Q&A 摘要 飞龙股份液冷泵业务国内市场近垄断，技术门槛高，利润率远超传统汽 车业务。预计 2025 年液冷领域收入超 1 亿元，国内外市场潜力巨大， 有望带来数倍于主业的利润弹性。 飞龙股份机器人业务存在显著预期差，市场认知不足。公司计划基于电 机控制器切入工业互联网平台，延伸至模组和液冷产品，有望成为新的 增长点。 飞龙股份在服务器电子水泵领域表现卓越，已是市场领导者并拓展至海 外市场。公司计划向模组方向延伸，可能涉及减速器或丝杠等产品品类 的扩展，或通过并购或合作实现。 飞龙股份在汽车行业积累了深厚的客户关系，与小米、奇瑞、小鹏等车 企建立了紧密合作，为拓展机器人业务奠定基础。公司在传统机械水泵 和电子水泵领域均处于领先地位。 飞龙股份预计 2025 年实现 4 亿多元利润，考虑液冷业务后利润可能更 高。目前公司估值约为 80 多亿元，市盈率不到 20 倍，未来几年业绩预 计将高速增长。 飞龙股份的基本面如何？ 飞龙股份 20250522 飞龙股份在服务器电子水泵领域的表现如何？ 飞龙股份在服务器电子水泵领域表现卓越，已经成为市场领导者，并成功拓展 至海外市场。其电子水泵能力非常强大，公司计划进一步向模 ...

Group 1: Shareholder Information - As of May 20, 2025, the number of shareholders is nearly 50,000 [1] Group 2: Company Strategy and Market Position - The company remains focused on its core business development and product application expansion, particularly in commercial liquid cooling, low-altitude industrial chains, and humanoid robots [1][2] - There are currently no plans for share repurchase or mergers and acquisitions, but the company will comply with legal and regulatory disclosure requirements if such plans arise [1][2] Group 3: Robotics Business Development - The company's robotics business is still in the research and development phase, with a focus on leveraging existing thermal management products to enter the robotics market [2] - The company aims to gradually extend its offerings to modules and liquid cooling products based on market and technological developments [2]

Group 1: Company Performance and Financials - The company has achieved continuous revenue and profit growth for 14 years, benefiting from diversified business operations and increased R&D investment [1] - The comprehensive gross margin for Q4 2024 and Q1 2025 has decreased, primarily due to a new accounting policy that shifted after-sales service costs to the cost side, impacting Q4 results [2] - The gross margin change for Q1 2025 is approximately -0.46% year-on-year, with normal fluctuations expected due to variations in product and customer mix [2] Group 2: Market and Business Environment - Trade tariffs between the US and China may raise costs for overseas customers, potentially suppressing demand for the company's energy storage business [1] - The high inventory levels at the end of 2024 and Q1 2025 are attributed to project-based sales with long confirmation cycles, expected to convert to revenue in the next 1-2 quarters [3] - The market for data center cooling in China is accelerating, driven by AI business demands, with further growth anticipated in 2025 [5] Group 3: Product and Technology Insights - Liquid cooling applications in computing equipment and data centers are driven by increased heat density and improved cooling system efficiency [6] - The procurement decision-makers for liquid cooling components vary, including chip manufacturers, server vendors, and cloud service providers [7] - The cold plate products for server liquid cooling present high barriers to entry due to design, manufacturing processes, and significant capital investment [8]

