Company Overview - Shenzhen Yitong Electromechanical Refrigeration Equipment Co., Ltd. has been established with a registered capital of 500,000 RMB [1] - The legal representative of the company is Zhang Piaopiao [1] Business Scope - The company engages in the sales of refrigeration and air conditioning equipment, household appliance parts, second-hand goods, household appliances, electronic products, and furniture [1] - It also provides services such as furniture installation and maintenance, household appliance installation, residential electrical and plumbing maintenance, professional cleaning, and disinfection services [1] - The company is involved in the repair of general and specialized equipment, as well as the rental and installation of mechanical equipment [1] - Additionally, it offers information technology consulting and various technical services including development, consulting, exchange, transfer, and promotion [1] - There are no licensed business projects listed for the company [1]

| 作为中国船舶制冷领军者，公司凭借机组性能高可靠性，新造 | | --- | | 大型冷冻渔船制冷市场占有率遥遥领先。自主研发全球首套船 | | 用二氧化碳跨临界制冷设备碳捕集系统，大幅提升舰艇减碳能 | | 力，船舶碳捕集 OCCS 液化机组荣获 2025 中国制冷展"金奖产 | | 品"；船用溴化锂吸收式制冷机组入选"辽宁省首台（套）重 | | 大技术装备推广应用指导目录"、"2024 年度中国制冷学会节 | | 能降碳与环保产品目录"。 | | 4、公司优势细分市场-冰雪场馆介绍 | | 除北京冬奥会两个比赛赛场项目及两个配套冰场项目外，公司 | | 近年还承接了多项代表性商业冰雪工程，包括广州融创茂室内 | | 滑雪场项目、上海耀雪冰雪世界室内综合性冰雪场馆项目、陕 | | 西国际体育之窗双冰场项目、包头万科冰雪中心项目等。 | | 2025 年哈尔滨亚冬会主要是原有场馆的升级改造，公司参与 | | 了哈尔滨体育学院冰场升级改造及哈尔滨市八区体育中心制 | | 冰设备改造项目。 | | 国家大力发展冰雪经济，2028 年第十五届全国冬季运动会将 | | 由辽宁省承办，公司积极关注相关商机，争取更大专 ...

长江证券研报指出，三花智控上半年实现归母净利润21.1 亿元，同比增长39.3%；2025Q2实现归母净利 润12.1 亿元，同比增长39.2%。收入端，公司传统制冷、汽车两大板块均实现较好增长；盈利端，公司 2025上半年毛利率达28.12%，同比增长0.66pct；2025Q2单季度毛利率达29.27%，同比增长1.44pct。同 时，人形机器人等新业务方面，公司已在开发及制造大量电机产品方面积累丰富的经验及专业知识，成 功切入仿生机器人机电执行器制造领域，未来有望跟随人形机器人行业发展实现可观业绩增量。认为公 司短期业绩具备较快增长支撑，并且人形机器人等新业务有望带来未来增量弹性。预计公司2025年归属 母公司股东净利润39亿元，对应PE 约38倍。维持"买入"评级。 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [6] Core Views - The company achieved a revenue of 16.26 billion yuan in the first half of 2025, representing a year-on-year growth of 18.9%. The net profit attributable to shareholders reached 2.11 billion yuan, up 39.3% year-on-year, while the net profit excluding non-recurring items was 2.01 billion yuan, growing 31.7% year-on-year [2][4] - In Q2 2025, the company reported a revenue of 8.59 billion yuan, with a year-on-year increase of 18.8%. The net profit attributable to shareholders was 1.21 billion yuan, reflecting a growth of 39.2% year-on-year, and the net profit excluding non-recurring items was 1.16 billion yuan, up 35.2% year-on-year [2][4] - The traditional refrigeration and automotive segments both showed good growth, with traditional refrigeration revenue at 10.4 billion yuan in H1 2025, up 25% year-on-year, benefiting from strong downstream demand and emerging cooling needs. The automotive parts segment generated 5.9 billion yuan in revenue, a 9% year-on-year increase, with expected acceleration in growth in the second half of the year [10] - The company's gross margin for H1 2025 was 28.12%, an increase of 0.66 percentage points year-on-year, while Q2 2025 gross margin reached 29.27%, up 1.44 percentage points year-on-year. Both traditional refrigeration and automotive segments saw improvements in gross margins, primarily due to cost reduction and efficiency enhancement [10] - The company has accumulated rich experience and expertise in developing and manufacturing electric motor products, successfully entering the bionic robot actuator manufacturing field, which is expected to contribute significantly to future performance growth [10] - The company is projected to achieve a net profit attributable to shareholders of 3.9 billion yuan in 2025, corresponding to a price-to-earnings ratio of approximately 38 times [10]

