AI算力设备前景看好，芯片的"液冷"概念也一度成为市场焦点。 更关键的是，金戈新材研发实力颇为薄弱，"创新特性"遭北交所一询质疑。此外，氧化铝领域逐渐内 卷，公司的毛利率、价格、成本的波动问题亦被点出，长期盈利风险暴露无遗。 项目介绍： 公司简称：金戈新材 公司全称：广东金戈新材料股份有限公司 其实，在液冷设备和芯片之间，还有一层用于填充微小空隙的材料——导热界面材料（TIM）。 在TIM产业的上游，有一家自称领先的企业正在冲击北交所IPO——金戈新材。目前，该公司通过回天 新材、德邦科技、硅宝科技等知名下游企业向新能源汽车、智能手机、光伏等产业链供货，算是多个新 兴赛道的"上上游"。 然而，金戈新材的主要产品长期局限于氧化铝领域。虽然导热球铝在新能源汽车热管理场景应用情况良 好，但与前沿的铟、镓等液态金属仍有距离。 IPO进展：一询已回复 成立时间：2012年1月6日 募资投向： | | | | | 里位: 力元 | | --- | --- | --- | --- | --- | | 序号 | 项目名称 | 拟投资总额 | 拟募集资金投资金额 | 문 | | | 年产3 万吨功能性材料技 术改造项目 | 7 ...

Core Viewpoint - Zhongtai Co., Ltd. is advancing its capabilities in the liquid cooling sector by leveraging its expertise in manufacturing advanced plate-fin heat exchangers and cryogenic process design [2] Group 1: Company Capabilities - The company possesses internationally advanced manufacturing capabilities for plate-fin heat exchangers [2] - It has developed significant expertise in cryogenic process design, which supports technology transfer to other thermal management fields, including liquid cooling [2] Group 2: Market Development - The company has completed internal technical discussions and is progressing with research and development initiatives in the liquid cooling area [2] - A team is currently being assembled to support these initiatives, indicating a proactive approach to market expansion [2] - The company aims to actively expand its market presence while ensuring its technical, manufacturing, and sales frameworks are well-established [2]

Investment Rating - The report maintains a "Buy" rating for the company [12]. Core Insights - The company is experiencing accelerated growth in its core automotive business, driven by the rapid adoption of new energy vehicles in Europe, while also making significant strides in new business areas such as robotics, liquid cooling, and low-altitude economy [10][18]. Summary by Sections Company Overview - The company is a global leader in automotive exterior parts and has successfully expanded into the battery box business since 2017, becoming one of the top players in this sector. The ongoing increase in the penetration of new energy vehicles in Europe is expected to further boost the company's core business growth [3][7]. Business Performance - The company is entering a capacity harvesting phase, with operational efficiency improving and profitability on an upward trajectory. The capital expenditure peaked in 2022 at 34.1 billion, but is projected to decrease significantly in 2024, supporting future dividend increases [6][26]. Battery Box Business - As one of the largest battery box suppliers globally, the company benefits from Europe's clear carbon reduction goals and the resurgence of electric vehicle subsidies. The penetration rate of new energy vehicles in Europe is expected to reach approximately 19.6% in 2024, with significant growth anticipated in subsequent years [7][49]. New Business Ventures - The company is strategically diversifying into multiple business areas, including robotics, liquid cooling, and low-altitude economy, which are expected to create new growth trajectories. The robotics sector is projected to see significant advancements by 2025, while liquid cooling is becoming increasingly important due to rising energy efficiency demands [8][9]. Financial Projections - The company is expected to see substantial increases in net profit, with projections of 28.1 billion, 33.1 billion, and 40.6 billion for the years 2025 to 2027, respectively. The corresponding price-to-earnings ratios are forecasted to be 12.9X, 11.0X, and 8.9X [10][18].

Core Insights - Lenovo Group reported a 15% year-on-year revenue increase to 146.4 billion RMB for the second fiscal quarter of 2025/26, achieving a historical high for the quarter [1] - Adjusted net profit rose by 25% year-on-year, reaching 3.66 billion RMB [1] Strategic Developments - The company has refined its business models targeting large clients and small to medium-sized enterprises [1] - Lenovo has completed its strategic layout of "one horizontal and four verticals," which includes a comprehensive heterogeneous computing platform and focuses on servers, storage, data networks, and hyper-convergence [1] - All major Cloud Service Providers (CSPs) are now clients of Lenovo, with notable performance and rapid growth in the E/SMB sector, indicating a stable market [1] - Lenovo's differentiated competitive advantages lie in the scheduling of heterogeneous computing power and liquid cooling technology [1]

