Core Viewpoint - The report from Shenwan Hongyuan indicates that Sanhua Intelligent Control (02050) is expected to achieve net profits attributable to shareholders of 4.253 billion, 4.650 billion, and 5.099 billion yuan from 2025 to 2027, representing year-on-year growth of 37.2%, 9.4%, and 9.6% respectively. The estimated reasonable market value of the company is 143.3 billion yuan, with a potential upside of 12.3% compared to its current H-share market value of 140.8 billion HKD [1][2]. Group 1: Business Performance - Sanhua Intelligent Control is a leader in the traditional refrigeration components and automotive thermal management sectors, having been listed on the Shenzhen Stock Exchange since 2005 and successfully issuing H-shares in June 2025, enhancing its global competitiveness [2]. - As of Q3 2025, the company reported total revenue of 24.03 billion yuan, a year-on-year increase of 17%, and a net profit attributable to shareholders of 3.24 billion yuan, with a growth rate exceeding 40% [2]. Group 2: Mature Business Segments - The company has maintained a leading position in traditional refrigeration components, with a revenue contribution of 64% from this segment in H1 2025, making it the largest revenue source [3]. - The growth in domestic air conditioning and appliance ownership, along with opportunities in overseas markets, is expected to stimulate demand for refrigeration components, allowing the company to sustain steady growth [3]. - In the automotive parts sector, the company leverages its long-standing expertise in refrigeration components to capture significant market share in the highly concentrated global thermal management market, gaining recognition from major domestic and international automotive manufacturers [3]. Group 3: Emerging Business Segments - The energy storage and robotics sectors present significant growth potential for the company, with energy storage thermal management sharing high similarities with traditional refrigeration and automotive thermal management [4]. - The company established an energy storage thermal management division in Q1 2022 and has since formed partnerships with industry leaders, marking 2023 as a pivotal year for sales in this new segment [4]. - In the robotics sector, the company has been actively investing since 2022, focusing on bionic robot electromechanical actuators, and aims to achieve mass production in collaboration with global core clients by establishing a dedicated robotics division in 2025 [4].

Core Viewpoint - The company is actively developing its thermal management system business, focusing on automotive thermal management, energy storage thermal management, and supercomputing center thermal management [1] Group 1: Business Development - The company's subsidiaries, Zhongding Fluid and Zhongding Intelligent Thermal Systems, are leading the development of thermal management system assemblies [1] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector [1] - In the supercomputing center thermal management field, the main products include CDU (Cold Liquid Distribution Unit), cold plates, and piping systems [1] Group 2: Market Position - The subsidiary Intelligent Thermal Systems has become a supplier of liquid cooling dummy loads for two domestic liquid cooling system integrators [1]

