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]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][10]. Core Insights - The company reported a steady growth in revenue and net profit for Q1 2025, with revenue reaching 3.416 billion yuan, up 15.05% year-on-year, and net profit attributable to shareholders at 212 million yuan, up 10.89% year-on-year [6][7]. - The company's gross margin was 19.79%, a decrease of 1.77 percentage points year-on-year, primarily due to changes in accounting policies, while the net profit margin was 6.97%, down 0.13 percentage points year-on-year [7]. - The company is rapidly expanding its third curve business, which includes thermal management products for various sectors such as commercial vehicles, passenger cars, new energy, and emerging fields like smart driving and data processing centers, indicating strong future growth potential [7]. Summary by Sections Financial Performance - In Q1 2025, the company achieved revenue of 3.416 billion yuan, a year-on-year increase of 15.05%, and a net profit of 212 million yuan, up 10.89% year-on-year [6][7]. - The company expects to achieve total revenue of 15.5 billion, 17.8 billion, and 19.6 billion yuan for 2025, 2026, and 2027 respectively, with year-on-year growth rates of 22%, 15%, and 10% [9][10]. Profitability Forecast - The forecasted net profit for the company is 1.1 billion, 1.3 billion, and 1.6 billion yuan for 2025, 2026, and 2027 respectively, with growth rates of 36%, 24%, and 17% [9][10]. - The expected earnings per share (EPS) are projected to be 1.28, 1.59, and 1.86 yuan for the same years, corresponding to price-to-earnings (P/E) ratios of 20, 16, and 14 times [9][10]. Business Expansion - The company is actively developing its third curve business, which includes products for energy storage, liquid cooling systems, and data center cooling solutions, indicating a strategic focus on high-growth areas [7][9].

近日，锐新科技（300828）(300828.SZ)发布2024年度财报，在国内外复杂经济环境下，公司通过持续 技术创新、深化研发投入及全球化布局，行业竞争优势进一步巩固。 汽车轻量化及热管理领域，锐新科技新能源汽车电机机壳、电池箱体及源管理系统散热器销售放量。公 司生产的乘用车防撞系统项目已应用于丰田BZ4X、沃尔沃新车型等多高端产品线；凭借自身铝型材研 发能力和加工制造能力与潍柴动力（000338）、苏州汇川等优秀企业达成深度合作，年度实现营收 16,747.94万元。 面对全球产业链竞争加剧，锐新科技持续强化技术研发。报告期内，公司持续加大在模具技术、计算机 仿真技术、人工智能自动化技术、新材料技术、深加工工艺技术等方面的研究与投入，深入提高创新能 力。截至2024年12月末，公司及控股子公司共拥有发明和实用新型专利共85项，其中发明专利17项，并 且大部分专利已运用到实际生产中。 海外业务方面，为满足海外业务发展需要，锐新科技在香港投资设立全资子公司锐新昌(香港)有限公 司，并与全资子公司锐新昌(香港)有限公司共同在泰国投资设立锐新科技(泰国)有限公司建设泰国生产 基地，为公司进一步拓展海外市场奠定产 ...

长江商报消息 ●长江商报记者 徐阳 国内汽车零部件企业飞龙股份（002536.SZ）加速业务拓展。 近日，飞龙股份与华达科技签署战略合作框架协议，旨在推动公司新能源业务持续发展，发挥在新能源汽车领域 和民用领域的产品优势。 据了解，飞龙股份的主要业务可分为汽车领域热管理和民用领域热管理两大部分。目前，公司已逐步从"汽车热管 理部件供应商"向"多场景热管理解决方案商"转型。 近年来，飞龙股份通过持续的技术创新和市场拓展，稳固了其在行业内的领先地位，在传统与新能源双赛道均保 持强劲发展势头。 2024年年报显示，报告期，飞龙股份实现营业收入47.23亿元，同比增长15.34%；净利润3.3亿元，同比增长 25.92%，创下历史最好水平。 新能源业务占比11.14% 近日，飞龙股份发布公告， 随着新能源汽车及AI算力需求的快速增长，温控技术的加速迭代，为推动公司新能源 业务持续发展，发挥在新能源汽车领域和民用领域产品优势，公司与华达汽车科技股份有限公司（简称"华达科 技"）签署了《战略合作框架协议》。 据介绍，飞龙股份在新能源热管理部件领域有较强的研发能力及客户基础，华达科技在冲压、型材、压铸领域具 有较强的技术、 ...