Investment Highlights - The company is a leading player in the automotive micro-motor sector with a global market presence for over 60 years, focusing on micro-motors and controllers [1] - Revenue breakdown shows automotive and industrial segments contributing approximately 85% and 15% respectively, with automotive being the main growth driver [1] - The global automotive micro-motor market is projected to reach 119.6 billion yuan in 2025, reflecting a year-on-year growth of 6.7% [1] Expansion into New Fields - The company is increasing its focus on humanoid robots and liquid cooling technologies, aiming to create new growth points [2] - In the robotics sector, the company leverages its traditional motor business advantages and has established a joint venture with Shanghai Electric to enhance its business channel capabilities [2] - The liquid cooling segment has introduced CDU pumps and server liquid cooling pumps, showcasing significant performance advantages and potential for acquiring more international client orders [2] Financial Projections and Valuation - Earnings per share (EPS) are projected to be $0.28 and $0.30 for FY26 and FY27 respectively, with a compound annual growth rate (CAGR) of 5.0% from FY25 to FY27 [2] - The current stock price corresponds to FY26 and FY27 price-to-earnings (P/E) ratios of 14.4x and 13.3x, with a target price of 43.6 HKD indicating a potential upside of 40.2% [2]

Core Viewpoint - CICC initiates coverage on DCH Holdings (00179) with an "outperform" rating and a target price of HKD 43.6, reflecting projected P/E ratios of 20x and 18.9x for the fiscal years 2026 and 2027 respectively [1] Group 1: Company Overview - DCH Holdings is recognized as a global leader in micro-motors, with a strong presence in the automotive micro-motor sector and extensive global market coverage [1] - The company is expanding into humanoid robotics and liquid cooling sectors, aiming to create new growth opportunities [1] Group 2: Market Trends - The micro-motor market is expected to continue expanding due to the trend of electrification in the automotive industry, which solidifies the company's competitive advantages [1]

Core Viewpoint - CICC initiates coverage on DCH Holdings (00179) with an "outperform" rating and a target price of HKD 43.6, reflecting projected P/E ratios of 20x and 18.9x for the fiscal years 2026 and 2027 respectively [1] Group 1: Company Overview - DCH Holdings is a leading global micro-motor enterprise, with a strong presence in the automotive micro-motor sector and extensive global market coverage [1] - The company is expanding into humanoid robotics and liquid cooling sectors, aiming to create new growth points [1] Group 2: Market Trends - The micro-motor market is expected to continue expanding due to the trend of electrification in the automotive industry, which solidifies the company's competitive advantages [1]

国泰海通证券发表研报指，考虑到德昌电机控股2025至2026上半财年经营压力，略微下调其2025至 2027/2028财年每股盈利预测分别至0.28美元、0.33美元及0.36美元。考虑到公司积极布局人形机械人和 液冷等新兴方向，参考可比公司，该行给予公司2025/26财年24倍市盈率，目标价上调至52.8港元，维 持"增持"评级。 ...

Group 1 - A-shares experienced slight declines in early trading on November 17, with the computer and electronics sectors showing the most gains, while lithium mining and related concepts were active [1] - The Cloud Computing 50 ETF (516630) rose over 1%, with top-performing stocks including Dongfang Guoxin (300166) and Yidian Tianxia (301171), the latter seeing a peak increase of over 12% [1] - Hong Kong stocks saw all three major indices decline, with the Hang Seng Technology Index ETF (513180) following suit, led by declines in stocks like Trip.com and Lenovo, while stocks such as Hua Hong and Alibaba showed gains [1] Group 2 - Huatai Securities noted that short-term uncertainties remain, suggesting a market trend characterized by fluctuations, with a shift towards a balanced "dumbbell" structure in asset allocation [2] - Key focus areas include high-cost performance sectors, particularly in the AI industry chain, which has seen a decrease in congestion since July, and low-positioned stocks in sectors like engineering machinery and textiles [2] - Current uncertainties in both domestic and international markets may still present opportunities for investment in banks and certain cyclical dividend stocks [2] Group 3 - The Hang Seng Technology Index ETF (513180) includes core Chinese technology assets such as Xiaomi, NetEase, Tencent, Alibaba, and Meituan, which are relatively scarce compared to A-shares [3] - The Cloud Computing 50 ETF (516630) covers popular concepts in computing power, including optical modules, data centers, and AI servers [3]

Core Insights - The company Feilong Co., Ltd. announced on November 14 that there is a significant increase in demand for liquid cooling pumps due to the explosion of AI computing power and low heat dissipation requirements [2] - Major global cloud service providers and high-end computing providers, such as NVIDIA, Google, Microsoft, Meta, Dell, and Amazon, are constructing AI data centers that support liquid cooling on a large scale [2] - The company's liquid cooling pump products are characterized by low energy consumption, long lifespan, lightweight, and strong operability, giving them a competitive edge in the market [2]