Core Insights - The company, Nabichuan, has made a significant debut in the public capital market with a first-day increase of over 408% in stock price, highlighting its strong market position in battery thermal management systems [1] - The rapid growth of the electric vehicle (EV) market, with penetration rates exceeding 40%, and a fivefold increase in energy storage installations over three years, indicates a burgeoning opportunity in the battery thermal management sector [1][8] - Nabichuan has established itself as a leader in the domestic battery liquid cooling plate market, achieving a market share of 12.16% in 2024 and forming deep partnerships with major players like CATL and NIO [1][2] Company Development - Founded in 2007, Nabichuan initially focused on engine radiators for fuel vehicles before pivoting to battery thermal management systems in 2011, becoming one of the first companies in China to enter this field [2] - The company has developed a robust competitive barrier with proprietary technologies in temperature control, lightweight design, and automated production, holding 20 invention patents and 183 utility model patents as of March 2025 [3] - Nabichuan has demonstrated high product development efficiency, completing a battery liquid cooling plate project for Mercedes-Benz in just 210 days, significantly faster than the planned 340 days [3] Production Capacity and Market Position - The company operates three production bases in Zhejiang Wenzhou, Anhui Ma'anshan, and Anhui Chuzhou, with over 200,000 square meters of production space, supporting comprehensive supply capabilities for core customers [4] - Nabichuan's client network includes leading domestic battery manufacturers and mainstream EV manufacturers, having completed over 300 product projects and adapted more than 200 vehicle models [5] Financial Performance - From 2022 to 2024, Nabichuan's revenue from battery liquid cooling plates in the energy storage sector is projected to grow from 1.031 billion yuan to 1.437 billion yuan, with a compound annual growth rate (CAGR) of 18.07% [6] - In the first three quarters of 2025, the company reported a revenue increase of 32.29% year-on-year, reaching 1.208 billion yuan, and a net profit of 58 million yuan, reflecting a return to growth [7] Market Opportunities - The demand for battery liquid cooling plates is expected to rise significantly, with the market size projected to reach 14.5 billion yuan by 2025, driven by the rapid growth of the EV market [8] - The integration of battery cooling plates with battery packs is anticipated to enhance product value, with the single vehicle value of battery cooling plates estimated at around 700 yuan [9] - The energy storage market is also set to expand, with the liquid cooling market expected to reach 7.4 billion yuan by 2025, as more companies adopt liquid cooling solutions for their energy storage systems [10] Future Growth Potential - Nabichuan's IPO funding will support the construction of a new production project with an annual capacity of 3.6 million sets of cooling plates, facilitating a shift towards integrated solutions combining cooling plates and battery packs [11] - The company's strong market recognition, evidenced by its 408% stock price increase on the first day of trading, reflects investor confidence in its growth trajectory in the thermal management sector [11]

Core Viewpoint - N Nabachuan (301667) officially listed on the ChiNext board on December 23, with an opening price of 60.00 yuan per share, significantly increasing from its issue price of 22.63 yuan per share, reflecting strong market interest and trading activity [1][23]. Company Overview - N Nabachuan specializes in the research, production, and sales of thermal management products for electric vehicle power batteries, fuel vehicle power systems, and energy storage batteries, including battery liquid cooling plates and engine radiators [4][11]. - The company was established in 2007 and has become a key player in the domestic thermal management industry, holding 203 authorized patents, including 20 invention patents [5][17]. Market Dynamics - The global energy storage market is expected to grow significantly, with the thermal management market projected to reach 146 billion yuan by 2025, driven by increased energy storage installations and the adoption of liquid cooling solutions [5][16]. - In China, the energy storage temperature control business is becoming a core growth engine for many companies, with N Nabachuan positioned to capture a significant share of this expanding market [5][19]. Financial Performance - N Nabachuan's revenue from 2022 to Q1 2025 was reported as 1.031 billion yuan, 1.136 billion yuan, 1.437 billion yuan, and 3.371 billion yuan, respectively, with a compound annual growth rate of 204.5% in energy storage thermal management product revenue [6][8]. - For the first nine months of 2025, the company achieved revenue of 1.208 billion yuan, a year-on-year increase of 32.3%, with a forecasted annual revenue of 1.737 billion yuan for 2025, reflecting a growth of 20.86% [6][19]. Customer Base - N Nabachuan is a strategic supplier for CATL, with significant sales to other major clients such as Zhongxin Innovation and various automotive brands including NIO, Xpeng, and Geely [19][20]. - The company has a high dependency on CATL, with sales to this client accounting for 54%, 49%, and 48% of total revenue in 2022, 2023, and 2024, respectively [20]. IPO and Future Prospects - The IPO raised 729 million yuan, aimed at expanding production capacity for battery liquid cooling plates, which is expected to significantly enhance the company's output and market position [23]. - With the ongoing transition to electric vehicles and the explosive growth in energy storage installations, N Nabachuan is well-positioned to benefit from these trends, potentially increasing its international market share [11][12].

