申菱环境 20250925 摘要 申菱环境深耕专业温控设备领域 20 余年，已从设备销售商转型为垂直 一体化解决方案提供商，产品主要面向数据服务、工业、特种工件四大 场景，并建设了五个核心生产基地。 2025 年上半年，公司营收 16.8 亿元，同比增长 29%，数据服务板块 收入占比超 50%，同比增长 43.77%。1-8 月新增订单同比增长 200%。归母净利润 1.5 亿元，同比增长 36%，盈利能力显著修复。 数据中心板块受益于智算中心占比提升及芯片算力高速发展，预计未来 三年收入复合增长率将超过 50%。液冷技术是重要发展方向，公司已建 立全链条解决方案。 公司定位垂直一体化整体方案解决商，提供产品、运维服务及数据中心 能耗管控，全面覆盖风冷端与液冷端，为客户提供高价值温控产品与服 务。 数据中心能耗管理至关重要，需考虑新能源发电方式及能耗管控措施以 满足 PUE 指标要求。公司提供涵盖用能规划、系统设计、设备定制等全 生命周期监测解决方案。 Q&A 申菱环境在国内和海外市场的地位如何？未来三年的业绩预期是什么？ 申菱环境在国内数据中心机房温控领域具有龙头地位，类似于小维地。同时， 公司在海外市场 ...

Core Viewpoint - AAC Technologies has completed the acquisition of the second batch of shares in Premium Sound Solutions (PSS), making PSS an indirect wholly-owned subsidiary of AAC Technologies [1] Group 1: Acquisition and Market Impact - AAC Technologies acquired 80% of PSS in February last year, leading to a steady increase in its global automotive market share and the establishment of a vertically integrated solution encompassing speakers, amplifiers, algorithms, and tuning services [3] - The automotive acoustics business of AAC Technologies has seen rapid growth, with revenue reaching 3.52 billion yuan and a gross margin of 24.8% [3] - PSS's automotive speakers have captured significant market share among top-tier automotive manufacturers in Europe and the US, and after the acquisition, AAC Technologies has successfully supplied to domestic new energy vehicle companies such as Li Auto, Xiaomi, Geely, and XPeng [3] Group 2: Ratings and Market Position - Moody's has upgraded the rating outlook for AAC Technologies from "stable" to "positive," citing the ongoing synergy effects from the acquisition of PSS and improvements in the company's diversified business structure [3] - CLSA's latest research report indicates that AAC Technologies is the sole supplier of the Xiaomi SU7 smart cockpit speakers, and the Xiaomi YU7 series smart cockpit speakers are co-developed with AAC Technologies, with all units supplied by AAC Technologies [3] Group 3: PSS Company Profile - PSS, headquartered in Belgium, is a well-established European automotive acoustics company with 50 years of history and a diversified global manufacturing layout [4] - PSS serves mainstream automotive brands, including Audi, BMW, Mercedes-Benz, Land Rover, and Buick, with a global market share of 15%-20%, and a higher proportion in the mid-to-high-end market [4]