Core Viewpoint - Lingxiao Pump Industry (002884.SZ) has indicated that its products are applicable for liquid cooling in data centers and can be optimized for various liquid cooling scenarios based on specific customer requirements [1] Company Summary - The company offers products that can be utilized in data center liquid cooling applications [1] - Products can be customized according to the specific needs of clients, allowing for versatility in different liquid cooling environments [1]

Investment Rating - The report gives a "Buy" rating for the company, Fly Dragon Co., Ltd. [5] Core Views - Fly Dragon Co., Ltd. is a leading automotive parts manufacturer that is expanding into the AIDC (Artificial Intelligence Data Center) sector. The company has a diversified product portfolio and is well-positioned to benefit from the growing demand in both traditional automotive and new energy vehicle markets [2][4][13]. Summary by Sections Company Overview - Established in 1952, Fly Dragon Co., Ltd. initially focused on automotive engine pumps and has since expanded into electronic pumps and data center liquid cooling pumps. The company is also venturing into robotics [2][13]. - The revenue composition for the first half of 2025 includes 49% from energy-saving components, 39% from thermal management parts, 9% from new energy thermal management components, and 2% from liquid cooling and other businesses [2]. AIDC Sector - The trend towards liquid cooling in data centers is driven by increased power density, the need to lower PUE (Power Usage Effectiveness), and cost efficiency. Fly Dragon has developed a range of liquid cooling pumps suitable for various applications [3][39]. - The company has launched three series of liquid cooling pumps with flow rates from 60L/min to 1200L/min, targeting different cooling scenarios in data centers [3]. New Energy Vehicle Business - Fly Dragon holds a leading market share in the electronic pump sector, which is expected to grow due to the increasing demand for new energy vehicles. The company ranks fourth among electronic pump suppliers in 2024 [4][18]. - The company has a designed production capacity of 9.2 million electronic pumps per year, which supports its growth in the new energy vehicle market [4]. Traditional Automotive Business - The traditional automotive segment continues to develop steadily, with significant market share in mechanical pumps and exhaust manifolds. The company has a planned production capacity of 11 million mechanical pumps and 6.5 million exhaust manifolds [4][18]. - The turbocharger business is also growing, with a projected CAGR of 23% from 2020 to 2024, driven by the increasing demand for fuel-efficient vehicles [4][18]. Financial Forecast and Investment Recommendations - The company is expected to achieve revenues of 49.58 billion, 52.78 billion, and 55.95 billion yuan from 2025 to 2027, with a CAGR of 6.22%. Net profits are projected to be 4.49 billion, 5.28 billion, and 6.18 billion yuan, with a CAGR of 17.34% during the same period [5][6]. - The current PE ratios are estimated at 34, 29, and 25 for the years 2025 to 2027, respectively, indicating a potential for valuation premium due to the expected growth in data center liquid cooling and stable traditional automotive business [5].

Group 1 - The company, Dayuan Pump Industry (603757.SH), has issued a notice regarding recent stock price fluctuations, indicating that there is significant market interest in the data center liquid cooling sector [1] - The liquid cooling temperature control business is part of the company's existing operations, and recent products are related to this field [1] - In the first quarter of 2025, the company's identifiable sales revenue from products directly used for data center liquid cooling is approximately 1.6 million yuan, which accounts for 0.43% of the company's total operating revenue, indicating a minimal impact on financial statements [1] Group 2 - The company acknowledges that there is considerable uncertainty regarding the development of this business segment [1] - Investors are advised to be cautious and make rational investment decisions in light of the potential risks associated with this business area [1]

Core Viewpoint - The company has noted increased market attention on the data center liquid cooling industry and has confirmed that its liquid cooling temperature control business is part of its existing operations [1] Group 1: Business Overview - The company's liquid cooling temperature control business has products that are relevant to the data center liquid cooling sector [1] - In the first quarter of 2025, the company anticipates that the sales revenue directly related to products used for data center liquid cooling will be approximately 1.6 million yuan, which represents 0.43% of the company's total operating revenue [1] Group 2: Financial Impact - The identified revenue from liquid cooling products is expected to have a minimal impact on the company's financial statements [1] - There is significant uncertainty regarding the development of this business segment [1]