Core Viewpoint - The strategic cooperation between Feilong Co., Ltd. and Huada Technology aims to enhance their competitive edge in the rapidly growing markets of new energy vehicles and AI computing power, focusing on thermal management technology [1][3]. Group 1: Strategic Cooperation - Feilong Co., Ltd. and Huada Technology will collaborate on the development, production, and sales of core components and integrated solutions in the fields of new energy vehicles, energy storage, and data center thermal management [1][2]. - The partnership will leverage Feilong's strong R&D capabilities and customer base in new energy thermal management components, alongside Huada's expertise in stamping, profiles, and die-casting [1][2]. - Both companies will establish a joint team to accelerate project development and consider joint office arrangements [2]. Group 2: Development Focus - Feilong will support Huada in the development of intelligent AI casting temperature control systems and related thermal management components, while Huada will assist Feilong in the new energy vehicle and energy storage sectors [2]. - The intellectual property rights for jointly developed thermal management products will belong to Feilong, while those for stamping, piping, and die-casting will belong to Huada [2]. Group 3: Financial Performance - In the fiscal year 2024, Feilong achieved a revenue of 4.723 billion yuan, representing a year-on-year growth of 15.34%, and a net profit of 330 million yuan, with a growth of 25.92% [4]. - The growth in revenue was driven by the increasing penetration of hybrid vehicle models and rising export demand for turbocharger housings, alongside breakthroughs in the new energy thermal management components [4].

据IPO早知道消息，江苏朗信电气股份有限公司（以下简称"朗信电气"）日前完成CMC资本领投的 数亿元融资。 自2009年成立以来，江苏朗信电气依托电驱动技术为核心发展方向，已发展成为汽车热管理领域的 领军企业，其核心产品的市场份额在国内居首，同时积极扩展储能、数据中心、人工智能等热管理新 应用场景，为客户提供领先技术及解决方案。 一直以来 ， 江苏朗信电气致力于提供高质量的热管理产品，服务于全球客户，产品广泛应用于汽 车、储能、数字能源等新能源领域。朗信电气的产品已出口至多个国家和地区，汽车电子风扇累计销 量超千万套，连续多年出货量国内领先，并配套超百家汽车制造商。 核心产品在国内汽车市场占率超50%。 本文为IPO早知道原创 作者｜Stone Jin 微信公众号｜ipozaozhidao 朗信电气的产品以无刷电机为核心，无刷电机以其高效性、可靠性、节能性在汽车热管理市场中占据 竞争优势；产品线覆盖汽车电子风扇、电子水泵、空调鼓风机等多个领域，满足不同场景的需求。特 别是在汽车电子风扇行业，目前市场上存在大量技术落后产品，这些产品往往无法满足新能源汽车的 高要求，朗信电气凭借技术创新和产品升级，满足了市场对高 ...

在不确定性、尚处于成长期、经营风险高、业绩不稳定、退市风险高等特 点，投资者面临较大的市场风险。投资者应充分了解创业板市场的投资风 险及本公司所披露的风险因素，审慎作出投资决定。 苏州天脉导热科技股份有限公司 Suzhou Tianmai Thermal Technology Co.,Ltd. （苏州市吴中区甪直镇汇凯路 68 号） 首次公开发行股票并在创业板上市 招股说明书 （上会稿） 声明：本公司的发行申请尚需经深圳证券交易所和中国证监会履行相应程 序。本招股说明书不具有据以发行股票的法律效力，仅供预先披露之用。 保荐机构（主承销商） （广东省深圳市福田区福田街道福华一路 119 号安信金融大厦） 创业板投资风险提示：本次股票发行后拟在创业板市场上市，该市场具有 较高的投资风险。创业板公司具有创新投入大、新旧产业融合成功与否存 投资者应当以正式公告的招股说明书作为投资决定的依据。 苏州天脉导热科技股份有限公司招股说明书 声明 发行人及全体董事、监事、高级管理人员承诺招股说明书及其他信息披露资 料不存在虚假记载、误导性陈述或重大遗漏，并承担相应的法律责任。 发行人控股股东、实际控制人承诺本招股说明书不存在虚 ...