] - The thermal materials market in China is expanding, with the market size increasing from 13.86 billion yuan in 2019 to an expected 22.23 billion yuan in 2024 [6] Competitive Landscape - China is a major consumer of spherical alumina, with domestic companies like Baidu High-tech Materials, Lianrui New Materials, and others gaining market share from previously dominant foreign firms [8][9] - The competition is intensifying as new entrants are attracted by the growing demand in high-end applications such as electric vehicle battery thermal management and 5G communication [12] Development Trends - The industry is expected to see continuous growth in demand due to advancements in technology and the increasing need for efficient thermal management in various sectors [10][11] - Production processes are being optimized to reduce costs and enhance product stability, which will further improve the competitiveness of spherical alumina in the market [13]

Investment Rating - The investment rating for the company is positioned in the middle to lower range, with an AHP score of 1.69, placing it in the 22.6% percentile of the non-innovation system AHP model [2][5]. Core Insights - The company has successfully transitioned from fuel vehicle thermal management to new energy vehicle battery thermal management and has expanded into the energy storage thermal management market. Its battery liquid cooling plates and related products are in mass production, with significant growth potential in both domestic and international markets [2][7]. - The company is a strategic supplier for CATL, with a market share of approximately 12.16% in 2024. It has also engaged in product testing with BYD and negotiations with LG Energy and Tata Group for overseas supply [7][8]. - The energy storage thermal management system has become a significant growth driver, with revenue from these products increasing from 0.36 billion in 2022 to 3.37 billion in 2024, representing a CAGR of 204% [8]. Summary by Sections AHP Score and Expected Allocation Ratio - The company achieved an AHP score of 1.69, indicating a middle to lower performance level in the market. The expected allocation ratios for different investor categories are 0.0211% for Class A and 0.0181% for Class B under neutral conditions [5][6]. New Stock Fundamentals and Highlights - The company leads in the liquid cooling plate segment and has successfully transitioned to new energy vehicle applications. It has established mass production capabilities for various cooling products and is in the market promotion phase for its battery integration box [6][7]. Comparable Company Financial Metrics - The company’s revenue for 2022-2024 was 10.31 billion, 11.36 billion, and 14.37 billion respectively, with net profits of 1.13 billion, 0.98 billion, and 0.95 billion. The company’s gross margin has been declining, with figures of 21.79%, 19.15%, and 17.36% over the same period, which is lower than comparable companies [14][17]. Fundraising Projects and Development Vision - The company plans to raise funds for a project to produce 3.6 million sets of water cooling plates annually, which will enhance its production capacity and support the integration of core components with battery boxes. The project is expected to yield significant returns [26][28].

Investment Rating - The report assigns a rating of "Neutral" to the company based on its AHP score of 1.69, which places it in the 22.6% percentile of the non-innovation system AHP model [7][8]. Core Insights - The company has successfully transitioned from fuel vehicle thermal management to new energy vehicle battery thermal management and has expanded into the energy storage thermal management market. It is a strategic supplier for CATL, with a market share of approximately 12.16% in 2024 [2][9]. - The company’s revenue from energy storage thermal management products has grown significantly, from 36 million yuan in 2022 to 337 million yuan in 2024, representing a CAGR of 204% [11]. - The global market for battery liquid cooling plates is projected to reach 14.5 billion yuan in 2025, with a growth rate of 95.95% compared to 2022 [13]. - The company is also focusing on capacity expansion and product upgrades, with plans to produce 3.6 million sets of water cooling plates annually, integrating core components with battery box production [16][32]. Summary by Sections AHP Score and Expected Allocation Ratio - The company’s AHP score, adjusted for liquidity premium factors, is 1.69, indicating a mid-to-low level performance in the market [7][8]. New Stock Fundamentals and Features - The company leads in the liquid cooling plate segment and has established a stable supply capability, with ongoing negotiations for product supply with major clients like BYD and LG Energy [9][10]. - The company has completed over 300 product projects for various automotive manufacturers, including NIO and Mercedes-Benz, and has adapted over 200 vehicle models [9][10]. Comparable Company Financial Metrics - The company’s revenue from 2022 to 2024 was 1.031 billion, 1.136 billion, and 1.437 billion yuan, respectively, with net profits declining from 113 million to 95 million yuan during the same period [20][21]. - The company’s gross margin has decreased from 21.79% in 2022 to 17.36% in 2024, which is below the average of comparable companies [20][22]. Fundraising Projects and Development Vision - The company plans to raise funds for a new production project aimed at producing 3.6 million sets of water cooling plates annually, with a projected internal rate of return of 7.06% [30][33].