Group 1: Research Basic Information - The research object is Feilong Co., Ltd., belonging to the automotive parts industry, and the reception time was May 20, 2025. The listed company's reception staff included Deputy General Manager and Board Secretary Xie Guolou, and Securities Affairs Representative Xie Kun [17] Group 2: Detailed Research Institutions - The reception object type is investment company, and the institution is Danshuiquan Investment. The relevant personnel are Lü Peijin and Liu Yaoyang [20] Group 3: Company Overview - Feilong Automobile Parts Co., Ltd. was founded in 1952 and has a history of over 70 years. It is a listed company dedicated to thermal management system solutions. Its development is divided into two stages. Before 2017, it focused on R & D, production, and sales of automotive thermal management component products. Since 2017, it has expanded into non - automotive fields. It has a national - level enterprise technology center and four R & D centers. Its products are sold nationwide and exported to regions such as the Americas, Europe, and Southeast Asia, serving over 200 domestic and foreign customers and more than 300 factory bases globally [22] Group 4: Investor Interaction Q&A - Each new energy vehicle generally requires about 2 - 5 electronic water pumps, mainly used in the motor, electronic control, and battery of the vehicle [23] - The customers of the company's new energy thermal management integrated module products include Chery, Li Auto, SAIC, and Voyah, and some projects have been mass - produced [24] - The company has formed a professional technical and marketing team for the server liquid - cooling field, supplying electronic water pumps and temperature control valve series products, with some projects in mass supply. There are also projects in communication for thermal management integrated module products [25] - The company's business in the robot parts field is still in the R & D stage, with uncertainties [26] - On May 14, 2024, China and the United States announced a significant reduction in bilateral tariff levels. The company's export volume to the US market in 2024 accounted for about 10% of its revenue, and the current tariffs have little impact on the company's overall operation. The company is taking measures such as promoting the construction of the Thai production base and deepening the international market diversification strategy [27] - The company's competitive advantages in the civilian field include a first - mover advantage with nearly 10 years of experience, over 100 ongoing projects, and some mass - produced; a customer advantage with over 70 customers; and application scenario expansion in multiple thermal management - related fields [29]

头豹词条报告系列 于利蓉 液冷连接器行业规模 | 1. 中国液冷连接器市场规模 (结论图) | P3 | | --- | --- | | 2. 中国液冷连接器市场规模 | P4 | | 3. 中航光电液冷解决方案及其他产品营收 | P5 | | 4. 中航光电液冷连接器营收占比 | P6 | | 5. 中航光电液冷连接器营收 | P7 | | 6. 中航光电市占率 | P8 | | 7. 溯源信息链接引用 | P9 | | 8. 法律声明 | P10 | | 9. 头豹研究院简介 | P11 | | 10. 头豹词条介绍 | P12 | | 11. 头豹词条报告 | P13 | 中国液冷连接器行业市场规模测算 逻辑模型 2. 中国液冷连接器市场规模 P4 | 中国液冷连接器市场规模:（结论=C/D） 中国液冷连接器市场规模:（结论=C/D） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年份 | 2022 | 2023 | 2024 | 2025E | 2026E | 2027E | 2028E | 20 ...

中国液冷连接器行业市场规模测算 逻辑模型 头豹词条报告系列 于利蓉 液冷连接器行业规模 | 1. 中国液冷连接器市场规模 (结论图) | P3 | | --- | --- | | 2. 中国液冷连接器市场规模 | P4 | | 3. 中航光电液冷解决方案及其他产品营收 | P5 | | 4. 中航光电液冷连接器营收占比 | P6 | | 5. 中航光电液冷连接器营收 | P7 | | 6. 中航光电市占率 | P8 | | 7. 溯源信息链接引用 | P9 | | 8. 法律声明 | P10 | | 9. 头豹研究院简介 | P11 | | 10. 头豹词条介绍 | P12 | | 11. 头豹词条报告 | P13 | 1. 中国液冷连接器市场规模 (结论图) P3 SIZE总览 2. 中国液冷连接器市场规模 P4 | 中国液冷连接器市场规模:（结论=C/D） 中国液冷连接器市场规模:（结论=C/D） | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 年份 | 2022 | 2023 | 2024 | 202 ...

A股复盘 |人的成见是A股 / 2025.05.20 看看，是不是每天都要认真看我的复盘， 昨天刚发了新消费概念的专题， 今天 大爆发了吧！而且今天微盘股又双叒叕新高了， 周报的含金量还在上升！！ 今天520，不管是谁忘了你，大A都会在520当天给你发红包！ PS：封面图别急，后面有详细的研报！！ 话题一转，哈哈哈，今天来说一个大摩的预测——鉴于经济的韧性和关税战的暂 停， 中国 额外的财政的扩充会比预想的来得更迟，并且规模可能也更小。 大摩分析师在每周策略会上指出，关税对于中国毫无疑问是一个比较显著的需求 冲击，它会降低产出和价格。当然硬的数据会有一定的滞后性。以五一出行来 看，它很多的长途出行，都是在关税在升级之前就已经定下的。而在投资端，一 些很大的项目它一旦开启了也不会立刻的叫停。再包括一些抢出口、抢转口，再 包括一些政策宽松的滞后的效应，都使得一些硬数据的下滑至少在初期可能是比 较平缓的。 因此短期经济数据可能还比较有韧性，再叠加关税谈判的不确定性可能会维持到 7月底，甚至更长更久。 这些都意味着之前两会定下的政策空间，额外的财政的 扩充会比我们之前预想的来得更迟，并且规模可能也更小。 我们之前是预 ...

