证券研究报告 | 公司动态点评 2025 年 08 月 26 日 龙蟠科技（603906.SH） 铁锂出海迎收获，碳酸锂步入正轨 | 财务指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 8,729 | 7,673 | 8,686 | 10,447 | 12,386 | | 增长率 yoy（%） | -38.0 | -12.1 | 13.2 | 20.3 | 18.6 | | 归母净利润（百万元） | -1,233 | -636 | 88 | 284 | 640 | | 增长率 yoy（%） | -263.8 | 48.5 | 113.8 | 224.4 | 125.2 | | ROE（%） | -36.2 | -19.9 | 2.6 | 7.9 | 15.1 | | EPS 最新摊薄（元） | -1.80 | -0.93 | 0.13 | 0.42 | 0.93 | | P/E（倍） | -8.2 | -15.8 | 114.8 | 35.4 | 15.7 | | ...

8月25日，龙蟠科技盘中上涨2.04%，截至10:52，报14.99元/股，成交2.47亿元，换手率2.95%，总市值 102.69亿元。 资金流向方面，主力资金净流出878.95万元，特大单买入1067.78万元，占比4.33%，卖出1158.84万元， 占比4.70%；大单买入4382.37万元，占比17.76%，卖出5170.25万元，占比20.95%。 龙蟠科技今年以来股价涨44.69%，近5个交易日跌0.66%，近20日涨3.52%，近60日涨30.23%。 今年以来龙蟠科技已经4次登上龙虎榜，最近一次登上龙虎榜为6月25日。 资料显示，江苏龙蟠科技集团股份有限公司位于江苏省南京经济技术开发区恒通大道6号,香港湾仔皇后 大道东183号合和中心46楼，成立日期2003年3月11日，上市日期2017年4月10日，公司主营业务涉及江 苏龙蟠科技股份有限公司是一家主要从事车用精细化学品及磷酸铁锂正极材料销售的中国公司。该公司 主要通过三个分部开展业务。销售车用精细化学品业务分部主要从事多元化的车用精细化学品组合的生 产及销售,涵盖柴油发动机尾气处理液、车用及工业润滑油、冷却液以及车用养护品。销售磷酸铁锂正 ...

液冷材料反应到什么阶段了 20250824 摘要 单向冷板成本构成中，冷板本身占比最高（约 35%，全铜方案），其次 是鳍管（约 21%），冷却液占比约 10%。铜铝混合方案可显著降低成 本。 双向冷板设计需进行相变，更多采用全铝或以铝为主的结构，以降低成 本和重量，并使用传统制冷剂或氟化液代替水基溶液。 双向冷却系统采用传统制冷剂或氟化液，成本高于单向冷却系统使用的 水和乙二醇，但可省去生物监测传感器，冷却液整体价值上升。 双向能板填补了单项静默与风冷之间的市场空白，引发竞争。各大企业 积极研发，介质选择包括氟化液、硅油及矿物油等。 液冷技术发展显著增加对铝材和铜材的需求，尤其是在 NVL144、288 甚至 576 规模应用中，用量将从几百公斤增加到几吨。 冷却液环节是当前液冷市场最具投资潜力的环节，新型高效介质如氟化 液和制冷剂因 AI 迭代带来巨大需求增长而备受关注。 华为在供应链管理中具有极高的控制力，倾向于选择能够提供高质量产 品并具备创新能力的国产供应商，推动国产替代。 Q&A 液冷系统中各个环节的单位价值量如何排序？在整个液冷系统中的价值量占比 如何？ 液冷系统主要分为两种类型：冷板液冷和静默 ...

Core Viewpoint - Longpan Technology (603906) reported a decline in average sales prices for its main products in the first half of 2025 compared to the same period last year, indicating potential challenges in pricing power and market conditions [1] Price Changes - The average sales price of lubricating oil decreased by 7.20% year-on-year - The average sales price of diesel engine exhaust treatment fluid decreased by 8.45% year-on-year - The average sales price of coolant decreased by 0.19% year-on-year - The average sales price of lithium iron phosphate cathode materials decreased by 16.70% year-on-year [1] Raw Material Price Changes - The average procurement price of base oil decreased by 616.46 yuan/ton, a decline of 7.14% year-on-year - The average procurement price of ethylene glycol increased by 148.27 yuan/ton, an increase of 3.79% year-on-year - The average procurement price of urea decreased by 419.19 yuan/ton, a decline of 19.81% year-on-year - The average procurement price of phosphoric acid decreased by 173.73 yuan/ton, a decline of 1.98% year-on-year - The average procurement price of lithium carbonate decreased by 22,674.64 yuan/ton, a decline of 26.08% year-on-year [1]