Core Viewpoint - The stock of Dayuan Pump Industry (603757.SH) has experienced a continuous price increase, reaching the daily limit for four consecutive trading days since August 11, 2025, indicating potential market overheating despite no significant changes in the company's fundamentals [1] Summary by Relevant Sections Stock Performance - The stock has shown a daily average turnover rate of 6.06% over the 11 trading days since July 31, 2025, which is significantly higher than its usual turnover rate [1] Business Operations - The company has noted increased market interest in the liquid cooling sector for data centers, but after internal review, it confirmed that its liquid cooling temperature control business is part of its original operations [1] - In the first quarter of 2025, sales revenue from related products amounted to approximately 1.6 million yuan, accounting for 0.43% of the company's total operating revenue, indicating a minimal impact on the financial statements [1] - The business development in this area faces considerable uncertainty [1]

Core Viewpoint - The company, Dayuan Pump Industry (603757.SH), has reported unusual stock trading fluctuations and noted increased market interest in the data center liquid cooling sector, indicating a potential area of focus for future growth [1] Group 1: Business Overview - The liquid cooling temperature control business is part of the company's existing operations, with recent products related to this field [1] - The company anticipates that by the first quarter of 2025, the identifiable sales revenue from products directly used for data center liquid cooling will be approximately 1.6 million yuan, which represents about 0.43% of the company's total operating revenue [1] - The impact of this revenue on the company's financial statements is minimal, but there is significant uncertainty regarding the development of this business segment [1]

Group 1: Company Overview - Feilong Automotive Parts Co., Ltd. has over 70 years of development history, established in 1952, focusing on thermal management system solutions [1] - The company has two main development phases: prior to 2017 focused on automotive thermal management components, and from 2017 onwards, expanding into non-automotive sectors [1][2] Group 2: Product Development and Market Reach - The company has developed key products such as mechanical water pumps, exhaust manifolds, and electronic pump series, with automotive water pumps and turbocharger housings recognized as national champions [1] - Products are sold nationwide and exported to over 200 domestic and international clients, serving more than 300 factory bases globally [2] Group 3: Financial Expectations and Growth Drivers - For the second half of 2025, the company expects revenue improvement driven by new overseas projects, growth in orders for new energy vehicle integrated modules, and increased sales of liquid cooling products [3] - The company is not considering additional investments in automotive engine thermal management products domestically [3] Group 4: Client Base and Product Value - The electronic pump series has over 130 major clients, including Chery, Li Auto, and VinFast [3] - The value of thermal management integrated modules is significantly higher than traditional single-component products, varying based on product structure [3] Group 5: Liquid Cooling Sector Developments - A new subsidiary, Anhui Hangyi Technology Co., Ltd., has been established to focus on liquid cooling pumps for data centers and charging stations [4][5] - The company is actively expanding its overseas market for server liquid cooling products, particularly through clients in Taiwan [5] Group 6: Profitability and Competitive Advantages - The company implements a dual-line penetration strategy in automotive and industrial sectors to enhance profitability [5] - Key competitive advantages in the liquid cooling sector include nearly 10 years of experience, a client base of over 80 companies, and diverse application scenarios across various industries [5]