Core Viewpoint - The report from Guojin Securities highlights the increasing demand for cooling solutions in data centers due to the expansion of AIDC and the rising power density of cabinets, with a focus on the potential growth of the magnetic levitation refrigeration compressor market driven by ongoing AI computing investments [1][2]. Group 1: AIDC and Cooling Demand - The power density of AIDC cabinets has significantly increased, with current single cabinet power consumption rising from 2-8 kW to 20-50 kW, and potentially exceeding 100 kW in the future [2]. - Efficient cooling is critical to prevent overheating of chips, which can lead to performance degradation and reduced reliability of equipment [2]. - The continuous expansion of the global AIDC scale is expected to accelerate the demand for cooling solutions [2]. Group 2: Magnetic Levitation Refrigeration Compressors - Magnetic levitation compressors are superior in performance, with a 42% improvement in IPLV and a 30% reduction in motor power consumption compared to screw compressors, leading to a potential PUE reduction to 1.2 [3]. - The global investment in AIDC is expected to drive the market for magnetic levitation refrigeration compressors, with companies like Danfoss projecting a threefold growth in their data center-related business in China by 2024, and a 50% growth forecast for 2025 [3]. Group 3: Competitive Landscape - The global market for magnetic levitation refrigeration compressors is highly concentrated, with significant technological barriers to entry, making it challenging for new entrants [4]. - Danfoss leads the market with over 160,000 units shipped, holding a 70% global market share, while domestic companies like Hanzhong Precision Machinery are making strides in technology and market presence [4][5]. - Hanzhong Precision Machinery has established a strong partnership with Dongyuan Electric, enhancing its capabilities in providing modular data center solutions [5].

Core Viewpoint - The report highlights the increasing power density of AIDC cabinets, which has risen from 2-8 kW to 20-50 kW, with expectations to exceed 100 kW in the future. This necessitates efficient cooling solutions to manage the heat generated, ensuring optimal performance and reliability of chips [1][2]. Group 1: AIDC Power Density and Cooling Demand - AIDC's power density has significantly increased, leading to a surge in demand for high-performance cooling solutions [2]. - The inability to effectively dissipate heat from high power density operations can result in overheating, performance throttling, and reduced equipment reliability [1][2]. Group 2: Magnetic Levitation Refrigeration Compressors - Magnetic levitation compressors are identified as a leading technology in cooling systems for data centers, enhancing energy efficiency and reducing operational costs [3]. - Compared to traditional screw compressors, magnetic levitation compressors improve IPLV by approximately 42% and reduce motor power consumption by 30%, leading to a 30% decrease in annual electricity costs [3]. - The global investment in AIDC is expected to drive the market for magnetic levitation refrigeration compressors, with companies like Danfoss projecting a threefold growth in their data center-related business in China by 2024 [3]. Group 3: Competitive Landscape - The global market for magnetic levitation refrigeration compressors is highly concentrated, with significant technological barriers to entry [4]. - Danfoss holds a dominant market share of 70%, with over 160,000 units shipped, indicating a concentrated competitive landscape [4]. - Domestic companies like Hanzhong Precision Machinery are making strides in technology and market share, supported by strong R&D investments and strategic partnerships [5]. Group 4: Investment Recommendations - The report suggests that the ongoing expansion of AIDC and the increase in cabinet power density will drive demand for cooling solutions, particularly magnetic levitation compressors [6]. - The superior performance and lower operational costs of magnetic levitation compressors position them favorably in the market, with expectations for continued growth in the sector [6].