Market Overview - The A-share market continues its slow bull trend, with the Shanghai Composite Index reaching a nearly 10-year high, and the North China 50 index hitting a historical peak [1] - The total trading volume in the Shanghai and Shenzhen markets reached 2.76 trillion, an increase of 519.6 billion compared to the previous trading day, marking a new high for the year [2] - Northbound capital has seen a net inflow for 15 consecutive days, primarily increasing positions in brokerage and state-owned enterprises, while southbound capital recorded a net purchase of 35.8 billion HKD in Hong Kong stocks, a historical high [3] Financial Data Insights - The central bank released July financial data showing a year-on-year growth of 9.0% in social financing, with an increase of 1.16 trillion yuan, 389.3 billion more than the previous year [4] - The money supply M1 and M2 grew by 5.6% and 8.8% year-on-year, respectively, with increases of 1.0 and 0.5 percentage points compared to the previous month [4] - The increase in non-bank deposits and the narrowing of the M1-M2 gap indicate a significant trend of household savings flowing into the capital market [5] Economic Environment and Future Outlook - The current market environment is more stable compared to 2020, with a focus on technological innovation and industrial upgrades, supported by a GDP growth of 5.2% in Q2 2025 and a 21.3% increase in high-tech manufacturing investment [6] - The "924" new policy is expected to initiate a new round of economic stimulus, with non-bank financial institutions seeing an increase of 910 billion yuan in deposits in September 2024, 1.6 trillion more than the previous year [6] - The trend of household savings entering the stock market is ongoing, with expectations for the Shanghai Composite Index to reach 5,000 points and the CSI 300 to potentially rise to 5,500 points within a year, indicating a possible 30% increase [9][11] Stock Selection Strategies - Investors are advised to focus on high-recognition industry leaders that show sudden volume increases, such as ZTE Corporation and Lingyi iTech [17] - Stock selection can involve choosing strong stocks with moderate price increases or those that have undergone appropriate adjustments, suitable for aggressive investors [17] Liquid Cooling Sector Insights - The liquid cooling server market continues to thrive, with over 20 stocks in the sector rising more than 10% [18] - The demand for liquid cooling solutions is expected to surge due to the acceleration of AI computing infrastructure, with domestic liquid cooling chains poised to enter overseas markets [18][19] - Key players in the liquid cooling supply chain include: - Upstream: Companies like Juhua and Sinoma are leading in cooling liquid production [20] - Midstream: Leading manufacturers include Inspur and Sugon, with significant market shares [21] - Downstream: Applications in data centers and energy storage are being driven by major players like Dataport and Shenling Environment [22]

Group 1 - The stock price of Delian Group closed at 5.23 yuan on August 13, 2025, down by 0.04 yuan, a decrease of 0.76% from the previous trading day [1] - The trading volume on that day was 110,900 hands, with a transaction amount of 58 million yuan [1] - Delian Group's main business includes automotive fine chemicals and automotive aftermarket services, with products such as antifreeze, brake fluid, and lubricants [1] Group 2 - The company operates in the chemical products industry and is involved in automotive thermal management and organic silicon concepts [1] - Delian Group has extended its coolant product series to the thermal management systems of new energy vehicles and has applications in energy storage, wind energy, and nuclear power [1] - The company currently has sufficient production capacity to meet customer demand [1] Group 3 - On August 13, the net outflow of main funds was 679,500 yuan, with a cumulative net outflow of 19.12 million yuan over the past five days [1]

Core Viewpoint - The automotive industry is undergoing significant transformation with a focus on electrification, intelligence, and connectivity, leading to increased competition and innovation pressures, particularly in the Chinese market [3][4]. Group 1: Industry Trends - The Chinese automotive industry is experiencing a reshuffling phase after explosive growth, with intensified competition across the supply chain [3]. - The rapid pace of technological innovation and product iteration in China is creating both challenges and opportunities for component manufacturers [3][4]. - The shift towards electric vehicles (EVs) is prompting companies to address challenges related to range, safety, and cost [4][8]. Group 2: Company Strategies - The company is focusing on technological innovation rather than price competition, aiming to enhance performance while managing costs [3][4]. - The introduction of specialized products, such as the first mass-produced oil for oil-cooled electric drives, demonstrates the company's commitment to improving efficiency and extending vehicle range [4][9]. - The establishment of a new energy technology center in China and the expansion of battery laboratories indicate the company's investment in local R&D capabilities [4][7]. Group 3: Partnerships and Collaborations - The company is transitioning from a traditional supplier role to a collaborative partner, working closely with customers to co-create solutions and address challenges in the electrification transition [5][6]. - Collaborations with OEMs in areas like electric drive transmission oils and thermal management fluids are designed to accelerate product development and market entry [5][6]. - The company is leveraging its global presence and local market insights to support Chinese automotive manufacturers in their international expansion efforts [7]. Group 4: Commercial Vehicle Electrification - The company recognizes the necessity of electrifying commercial vehicles as part of its long-term strategy, building on its success in the passenger vehicle segment [8][9]. - The development of high-performance lubricants and coolants specifically for electric commercial vehicles aims to enhance system performance and reduce operational costs [9]. - The company's new strategy emphasizes the importance of new energy vehicles (NEVs) across various sectors, including passenger and commercial vehicles, as well as energy storage and fast charging solutions [9].

