点击 最 下方 "在看"和" "并分享，"关注"材料汇 添加 小编微信 ，遇见 志同道合 的你 一、上市公司 1 、飞荣达（ 300602 ） 正文 引言 随着 iPhone 等高端智能手机性能的持续突破、 AI 算力需求的爆发式增长，以及新能源汽车电控系统功 率密度的不断提升， " 散热 " 早已不再是电子工业中一个默默无闻的配角，而是直接影响设备性能、寿 命与用户体验的核心技术环节 。 无论是玩游戏时的机身发烫，还是快充过程中的温控挑战，或是数据中心服务器 7×24 小时的高负荷运 转，都 离不开高效、可靠的热管理解决方案 。 在这背后，是一个技术密集、创新活跃、国产化进程加速的散热材料产业正在快速崛起。 本文将系统梳理近 100+ 国内散热材料领域的主要企业及其技术布局 ，为读者呈现一幅完整的产业生态 图谱。 国内领先的电磁屏蔽与热管理解决方案专家，打造了 从导热材料、石墨膜到液冷板 /VC 均热板的完整 产品链 ，并已成为 华为、宁德时代、比亚迪等头部企业 在通信与新能源领域的核心供应商。 其导热散热材料包括液冷板、导热界面材料、石墨片、笔电散热模组（热管 + 风扇模组、 VC+ 风扇模 组、无风扇模 ...

Core Viewpoint - The article emphasizes the critical role of thermal management materials in enhancing the performance and reliability of electronic devices, particularly in the context of increasing heat generation due to advancements in AI, 5G, and IoT technologies. The demand for effective thermal solutions is expected to grow significantly as electronic products become thinner, more integrated, and high-performing [4][13][24]. Group 1: Thermal Management Materials - Thermal management materials are essential for improving heat dissipation in electronic products, which directly affects their stability and reliability [4]. - The failure rate of electronic components increases exponentially with temperature, with a 50% reduction in system reliability for every 10°C rise in temperature [4][11]. - The market for thermal management technologies is projected to grow, with the global thermal management market expected to reach $26.1 billion by 2028, growing at a CAGR of 8.5% from $17.3 billion in 2023 [26][27]. Group 2: Product Classification - Thermal management materials can be classified into active (forced cooling) and passive (natural cooling) types, with active systems like fans and liquid cooling being common in consumer electronics [9][10]. - Passive cooling methods rely on conduction and radiation, suitable for compact devices like smartphones and tablets [9][10]. Group 3: Mainstream Products - Key products in the thermal management space include artificial synthetic graphite heat dissipation films, heat pipes, and vapor chambers, which are becoming mainstream solutions in the market [12][14][19]. - The rise of synthetic graphite materials began in 2011 with their application in smartphones, expanding to tablets, laptops, automotive electronics, and communication base stations [19]. Group 4: Market Trends and Growth Drivers - The demand for thermal management solutions is driven by the increasing heat generated by AI and 5G technologies, particularly in consumer electronics like smartphones and personal computers [35][40]. - The AI upgrade in smartphones is expected to significantly increase thermal management needs, with AI-enabled devices requiring more efficient cooling solutions due to higher power consumption [35][40]. - The global smartphone shipment is projected to reach 1.371 billion units by 2027, representing a growth of approximately 13.3% from 2022, further driving the demand for thermal management materials [38]. Group 5: Industry Challenges and Opportunities - The industry faces challenges such as the need for innovative thermal solutions to manage increased heat generation from high-performance components [54]. - Opportunities exist in the customization and diversification of thermal management solutions to meet the complex demands of modern electronic devices [54][56]. - The trend towards localized sourcing in response to global trade dynamics is expected to benefit domestic thermal management product manufacturers [54].

Core Viewpoint - Company is focusing on expanding its business in emerging markets such as AI PCs and AI smartphones, leveraging the growing demand for comprehensive thermal management solutions in consumer electronics [2][10]. Business Expansion Plans - The company plans to enhance its market share and optimize product structure while developing new markets in electric vehicles, energy storage, servers, and smart home applications [2]. - A significant investment of $65 million is planned for establishing a production base in Vietnam, which will help expand production capacity and improve market share [3]. R&D and Product Development - In 2024, the company increased its R&D investment significantly, with a 72.97% growth in the number of R&D personnel and a 56.42% increase in R&D expenses compared to the previous year [4]. - The company obtained 15 new invention patents and 5 utility model patents, indicating a strong focus on innovation and technology advancement [4]. Financial Performance - In 2024, the company achieved a revenue of 656 million yuan, a year-on-year increase of 51.10%, while net profit decreased by 3.88% [5]. - For Q1 2025, the company reported a revenue of 183 million yuan, a 93.59% increase year-on-year, and a net profit of 17.72 million yuan, up 79.57% [5][13]. Market Trends and Future Outlook - The consumer electronics industry is expected to grow significantly in 2024, driven by advancements in AI, cloud computing, and 5G technologies [12]. - The company aims to strengthen its market position in graphite products and expand into new product areas such as liquid cooling and electronic adhesives [12]. Investment and Shareholder Returns - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares and increase capital reserves by converting 4 shares for every 10 shares held [6]. - Recent market performance shows a positive trend, with the stock price increasing from 55 to 62, reflecting investor confidence [6].