在人工智能算力需求爆发与半导体国产化浪潮的双重机遇下，澄天伟业（300689）正加速推进战略转型 与产业升级。1月16日，公司正式披露8亿元定增预案，重点投向液冷散热系统与半导体封装材料两大前 沿领域，标志着澄天伟业正以前瞻布局，深度融入国家科技自立自强与数字经济发展的进程。 澄天伟业成立于2006年，最初以智能卡业务起家并成功上市。面对移动支付普及带来的传统业务格局变 化，公司依托在精密制造与材料领域长期积累的核心工艺，积极向技术壁垒更高、市场前景更广阔的半 导体封装材料及液冷散热赛道延伸。 根据近期发布的投资者关系活动记录，公司管理层表示，智能卡业务作为传统优势板块，营收规模稳定 且海外市场现金流良好，未来将维持现有规模；而公司的战略重心与资源投入正显著向半导体封装材料 和液冷散热这两大高增长业务倾斜。此次8亿元定增正是这一战略聚焦的关键落地举措。 根据预案，本次募集资金将主要用于三个项目，精准对接当前产业热点。其中，液冷散热系统产业化项 目拟投资3.62亿元，在AI服务器功率密度持续攀升、风冷散热逼近极限的背景下，液冷已成为高密度算 力设施的必然选择。公司在惠州新设生产基地，扩大不锈钢波纹管、液冷板等核 ...

Core Viewpoint - The rapid development of computing power infrastructure has made cooling technology a critical factor in releasing AI server performance, with Chinese manufacturers accelerating their entry into the global computing supply chain through advancements in liquid cooling technology [2]. Group 1: Business Transformation - The company is transitioning its smart card business, which has been a cash flow source for over 20 years, to adapt to changing payment landscapes while also exploring new opportunities in eSIM and OTA technologies [3][4]. - The smart card business is shifting from a "scale-driven" model to a "quality-driven" approach, providing safety margins and growth points for the company [4]. Group 2: New Business Growth - The company has rapidly emerged in the semiconductor packaging and materials sector, with strong growth expected to continue into 2025 [5]. - The company's accumulated micro-manufacturing capabilities in smart card chip packaging have been successfully applied to the broader semiconductor packaging materials field, reducing learning costs and risks associated with cross-industry development [6]. Group 3: Liquid Cooling Business - The liquid cooling segment is positioned as a core focus for the company's future, driven by the exponential growth in AI computing demand, as traditional air cooling technologies approach physical limits [6]. - The company has established deep collaborations with leading domestic server and internet companies, producing core liquid cooling components and expanding its product line [6][7]. - The company anticipates explosive growth in its liquid cooling segment by 2026, potentially becoming a significant revenue source [7]. Group 4: Strategic Growth Drivers - The company expects its smart card, semiconductor packaging materials, and liquid cooling businesses to form a "three-horsepower" growth model, achieving synergistic effects [8]. - The company is also exploring external acquisitions to enhance its core competitiveness and sustainable development capabilities [8].