Group 1 - AI technology is driving transformation across industries, with AI computing infrastructure evolving from single GPU clusters to integrated AI factories [1][2] - Single GPU clusters have been essential for AI model training but are increasingly inadequate for complex applications, leading to the emergence of comprehensive AI factories that integrate computing, storage, networking, and cooling systems [1] - Integrated AI factories enhance development efficiency and operational performance for various AI tasks through dynamic resource allocation and advanced data management [1] Group 2 - The demand for distributed computing is growing exponentially as AI enters the inference paradigm and multi-agent systems, necessitating innovations in liquid cooling, high-bandwidth memory, and dedicated interconnect networks [2] - The strategic significance of AI infrastructure has transcended technical aspects, becoming crucial for national competitiveness and data sovereignty in the digital age [2] - Countries and large enterprises are actively establishing AI sovereignty capabilities and deploying local AI factories tailored to their unique advantages and needs, such as Indonesia and India focusing on cultural adaptation and Germany on railway automation [2] Group 3 - The global development of AI infrastructure is characterized by specialization, sovereignty, and regional differentiation, presenting a historical opportunity for countries and enterprises to build AI systems that meet their development needs [3] - Leveraging AI technology is essential for driving comprehensive digital transformation and initiating a new chapter in the development of the digital economy [3]

| 心，着力开发电子泵系列和温控阀系列产品，拓展电磁阀、热管理 | | --- | | 集成模块等产品。产品销售覆盖全国市场，并出口美洲、欧洲、东 | | 南亚等地区，已批产国内外客户 200 余家，服务全球超 300 个工厂 | | 基地。 | | 二、投资者互动问题解答 | | 1、新能源汽车一般需要几个电子水泵？主要用在哪里？ | | 回复：目前每台新能源汽车大约需要 2—5 只电子水泵；主要运用 | | 在汽车的电机、电控和电池上。 | | 2、公司新能源热管理集成模块产品有哪些客户？ | | 回复：目前公司新能源热管理集成模块产品主要有奇瑞、理想、上 | | 汽、岚图等客户，部分项目已经量产。 | | 3、公司服务器液冷项目进展情况如何？ | | 回复：目前公司已组建专业技术和营销团队，为服务器液冷领域客 | | 户主要供应电子水泵和温控阀系列产品，部分项目已经批量供货， | | 热管理集成模块产品也有项目正在沟通交流中。 | | 4、公司在机器人板块进展如何？ | | 回复：目前公司在机器人零部件领域的业务尚处于研究开发阶段， | | 尚存在不确定性。 | | 5、目前美国关税对公司有哪些影响？公 ...

Core Insights - The 2025 MiaoSuan Technology and Hengtong New Product Launch Conference highlighted the importance of AI technology and liquid cooling innovations in enhancing computing power for green intelligent computing [1] - The Chinese AI computing power market is projected to reach $25.9 billion, reflecting a 36.2% growth from 2024 [1] - The new generation of immersion liquid cooling products was unveiled, marking a significant advancement in collaboration between MiaoSuan Technology and Hengtong [1] Group 1 - MiaoSuan Technology's new product features a single-layer immersion liquid cooling architecture, capable of deploying six 5U immersion liquid cooling servers within four hours, catering to the edge computing needs of small and medium enterprises [1][2] - The modular server design by Ruiqi allows for flexible assembly of CPU, storage, GPU, and power modules, optimizing cooling efficiency and energy consumption by over 30% [2][3] - The immersion cooling solution enhances energy utilization, achieving a Power Usage Effectiveness (PUE) as low as 1.15, with specific areas reaching 1.09 [3] Group 2 - MiaoSuan Technology aims to integrate energy-saving and full-stack operation and maintenance strategies to promote large-scale application of innovative immersion liquid cooling technology [3] - A strategic cooperation agreement was signed with Atec Innovations Sdn Bhd to collaborate on innovative liquid cooling technology development and ecosystem integration [5] - The conference included discussions on the liquid cooling industry's growth, technological advancements, and energy management to foster a thriving ecosystem and commercial viability [4]