Group 1: Company Overview and New Initiatives - The company established a wholly-owned subsidiary, Wuxi Jizhi Liquid Cooling Technology Co., Ltd., with an investment of 5 million RMB to enter the liquid cooling industry, aiming to optimize business structure and expand market reach [2] - The subsidiary will provide comprehensive solutions for IDC and AIDC intelligent computing center liquid cooling management systems, including GPU liquid cooling systems and cooling liquids [2] Group 2: Market Strategy and Production Capacity - The company has a production capacity of 400,000 tons per year for high-sulfur fuel oil, primarily serving international shipping clients, and is currently the only private refinery in China handling bonded high-sulfur fuel oil [3] - The company has successfully navigated the delivery of the first domestic bonded high-sulfur fuel oil futures, breaking the reliance on imports and supporting national energy independence [3] Group 3: Support from State Capital - The entry of state capital is expected to enhance the company's stability and accelerate industrial transformation, promoting long-term development [4] Group 4: Operational Improvements and Competitive Edge - The company is enhancing its competitive advantage by optimizing raw material procurement channels, increasing production capacity utilization, and exploring new business models such as import processing trade [5] - Efforts are being made to improve product quality and expand into high-end market applications, thereby increasing international market share [5] Group 5: Use of Convertible Bond Proceeds - Remaining funds from the convertible bond issuance will be used to permanently supplement working capital, repay bank loans, and support the upgrade of environmental aromatic oil products and comprehensive utilization of light hydrocarbons [6] Group 6: Disclosure of Information - The investor relations activity did not involve any undisclosed significant information [7]

iTherM2025 第六届热管理产业大会暨博览会 2025年12月03-05日 深圳国际会展中心（宝安） 2025年12月03-05日 ， 第六届热管理产业大会暨博览会（iTherM2025，简称"热博会"）将由 中国 生产力促进中心协会新材料专业委员会、深圳市德泰中研信息科技有限公司共同主办 。 本届活动将 高效 呈现和 着力打造热管理产业链 一站式 价值对接服务平台， 为中外企业深耕国内市场和进军国际舞台提 供强劲动力。 本届大会在往届基础上 全面升级展览结构 ， 六大展区，覆盖热管理 材料-部件-系统-验证-装备 全路 径协同， 首设"四大应用端展示专区" ，聚焦当前最具热度与挑战的典型 应用场景，以 更直观的方式 呈 现热管理在不同终端的实际落地与突破进展。 01 四大热门应用专区，直击行业关键场景 （1）数据中心热管理展示区 随着AI与大模型驱动下的高算力服务器迅速普及，散热瓶颈成为制约数据中心效率的核心难题。本展区将 集中展示 单/双相浸没式液冷、冷板系统、泵阀管路设计、冷却液开发与兼容性验证 等前沿解决方案， 呈现从材料到系统的全链条协同路径。 （2） 新能源 热 管理展示区 新能源汽车市场高 ...

Group 1: Industry Growth and Opportunities - The rapid development of the new energy vehicle (NEV) industry in 2024 presents significant growth opportunities for the company's automotive fine chemicals business, supported by strong policy backing [1] - The demand for adhesives is increasing due to the automotive lightweight trend, while the upgrade in thermal management is driving the demand for cooling liquids [2] Group 2: Brand Influence and Strategic Planning - The company plans to enhance brand influence through technology-driven brand upgrades, increased R&D investment, and a focus on differentiated advantages in automotive fine chemicals [3] - Strengthening customer cooperation and participating in industry standard formulation are key strategies to enhance brand credibility [3] Group 3: Financial Performance and Market Stability - The company reported that fluctuations in automotive brand sales may exert short-term pressure on revenue, but a diversified customer base mitigates risks associated with reliance on single clients [9] - The company serves over 50 traditional automotive manufacturers and more than 20 new energy brands, with the proportion of new energy customers increasing annually [9] Group 4: International Expansion and Market Development - The company is establishing a wholly-owned subsidiary in Thailand to serve global automotive supply chain needs, with future evaluations of opportunities in other regions based on customer demand and policy environment [5][6] - The automotive aftermarket is expanding due to the increasing number of vehicles, with the company adopting a B2B2C model to integrate original parts resources and establish a nationwide service network [11][12] Group 5: Research and Development Focus - The company is investing in R&D for core chemicals and intelligent materials related to NEVs, including new energy cooling liquids and battery adhesives, to meet the rising technical requirements of the automotive industry [7] - Collaborations with academic institutions and adherence to national standards are part of the strategy to enhance technological reserves [7]