中鼎股份近期利好不断，就在前一日，中鼎股份与上海傅利叶拟针对人形机器人相关产品展开多维度的全方位的战略合作，积极推动公司谐波减速器、行 星减速器、力觉传感器、轻量化骨骼、空心杯电机等部件总成业务发展，为加强双方的合作关系，于近日签署了战略合作协议。 中鼎股份子公司中鼎流体及中鼎智能热系统主导热管理系统总成业务的发展，在汽车热管理业务基础上积极布局储能热管理及超算中心热管理。基于自研 热管理控制器及控制算法，管路系统及密封等核心技术，公司在储能领域已推出系列化液冷机组，及浸没式液冷机组；超算中心热管理领域主要产品为 CDU(冷液分配装置)、冷板、管路等液冷系统产品，并积极布局浸没式液冷产品。此次得到客户的认可，将对公司进一步拓展数据中心热管理业务产生积 极作用。 11月24日，中鼎股份发布公告称，控股子公司安徽中鼎智能热系统有限公司（以下简称"智能热系统"）近期收到客户的通知，智能热系统成为国内某两家 液冷系统集成商液冷假负载的供应商，预计项目总金额约为1,500万元。 ...

Core Viewpoint - Zhongding Co., Ltd. (000887.SZ) announced that its subsidiary, Anhui Zhongding Intelligent Thermal System Co., Ltd., has been selected as a supplier for liquid cooling dummy loads by two domestic liquid cooling system integrators, with a total project value of approximately 15 million yuan [1] Group 1: Business Development - The company is actively developing thermal management system assembly business, focusing on automotive thermal management while also expanding into energy storage thermal management and supercomputing center thermal management [1] - The company has launched a series of liquid cooling units and immersion liquid cooling units in the energy storage sector, leveraging self-developed thermal management controllers and core technologies such as piping systems and seals [1] Group 2: Product Offerings - In the supercomputing center thermal management sector, the main products include CDU (Chilled Liquid Distribution Unit), cold plates, piping, and other liquid cooling system products, with a focus on developing immersion liquid cooling products [1] Group 3: Market Impact - The recognition from the client is expected to positively impact the company's efforts to further expand its data center thermal management business [1]

Investment Rating - The report maintains an "Outperform" rating for the coal industry [1] Core Viewpoints - The black metal industry is entering a long-cycle peak phase, with both supply and demand sides experiencing low growth or gradual decline. However, the inherent demand rigidity prevents an immediate recession, providing opportunities for asset enhancement and valuation improvement for leading companies [4][26] - Supply-side adjustments are focused on further concentration and reasonable control of total capacity, with significant consolidation in the coal and steel industries [3][4] - Demand is shifting towards domestic manufacturing and new export markets, with a decreasing reliance on real estate [4][26] Summary by Sections Pricing Cycle, Cost Structure, and Profit Distribution - The pricing framework indicates a high correlation between supply and demand in the black metal industry, with supply-side policies significantly influencing production changes [11][14] - The cost structure highlights that iron ore and coal prices are core components of production costs, with iron ore accounting for approximately 53% of the high furnace ironmaking costs [27][28] - Profit distribution shows that upstream mining resources enjoy the highest profit margins, while steel and coke producers face more pressure [30][31] Industry Chain Map and Pricing Framework - The black metal industry chain includes coal, iron ore, coke, and steel, with coal being a primary raw material for coke production [8][9] - The pricing framework emphasizes the strong linkage between coal, coke, and steel prices, driven by supply and demand dynamics [11][14] Fundamental Cycle and Supply-Demand Transition Paths - The supply cycle is characterized by a peak phase, with capacity growth slowing and structural adjustments underway [37][40] - The demand cycle is closely aligned with macroeconomic trends, with a notable shift towards manufacturing and export markets [4][26] - The transition path for demand indicates a reduction in steel consumption for real estate, with manufacturing and export demand becoming more prominent [4][26]

（编辑 王雪儿） 证券日报网讯 博杰股份11月19日发布公告，在公司回答调研者提问时表示，公司未来液冷模块零部件 会瞄准液冷头、冷板等产品，主要是当前产品技术能力、竞争状况尚未较好满足市场需求。公司会从液 冷材料方向切入具体产品。公司往该方面转型主要核心优势是公司储备的优质客户资源。公司下游客户 多为世界知名企业，基于公司与客户在测试领域的长期深入合作，公司与客户就其当前及未来产品的需 求有深入的沟通、研讨，可以精准捕捉客户产品需求的痛点，为客户提供相应解决方案，而且公司应用 于测试设备的液冷模组产品也得到客户的认可。当前除了N客户对液冷服务器的需求外，其他客户也陆 续提出液冷方案的需求，公司会积极调配内部资源对应客户需求。 ...