9月16日，低价股板块个股掀起涨停潮。报喜鸟、皓宸医疗、山子高科等股涨停。同花顺数据显示，截至收盘，A股平均股价为26.434元，创阶段新高；低 价股指数实现"8连阳"，今天上涨1.86%。 受多重利好催化，机器人板块午后保持高位，板块内超20只个股涨停，首开股份"10天9板"，三花智控、双环传动午后涨停，均创历史新高。三花智控最 新总市值为1651亿元，成交额为89.6亿元。 低价股数量近期不断减少。Choice数据显示，目前2元以下个股、5元以下个股分别降至22只、522只，而2024年12月31日分别为33只，769只，分别下降 33%、32%。 中泰证券表示，三花智控为冷配和热管理龙头，同源技术延伸应用于制冷+汽零+机器人三大领域。人形机器人市场放量在即，公司与特斯拉长期合作， 有望跟随其成长。 近日，A股风格出现明显变化，由前期权重龙头股的大涨行情，转化为低价股表现强势。 A股平均股价 830000 26.434 量 15.73亿 26.437 开 26.159 高 额 2.37万亿 0.00% 26.019 换 let 0.300 1.15% 分时 日K 围K 月K 五日 电网 不显示指标 ▼ 日 ...

消息面上，特斯拉创始人马斯克在All-In峰会上谈及擎天柱（Optimus）机器人的最新情况。称目前正在 设计的第三版Optimus将解决手部灵活性、拥有AI大脑，并且有望实现量产，这三个优势是其他所有同 行都达不到的。中泰证券此前指，三花智控为深耕40余年的冷配和热管理龙头，同源技术延伸应用于制 冷+汽零+机器人3大领域。人形机器人千亿元级蓝海市场放量在即，公司与行业领头羊特斯拉长期合 作，有望跟随成长、快速放量。 智通财经APP获悉，三花智控(02050)涨超5%，截至发稿，涨5.42%，报33.86港元，成交额2.49亿港元。 摩根大通近日研报指出，首予三花智控"增持"评级，12个月目标价为41港元，较当前水平暗示约30%的 潜在上涨空间。该行表示，其核心假设是，三花智控扩展其人形机器人业务并维持在制冷和电动车热管 理领域的领导地位，将推动2026至2027财年每股盈利年均复合成长率达15%，并支持该股进一步的估值 重估。 ...

国金证券近日发布机械行业周报：上周（2025/09/08-2025/09/12）5个交易日，SW机械 设备指数上涨3.52%，在申万31个一级行业分类中排名第7；同期沪深300指数上涨1.38%。 2025年至今表现：SW机械设备指数上涨33.14%，在申万31个一级行业分类中排名第6；同 期沪深300指数上涨14.92%。 以下为研究报告摘要： 行情回顾 本周板块表现：上周（2025/09/08-2025/09/12）5个交易日，SW机械设备指数上涨 3.52%，在申万31个一级行业分类中排名第7；同期沪深300指数上涨1.38%。2025年至今表 现：SW机械设备指数上涨33.14%，在申万31个一级行业分类中排名第6；同期沪深300指数 上涨14.92%。 核心观点 特斯拉OptimusV3量产临近，灵巧手或迎重大升级。9月10日，马斯克在All-In峰会上谈 及Optimus V3的最新情况，当前机器人手部和前臂是工程难题，特斯拉甚至需要为此重建相 关供应链；在达到年产量百万台之后，单台成本可控制在2-2.5万美元，其中AI芯片的成本 约为5000-6000美元；Optimus未来的长期价值可能占特斯 ...

Group 1: Business Overview - The company focuses on providing advanced system solutions and lifecycle services in the energy and power sectors, with products including compressors and heat exchangers, covering a temperature range of -271℃ to 200℃ [3] - The product matrix includes various types of compressors such as screw, centrifugal, absorption chillers, and industrial heat pumps, showcasing significant technological advantages and market performance [3] - The company has participated in drafting national standards for centrifugal refrigerant compressors and oil-free suspended centrifugal chillers [3] Group 2: Market Applications - Products are widely used in sectors such as food processing, cold chain logistics, industrial cooling systems, and commercial air conditioning [3] - Applications extend to data centers, aerospace, and industrial special cooling systems, with a focus on energy recovery and clean emissions [3] - The company has established a strong presence in both domestic and international markets, collaborating with local integrators in North America, Australia, Southeast Asia, and the Middle East [3][4] Group 3: Product Innovations and Competitiveness - The company’s subsidiary, Dunham-Bush, offers cooling equipment for data centers, with products recognized in the Ministry of Industry and Information Technology's directory of advanced applicable technologies [3] - Upcoming product launches include upgraded versions of IDC-specific magnetic levitation and air suspension series, enhancing competitiveness [3] - The company has established a manufacturing base that supports overseas markets, with a focus on meeting high standards for reliability and efficiency [4]