同飞股份 20250822 摘要 数据中心液冷市场规模快速扩张，预计 2027 年英伟达 M172 出货 10 万台时，市场规模将达千亿级别。同飞股份作为该领域核心供应商，其 CDU 和 manifold 产品占据液冷系统价值量的 30%，整体业务系统价值 量可达 40%，未来市场空间广阔。 同飞股份在储能液冷领域占据领先地位，市占率达 40%-50%，与阳光 电源、宁德时代、比亚迪等头部企业建立了稳定合作关系。公司通过技 术和成本优势在竞争中脱颖而出，盈利能力显著提升，并积极拓展 LG、 三星等海外客户。 同飞股份成功进入半导体设备液冷领域，成为国内少数具备高精度温控 能力的厂商之一。其产品凭借过硬品质和成本控制能力，已应用于北方 华创、信息微装等重要客户的设备中，预计 2025 年相关收入有望达到 亿元级别。 预计 2026 年同飞股份主业归母净利润将达到 4.5 亿元，对应当前市值 约 110 亿元。数据中心液冷业务中，公司产品占据全球 10%的市场份 额，仅考虑现有产品，对应 150 亿元左右目标市值。 Q&A 请介绍一下同飞股份在数据中心液冷市场的表现和未来预期。 2024 年，国内数据中心液冷市场 ...

Core Viewpoint - The stock of Changzhou Tenglong Automotive Parts Co., Ltd. has experienced significant price fluctuations, with a cumulative increase of 52.07% over five trading days, raising concerns about market overheating and the need for cautious investment decisions [1][7]. Group 1: Stock Trading Anomalies - The company's stock price deviated significantly, with a cumulative increase exceeding 20% over three consecutive trading days on August 15, 18, and 19, 2025, indicating abnormal trading activity [1]. - The average turnover rate during this period was 19.11%, significantly higher than the usual turnover rate, suggesting heightened market sentiment [1][7]. Group 2: Business Operations - The company operates in two main business segments: automotive thermal management system components and energy-saving environmental components for automotive engines, supplying products for traditional, hybrid, and electric vehicles [2]. - In the first quarter of 2025, the company reported revenue of 863.93 million yuan, a year-on-year increase of 0.66%, while net profit attributable to shareholders decreased by 20.12% to 45.28 million yuan [2]. Group 3: Major Events and Information Verification - The company confirmed that there are no undisclosed significant events affecting stock trading anomalies, including major asset restructuring or business collaborations [3][6]. - The company has verified that its major shareholders and management did not engage in stock trading during the period of abnormal price fluctuations [6][9]. Group 4: Market Trends and Product Development - The company noted increased market interest in liquid cooling for data centers and energy storage, with minor product sales related to these applications, contributing approximately 0.2% to total revenue [4].

Core Viewpoint - The stock of Changzhou Tenglong Automotive Parts Co., Ltd. has experienced significant price fluctuations, with a cumulative increase of 52.07% over five trading days, leading to a warning about potential market risks [2][10]. Group 1: Stock Trading Anomalies - The company's stock price deviated significantly, with a cumulative increase exceeding 20% over three consecutive trading days on August 15, 18, and 19, 2025, indicating abnormal trading activity [2][4]. - The average turnover rate during this period was 19.11%, which is significantly higher than the usual turnover rate, suggesting overheated market sentiment [2][10]. Group 2: Company Operations - The company operates in two main business segments: automotive thermal management system components and energy-saving environmental protection components for automotive engines, supplying products for traditional, hybrid, and electric vehicles [5]. - As of the first quarter of 2025, the company reported revenue of 863.93 million yuan, a year-on-year increase of 0.66%, while net profit attributable to shareholders was 45.28 million yuan, a decrease of 20.12% compared to the previous year [5]. Group 3: Major Events and Information Disclosure - The company confirmed that there are no undisclosed significant events affecting stock trading, including major asset restructuring or other significant corporate actions [6][12]. - The company has noted recent market interest in liquid cooling for data centers and energy storage, with minor sales in related products amounting to approximately 0.8 million yuan and 0.97 million yuan, respectively, which have a minimal impact on overall revenue [8]. Group 4: Shareholder Information - As of the announcement date, the controlling shareholder, Tenglong Technology Group Co., Ltd., has pledged 103.36 million shares, representing 52.52% of their total holdings and 21.06% of the company's total share capital, indicating a high pledge ratio [11].

Group 1 - In 2024, the company reported revenue of 691 million yuan, a year-over-year increase of 21%, but a net loss of 50 million yuan compared to a loss of 32 million yuan in 2023, primarily due to unchanged gross margin, increased operating expenses, asset impairment losses, and higher income tax expenses [1] - In Q1 2025, the company achieved revenue of 218 million yuan, a year-over-year increase of 22%, and a net profit of 13 million yuan, a year-over-year increase of 131%, with a non-recurring net profit of 9 million yuan, a year-over-year increase of 246% [1] Group 2 - The company maintained strong performance in high-voltage direct current, offshore flexible direct current, data centers, and energy storage markets, with revenue from high-power density thermal management products reaching 328 million yuan, a year-over-year increase of 74.66%, although the gross margin decreased by 6.69 percentage points [2] - The company has established long-term stable partnerships with major power grid companies and is expected to benefit from new power transmission projects in countries along the "Belt and Road" initiative, including a recent contract in Saudi Arabia worth 361 million yuan [3] - The company is expanding its market share in the energy storage sector by increasing R&D efforts and collaborating with power grid enterprises and research institutions, focusing on new thermal management systems for energy storage [4] Group 3 - The company is expected to see a turning point in its power grid business, with projected revenues of 1.039 billion yuan, 1.299 billion yuan, and 1.618 billion yuan for 2025-2027, and corresponding net profits of 44 million yuan, 83 million yuan, and 131 million yuan, with PE ratios of 123, 65, and 41 times respectively [5]