Group 1: Business Transition and Strategy - The company is transitioning from testing and automation products to liquid cooling module components, specifically targeting products like liquid cooling heads and cold plates due to current market demand [2] - The core advantage of this transition is the company's strong customer resource base, primarily consisting of well-known global enterprises, which allows for precise identification of customer needs [2] - There is a growing demand for liquid cooling solutions from various clients, not just the N client, prompting the company to allocate internal resources to meet these needs [2] Group 2: Business Performance and Future Outlook - Guanghao Jie, a subsidiary, focuses on camera module testing equipment and automated assembly lines, with significant revenue generated from automotive electronics and camera modules [3] - The AI server testing business is experiencing rapid growth, with major clients like Amazon, Google, and Microsoft expected to increase capital expenditures significantly [3] - The company's revenue from AI server testing in Q3 remained stable compared to the first half of the year, with optimistic revenue expectations for the next 1-2 years [3] Group 3: Client Relationships and Collaborations - The company has a long-standing partnership with clients like Google, and began collaborating with the N client three years ago, focusing on testing self-developed server products [3] - The company has obtained Vendor Code for testing GPU modules and server motherboards, with small batch deliveries expected by year-end and larger supply arrangements planned for the following year [3] Group 4: Regulatory and Market Position - The company is not included in the margin trading and Hong Kong Stock Connect lists, as these selections are determined by the exchange based on specific criteria [3] - The recent investor relations activity did not involve any major information that needs to be disclosed [3]

Group 1: Nvidia vs Google - Nvidia is expected to report its earnings soon, with market sentiment indicating that only results exceeding expectations will be considered normal, while meeting expectations would be viewed negatively [2] - Notable investors like Masayoshi Son and Peter Thiel have sold their entire holdings in Nvidia, which is relatively minor compared to Nvidia's market capitalization of 4.6 trillion [4] - Discussions around an AI bubble are increasing, with significant investments like the $1.4 trillion from Altman raising concerns about the sustainability of the AI industry's growth [5][6] - OpenAI's role is critical in the AI ecosystem, and any issues it faces could impact the entire sector's valuation, leading to the notion that "OpenAI is too big to fail" [9][10] - In contrast, there is growing confidence in Google, with data suggesting that Google is expected to dominate the AI model market by the end of 2025, holding an 86% market share compared to competitors [11][12] Group 2: Liquid Cooling Industry - The liquid cooling market is projected to be worth hundreds of billions, with key players like Invec and others making significant strides in North America [15] - Invec's 2026 data center and energy storage business is expected to generate substantial orders, with Nvidia and Google being major clients [16] - Companies like Shiquan New Materials and Kexin New Source are also expanding their operations in the liquid cooling sector, with plans to secure direct supply orders from major tech firms [18][19]

Core Viewpoint - The company has developed a comprehensive capability chain in liquid cooling solutions, leveraging its expertise in semiconductor packaging materials to provide end-to-end services from material design to system-level solutions [1] Group 1: Business Development - The liquid cooling business has naturally extended from packaging materials to liquid cooling components and system-level solutions [1] - The company has established a complete product matrix for secondary side liquid cooling, including MLCP, cold plates, quick connectors, CDU modules, and liquid cooling cabinets [1] Group 2: Service Offering - The business model allows the company to offer a full range of services to clients, including thermal simulation, structural design, prototype validation, and mass production [1] - The company utilizes a self-controlled manufacturing system to achieve cost optimization and high reliability in delivery [1]