Core Viewpoint - The company is focusing on customized thermal management solutions for energy storage systems, emphasizing the importance of heat dissipation for high-density battery applications [2] Group 1: Business Focus - The company is concentrating on energy storage thermal management, including commercial, large-scale, and residential energy storage scenarios [2] - The company provides tailored thermal management solutions to meet the heat dissipation needs of core components in energy storage systems [2] Group 2: Product Offerings - The company's thermal products are designed to enhance heat uniformity control and long-term operational stability for high-energy-density batteries [2] - The company offers a range of products including die-cast housings, injection-molded housings, sealing strips, heat sinks, composite material covers, potting compounds, axial fans, nano-crystal inductors, and liquid cooling solutions for photovoltaic inverters and energy storage devices [2] Group 3: Future Plans - The company aims to deepen its business layout in the energy storage sector, promoting technological iteration and customer expansion to enhance its competitive advantage [2]

格隆汇12月18日丨永太科技(002326.SZ)在互动平台表示，公司氟化液业务已具备产业化基础，并初步 形成小规模订单，目前占整体营收比重较小。根据不同型号的产品性能，公司氟化液产品可以适用于半 导体制造、浸没式数据中心冷却、储能热管理、5G基站热管理和芯片封装等细分场景，近期亦逐步开 始应用于冷板式两相液冷方案中。 ...

AI 时代汽车产业链跨界拓展与新增长极 20251207 摘要 苏联股份在新能源汽车市场趋于饱和之际，瞄准数据中心液冷市场，该 市场预计将从 2024 年的 50 亿美元增长到 2030 年的 200 亿美元，年 复合增长率约为 20%，具有巨大增长潜力。 公司利用汽车行业积累的技术经验，成立速联智控公司，专注于智能算 力液冷解决方案，苏联股份持股 80%，管理团队持股 20%，以独立事 业部模式运营。 速联智控主要产品包括智能算力二次侧的冷板、分页气管、快插接头管 路等，如 UQD 系列快速接头，重量降低 60%，成本降低 50%，CV 值 高于行业标准 30%，可热插拔次数达 5,500 次。 公司进军金属类产品领域，分析英伟达 72 机柜价值构成，冷板价值占 比 35%，Mellanox 占比 21%，快速接头占比 8%，并与高校合作开发 微通道技术，预计 2026 年第一季度投产金属类产品，年产能达 40 万 套。 苏联股份采用 APQP 过程开发方法，确保项目关闭率与交付率达到 100%，建立了 4,000 多平方米的检测中心，获得 CINAS 实验室认证， 并构建仿真团队，通过 CAE 与 CFD ...

Core Viewpoint - The acquisition of Dongguan Silicon Xiang by Aike Co., Ltd. is expected to constitute a significant asset restructuring, with a transaction price of 2.2 billion yuan for 100% equity [1][6]. Group 1: Acquisition Details - Aike Co., Ltd. plans to acquire 100% equity of Dongguan Silicon Xiang through a combination of issuing shares and cash payments, while also raising matching funds from no more than 35 specific investors [1][6]. - The stock of Aike Co., Ltd. will resume trading on December 3 following the announcement of the acquisition [1][6]. Group 2: Dongguan Silicon Xiang's Business Overview - Dongguan Silicon Xiang specializes in the research, design, manufacturing, and sales of products related to battery signal acquisition and thermal management, offering a full range of services from product design to mass production [3][8]. - Key products include CCS integrated busbars, FPC flexible circuit boards, heating films, and thermal insulation materials, with active expansion into liquid cooling products such as liquid cooling plates and immersion cooling units [3][8]. Group 3: Financial Performance and Growth Potential - Financial data indicates that Dongguan Silicon Xiang's revenue is projected to grow from 1.37 billion yuan in 2022 to 1.92 billion yuan in 2024, with a net profit of 125 million yuan in 2024 [4][8]. - The net profit growth rate from 2023 to 2024 is expected to be as high as 55.4%, with revenue for the first nine months of 2025 already reaching 1.9 billion yuan and a net profit of 160 million yuan [4][8]. - The acquisition is strategically valuable as it allows Aike Co., Ltd. to enter the thermal management sector of the new energy vehicle and energy storage markets, creating a comprehensive product matrix covering battery thermal management, safety, and structure [4][9]. Group 4: Market Trends and Future Outlook - Dongguan Silicon Xiang has successfully entered the high-growth liquid cooling sector, with revenue from liquid cooling products expected to begin in 2024 and grow rapidly in 2025 [9]. - The demand for efficient liquid cooling technology is shifting from optional to essential due to the scaling of new energy vehicles, high-energy-density batteries, and data centers, indicating a broad market potential [9]. - The timely execution of the acquisition plan eliminates uncertainties, shifting market focus from "whether the acquisition will happen" to "growth realization" for Aike Co., Ltd., positioning the company for a new valuation milestone [5][9].

