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 Insights - The company reported a revenue of 3.347 billion yuan for Q1 2025, representing an 18.28% year-on-year growth, and a net profit attributable to shareholders of 278 million yuan, which is a significant increase of 181.53% year-on-year [1] Expansion in Liquid Cooling Solutions - The company is strategically positioning itself in the liquid cooling market, focusing on both cold plate liquid cooling and immersion liquid cooling, making it one of the few companies that can provide a complete range of solutions including core components like aluminum cold plates and key materials such as fluorinated cooling liquids [2] - The company has entered into a strategic partnership with the Shaoguan municipal government to establish a manufacturing base for liquid cooling equipment and supercapacitor R&D in the Shaoguan Data Center cluster, the only national-level data center cluster in South China [2] - The company has also formed a strategic collaboration with Zhongji Xuchuang to build an intelligent computing center liquid cooling ecosystem, achieving both revenue and profit growth in Q1 [2] Investment in Robotics Sector - With support from the Wuhan municipal government, the company has led the establishment of "Optics Valley East Intelligence" in collaboration with Shanghai Zhiyuan, Beiwuyuan, and Lingchu Intelligent, marking its entry into the intelligent robotics sector [3] - The company signed multiple strategic cooperation agreements to create the largest and most advanced humanoid robot innovation center in Central China, in partnership with various local entities [3] - A procurement project agreement was signed with Hubei Science and Technology Investment Group, with a project budget not exceeding 70 million yuan, representing the company's first market orders in the robotics sector [3] Financial Projections - The company forecasts revenues of 13.968 billion yuan, 16.454 billion yuan, and 19.416 billion yuan for the years 2025 to 2027, with net profits attributable to shareholders projected at 1.321 billion yuan, 1.674 billion yuan, and 2.126 billion yuan respectively [4] - A target price of 10.96 yuan is set based on a 25x PE ratio for 2025, maintaining a "Buy-A" investment rating [4]