Core Insights - The article discusses the liquid cooling market, which is projected to be worth hundreds of billions, and highlights a recent order received by a liquid cooling company from a major overseas tech firm [1] Liquid Cooling Supply Chain - Liquid cooling solutions are not fully customized but are flexibly adapted based on customer needs, with cold plate technology being a standardized core component [3][4] - Different customer requirements lead to system-level adjustments, such as variations in CDU configurations and manifold designs, necessitating tailored solutions for each project [3][4] Collaboration with Major Companies - The article analyzes partnerships between leading liquid cooling companies and major CSPs, emphasizing the importance of collaboration to ensure stable supply chains [5][6] - The partnership with Meta focuses on providing a complete liquid cooling solution, including cold plates and integrated systems, with a significant emphasis on collaboration with manufacturers like 天弘 [5][6] - Google, having more experience in liquid cooling technology, has specific requirements for CDU and is working with 天弘 and 富士康 to develop solutions [6] - Major companies are diversifying their supplier base to mitigate risks associated with relying solely on Taiwanese manufacturers, ensuring timely delivery of critical components [6][7] Technical Trends - The mainstream technology in the liquid cooling industry remains single-direction cold plate design, favored by companies like Meta and Google for its superior temperature control and reliability [9] - Alternative technologies, such as large-area cold plates and phase change cooling, are not yet widely adopted due to their inherent challenges [9] - Specific product configurations vary, with examples including Meta's ASIC chip project, which features a cabinet containing 64 ASIC cards, highlighting the increasing demand for efficient cooling solutions [9]

Investment Rating - The report maintains a "Buy" rating for the company [2] Core Insights - The company reported a strong performance in Q3 2025, with total revenue reaching 10.97 billion yuan, a year-on-year increase of 24%, and a net profit attributable to shareholders of 906 million yuan, up 190% year-on-year [7] - The company benefits from rising refrigerant prices and improved production capacity, leading to enhanced profitability in the refrigerant segment [7] - The acquisition of Qinhuai Data is expected to deepen industry synergy and enhance the company's market position in the data center sector [7] Financial Data and Earnings Forecast - Total revenue is projected to grow from 12.20 billion yuan in 2024 to 16.86 billion yuan by 2027, with a compound annual growth rate of approximately 10.8% [6] - Net profit attributable to shareholders is expected to increase from 1.25 billion yuan in 2025 to 1.98 billion yuan in 2027, reflecting a strong growth trajectory [6] - The company's gross margin is forecasted to improve from 20.6% in 2025 to 23.3% in 2027, indicating better cost management and pricing power [6] Company Developments - The company is expanding its presence in the liquid cooling market through partnerships and acquisitions, including a joint venture with Zhongji Xuchuang [7] - The company has made significant strides in the multilayer foil and capacitor market, with production capacity steadily increasing and a growing customer base [7] - The introduction of humanoid robots and the establishment of a production line in Wuhan are part of the company's strategy to diversify its revenue streams [7]

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 44.46 CNY, based on a comparable company PE average valuation of 39 times for 2025 [3][6]. Core Insights - The company's gross margin has improved on a quarter-on-quarter basis, with liquid cooling, robotics, and overseas business identified as key profit growth drivers [2][10]. - The earnings per share (EPS) forecasts for 2025-2027 are adjusted to 1.14, 1.51, and 1.93 CNY respectively, reflecting slight adjustments in gross margin and expense ratios [3]. - The company is expected to achieve significant revenue growth, with projected revenues of 15.28 billion CNY in 2025, representing a year-on-year growth of 20.3% [5][11]. Financial Summary - The company’s revenue for 2023 is reported at 11,018 million CNY, with a year-on-year growth of 29.9%. The projected revenues for 2024, 2025, 2026, and 2027 are 12,702 million CNY, 15,278 million CNY, 18,143 million CNY, and 21,502 million CNY respectively, with growth rates of 15.3%, 20.3%, 18.8%, and 18.5% [5][11]. - Operating profit is expected to grow from 816 million CNY in 2023 to 2,107 million CNY by 2027, with corresponding growth rates of 67.7%, 23.6%, 23.3%, 32.4%, and 28.0% [5][11]. - The net profit attributable to the parent company is forecasted to increase from 612 million CNY in 2023 to 1,631 million CNY in 2027, with growth rates of 59.7%, 28.0%, 22.8%, 32.5%, and 28.0% [5][11]. - The gross margin is projected to improve from 20.5% in 2023 to 21.7% in 2027, while the net margin is expected to rise from 5.6% to 7.6% over the same period [5][11].