Investment Rating - The investment rating for the company is "Buy," indicating an expected increase in stock price relative to the market index by more than 15% over the next 6-12 months [35]. Core Insights - The company, Nabichuan, focuses on the research, production, and sales of thermal management products for new energy vehicle power batteries, fuel vehicle power systems, and energy storage batteries. It has established a strong position in the domestic market for battery liquid cooling plates [9][27]. - The company has shown significant revenue growth, with projected revenues of 1.03 billion yuan in 2022, 1.14 billion yuan in 2023, and 1.44 billion yuan in 2024, representing year-over-year growth rates of 98.37%, 10.21%, and 26.48% respectively [10][31]. - The company is actively expanding its product offerings, including innovations in battery box integration and the development of energy storage battery thermal management systems, which are expected to drive future growth [28][29]. Summary by Sections Basic Financial Status - The company achieved operating revenues of 1.03 billion yuan in 2022, 1.14 billion yuan in 2023, and 1.44 billion yuan in 2024, with corresponding year-over-year growth rates of 98.37%, 10.21%, and 26.48% [10][31]. - The net profit attributable to the parent company was 113 million yuan in 2022, 98 million yuan in 2023, and 95 million yuan in 2024, with year-over-year changes of 134.65%, -13.29%, and -2.88% respectively [10][31]. Industry Situation - The automotive thermal management industry is divided into power system thermal management and comfort thermal management. The complexity and value of thermal management systems in new energy vehicles are significantly higher than in traditional fuel vehicles [18][20]. - The market for battery liquid cooling plates is expected to grow substantially, with a projected market size of 145 billion yuan globally by 2025, driven by the increasing demand for new energy vehicles [20][26]. Company Highlights - The company has a long-standing focus on the thermal management sector and is one of the earliest players in the new energy vehicle thermal management market. It has established partnerships with major manufacturers like CATL and SAIC Volkswagen [27][28]. - The company is expanding its product lines, including the development of integrated battery boxes and energy storage thermal management systems, which are expected to enhance its market position [28][29]. Fundraising Project Investment - The company plans to invest in a project to produce 3.6 million sets of water cooling plates annually, with an investment of approximately 57.94 million yuan [29][30].

（文章来源：每日经济新闻） 每经AI快讯，有投资者在投资者互动平台提问：贵公司储能业务多次公告应用于大型电站，重型汽车 上面，请问目前或者今后是否有计划多方面开拓渠道，将储能业务进一步做大做强，如果有的可以简单 介绍一下贵公司将会涉及哪些领域吗？ 奥特佳（002239.SZ）11月25日在投资者互动平台表示，公司计划在储能热管理业务目前在电动载重汽 车和工程机械的电池热管理业务的基础上，为适应客户关于产品热管理一体化的需求，筹划开发适用于 电动载重汽车的集成化热管理设备，将电池、成员仓等热管理模块予以集成化，更高效节能地实施整车 热管理。该业务将主攻商用新能源汽车市场。 ...