Core Viewpoint - The appointment of Zhang Rui as COO of Yinte Technology is a strategic move aimed at addressing the company's operational efficiency challenges amid declining revenues and profits, particularly in the context of its focus on liquid cooling technology for data centers [4][5][9]. Company Overview - Yinte Technology, a heat exchanger company with a market value of 3.5 billion yuan, has recently appointed Zhang Rui, a seasoned professional with over 20 years of experience in the HVAC and fluid machinery sectors, as its COO [4][6]. - The company has experienced its first revenue decline post-IPO, with a net profit drop of 41.25% in 2024 [5]. Management Structure - Prior to Zhang Rui's appointment, the management structure was characterized by a family-controlled model, with the chairman and a board member holding over 50% of the shares [6][9]. - The recent changes in the management team, including the appointment of a new financial head, indicate a shift towards a more diversified governance structure [8][10]. Financial Performance - In 2024, Yinte Technology's revenue decreased by 7.4%, prompting the board to approve a capital reserve transfer plan, reflecting confidence in capacity expansion despite market challenges [9]. - The company's stock price has significantly declined, trading at 19.28 yuan per share, down 56% from its IPO price of 43.99 yuan [10]. Market Position and Strategy - Zhang Rui's expertise in sales system restructuring is seen as crucial for Yinte Technology to enhance its operational capabilities and explore new market opportunities, particularly in liquid cooling solutions for data centers [5][9]. - The company aims to balance traditional market demands with new applications in agriculture and industry, leveraging Zhang Rui's cross-domain resource integration skills [9].

投资要点 盈利预测与估值 业务领域横向延展，数据中心液冷成为增长引擎公司起家于工业特种领域专业空调，逐步向数据中心、 储能热泵拓展，历经二十余年发展，已形成数据服务、工业工艺、专业特种、高端公建四大领域布局， 业务领域、产品类别及客户覆盖全面。 公司积极研发数据中心液冷产品，在手订单充裕，新生产基地投产，供货华为及字节、阿里、腾讯等头 2018-2022 年公司营收及归母年复合增速分别为19%和13%，2023 年利润有所承压，2024 年公司收入及 归母净利润同比增速分别为20%及10%，其中数据服务收入占比由23 年的35%快速提升至51%，已成为 收入增长的主要动力来源。预计随着数据中心持续高景气以及工业特种领域需求修复，公司收入及利润 有望加速增长。 公司未来将构建"一体两翼"战略布局——以"数字能环垂直一体解决方案"为战略主轴，构建全价值链集 成解决能力；以"ICT 智算和新能源温控"和"专业特种环控"为支撑的"两翼"， 致力于2030 年全集团实 现百亿营收。 订单高增长，新产能释放有望带动盈利能力提升24 年公司数据服务板块新增订单同比增长约95%，随 着数据中心需求旺盛，后续订单有望持续增长。 ...

Investment Rating - Investment recommendation: Outperform the market (maintained) [6] Core Viewpoints - The penetration rate of liquid cooling in data centers is expected to increase significantly due to the accelerated shipment of new generation high-performance computing chips, leading to a surge in orders for liquid cooling infrastructure suppliers and entering a phase of rapid performance growth [3][12] - The liquid cooling infrastructure market is projected to grow rapidly, with the domestic market expected to expand from approximately 1.63 billion yuan in 2024 to 13.22 billion yuan by 2027 [39][41] Summary by Sections 1. Liquid Cooling as an Important Industry Trend - Traditional air cooling is inadequate for high power density data centers, making liquid cooling a crucial trend due to its high specific heat capacity, thermal conductivity, low noise, and compact size [8][15] - The current penetration rate of liquid cooling in data centers is low, estimated at around 5% in China, but is expected to rise to 30-40% in the next 3-5 years [10][27] 2. Market Growth Potential - The domestic data center total power is projected to grow from 35.5 GW in 2024 to 68.8 GW by 2027, with a compound annual growth rate (CAGR) of 37% for new data center power [36][38] - The global liquid cooling infrastructure market is expected to grow from approximately 11.08 billion yuan in 2024 to 26.34 billion yuan by 2027, driven by the increasing demand for high-performance GPUs [49][51] 3. Investment Recommendations - Focus on leading domestic companies with comprehensive product lines and rich customer resources, such as Yingweike, Shunling Environment, and Tongfei Co., which are well-positioned to benefit from the growth in liquid cooling technology [12][52]